The instruments required for the Tooling Market purpose include dies & molds and machine tools such as drills, grinders, metal forming, boring machines, forges, jigs & fixtures, and gauges. Tooling or tools are a fundamental part of every manufacturing industry. The global tooling market size is expected to reach $368.5 billion in 2026, from $200.8 billion in 2018, growing at a CAGR of 8.0% from 2019 to 2026.
The tooling process includes molding, punching, forging, machining, drilling, and gauging. The trend of digitization has led to growth in adoption of electronic & electrical devices in the households for performing the daily chores. Consumer electronics mainly include devices such as televisions, DVD players, computers, washing machines, refrigerators, and others.
Hence, increase in consumption of consumer electronics and electrical devices fuels the growth of the global tooling market. Furthermore, growth in focus on product customization for the automotive products is another factor that drives the market growth.
The automotive sector is a major consumer of tooling with around 70% consumption of tools for manufacturing.
The production of automobiles requires various uniquely designed parts and each of this part is combined together to form a vehicle. In addition, growth in applications of tooling in the renewable energy industry is also expected to boost its demand during the forecast period.
The global tooling market is segmented on the basis of product type, end-user industry, and region. By product type, it is divided into dies & molds, forging, jigs & fixtures, machine tools, and gauges.
The dies & molds segment is anticipated to dominate the global tooling market in the future, owing to its growing adoption in the automotive industry.
By end-user industry, it is classified into automotive, electronics & electrical, aerospace, marine & defense, plastics industry, construction & mining, and others.
Others include power generation, oil & gas, and medical. The automotive segment is projected to dominate the global tooling market during the forecast period.
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The global tooling market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (Japan, China, Thailand, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Europe is expected to hold the largest market share throughout the study period and Asia-Pacific is expected to grow at the fastest rate.
The key market players profiled in the report for tooling market include Bharat Forge, Carlson Tool & Manufacturing Corp., Doosan Machine Tools, Godrej & Boyce Manufacturing Co. Ltd., Omega Tool Corp, Parpas S.p.A (GRUPPO PARPAS), Samvardhana Motherson Group, Unique Tool & Gauge Inc., Sandvik AB, and Yamazaki Mazak Corporation.
Many competitors in the tooling market adopted new product development as their key developmental strategy to expand their product portfolio. For instance, in April 2019, Doosan launched PUMA TT2100SYY/TT2100SYYB/1300SYY/1300SYYB horizontal turning center.
The product consists of upper & lower turrets and bidirectional spindles. The productivity of PUMA TT2100SYY is 20% more than the already existing turning center products.
Similarly, in June 2018, Doosan launched the new DNM 6700XL in the DNM series of vertical machining center. The new product is enabled with direct-coupled spindle, which reduces the heat generation and also reduces spindle vibrations and noise generations.