The tooling market share is expected to increase by USD 9.84 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 5%.
This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (milling tools, drills, stationary tool inserts, turning tools, and others) and geography (APAC, North America, Europe, South America, and MEA). The market report also offers information on several market vendors, including BIG KAISER Precision Tooling Inc. , CERATIZIT SA, FRAISA SA, Guhring Inc., Hanjiang Tool Corp Ltd, ISCAR Ltd., Jiangsu Feida Tools, Kennametal Inc., KYOCERA Precision Tools, and Sandvik AB among others.
What will the Tooling Market Size be During the Forecast Period?
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Tooling Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising industrial automation globally is notably driving the market growth, although factors such as adoption of 3D printing technology may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the tooling industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Tooling Market Driver
One of the key factors driving growth in the market is the rising industrial automation globally. Buyers are insisting for on-time and defect-free delivery schedules for products, while, the customers are focusing on the quality of reports from the manufacturers. The increasing adoption of HSS tools (high-speed steel) is one of the primary factors that will fuel the growth of the market in the coming years. Right cutting tool is the most essential factor to enable defect-free manufacturing, due to high-efficiency requirements for complex machining operations. Adoption of HSS metal cutting tools is increasing due to their superior quality as compared to conventional tools. HSS tools ensure increased precision, due to which they are demanded extensively from various end-user industries.
Key Tooling Market Trend
The increasing use of double-sided inserts for rough turning applications is one of the key trends market trends contributing to the growth of the market. Inserts play a crucial role in enhancing process reliability in rough turning by adding a ground contact surface and this process prevents the inserts from fracturing. Double-sided inserts are used in heavy interrupted cuts and forged parts with multiple machining depths. The inserts offer double the standard number of cutting edges as compared to single-sided inserts, which is one of the major factors driving the machine tools market.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Who are the Major Tooling Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- BIG KAISER Precision Tooling Inc.
- CERATIZIT SA
- FRAISA SA
- Guhring Inc.
- Hanjiang Tool Corp Ltd
- ISCAR Ltd.
- Jiangsu Feida Tools
- Kennametal Inc.
- KYOCERA Precision Tools
- Sandvik AB
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The tooling market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Which are the Key Regions for Tooling Market?
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56% of the market’s growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for market in APAC. Market growth in this region will be slower than the growth of the market in MEA.
Advances in technology, aging population, and increased healthcare spending will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating Product Segments in the Tooling Market?
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The market share growth by the milling tools segment will be significant during the forecast period. As milling tools are used in milling machines and machining centers, their demand during the forecast period is dependent on the outlook of milling machines and machining centers. The projected growth rate of milling machines is in tandem with the projected growth rate of end-user industries, such as automotive, energy, and aerospace. The use of high-precision machine tools is increasing among automotive OEMs and component manufacturers due to the rising complexity in modern automobiles, leading to intricate component designs. The increasing demand for new aircraft is expected to propel the demand for milling tools during the forecast period, which would propel the growth of the market in focus in this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.
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Tooling Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
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Market growth 2021-2025 |
$ 9.84 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.16 |
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Regional analysis |
APAC, North America, Europe, South America, and MEA |
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Performing market contribution |
APAC at 56% |
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Key consumer countries |
China, US, Japan, Germany, and South Korea (Republic of Korea) |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BIG KAISER Precision Tooling Inc. , CERATIZIT SA, FRAISA SA, Guhring Inc., Hanjiang Tool Corp Ltd, ISCAR Ltd., Jiangsu Feida Tools, Kennametal Inc., KYOCERA Precision Tools, and Sandvik AB |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Tooling Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the tooling industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
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