Yahoo Finance Global tooling market to garner $439.99 billion by 2030: Allied Market Research
Rise in consumption of consumer electronics and electrical devices, focus on product customizations for automotive products, and rise in usage of high-speed tools drive the growth of the global tooling market. Manufacturing activities of tools such as dies & molds, machine tools, jigs & fixtures, and gauges halted due to lockdown measures implemented across many countries during the Covid-19 pandemic.
Portland,OR, Aug. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tooling market generated $212.50 billion in 2020, and is expected to garner $439.99 billion by 2030, witnessing a CAGR of 7.5% from 2021 to 2030. The report provides a comprehensive analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in consumption of consumer electronics and electrical devices, focus on product customizations for automotive products, and rise in usage of high-speed tools drive the growth of the global tooling market. However, fluctuations in foreign currencies and the U.S. and China trade war hinder the market growth. On the other hand, new advancements such as penetration of automation and IoT present new opportunities in the coming years.
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Covid-19 Scenario:
Manufacturing activities of tools such as dies & molds, machine tools, jigs & fixtures, and gauges halted due to lockdown measures implemented across many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented various challenges in manufacturing with full capacity.
The demand from end-use industries such as automotive, aerospace, marine & defense, electronics & electrical, and others lowered down considerably due to halt in daily operations during the lockdown. However, the demand is estimated to grow steadily during post-lockdown
The equipment and machinery manufacturers are focused on the protection of their staff, operations, and supply networks for responding to emergencies and establishing new methods of working.
The report offers detailed segmentation of the global tooling market based on product type, end-user industry, and region.
Based on product type, the dies & molds segment accounted for the largest share in 2020, contributing to nearly two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. However, the machine tools segment is projected to manifest the highest CAGR of 8.2% from 2021 to 2030.
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Based on end-user industry, the automotive segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global tooling market, and is expected to continue its leadership status during the forecast period. However, the electronics segment is estimated to portray the fastest CAGR of 11.1% from 2021 to 2030.
Based on region, Europe held the highest share in 2020, contributing to nearly two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to manifest the largest CAGR of 8.2% during the forecast period.
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Leading Players:
Leading players of the global tooling market analyzed in the research include Bharat Forge, Doosan Machine Tools, Carlson Tool & Manufacturing Corp., Omega Tool Corp, Godrej & Boyce Manufacturing Co. Ltd., Samvardhana Motherson Group, Parpas S.p.A (GRUPPO PARPAS), Sandvik AB, Unique Tool & Gauge Inc., and Yamazaki Mazak Corporation.
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