Press release
Automotive Tooling (Molds) Market is Expected to Reach $27,148 Million by 2023 in Asia & Middle East
Rise in demand for commercial vehicles and passenger cars from emerging economies is expected to drive the automotive tooling (molds) market. In addition, the versatile benefits associated with automotive tooling such as reusability, consistent quality, and reduced costs of labor are expected to accelerate market growth. However, high cost of initial investments of the machineries for precision tooling and equipment are expected to hinder the automotive tooling (molds) market growth.Automotive tooling market in Asia and Middle East was valued at $18,564 million in 2016, and is projected to reach at $27,148 million by 2023, growing at a CAGR of 5.7% from 2017 to 2023. South Asia is expected to be the leading contributor to the Asia & Middle East automotive tooling (molds) market, followed by Southeast Asia and Middle East.
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In 2016, the forged products accounted for the maximum revenue share in the overall Asia & Middle East automotive tooling (molds) market, as they ensure reliability and are easy to maintain. The forged products segment is expected to grow at a highest CAGR of 5.7%, owing to their application in powertrain, transmission, and power steering systems of the automotive.
South Asia accounted for the major share in 2016, owing to the high production of automobile in China and India. It is estimated to grow at the highest rate, followed by Southeast Asia due to increase in demand for automotive in these regions.
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The key players profiled in the Asia & Middle East automotive tooling (molds)market include AABCO Machine Technology SDN BHD, Bharat Forge Limited, EL Forge Limited, Eneel Precision Engineering SDN BHD, Kisaan Steels (P.) Ltd., Mechanite Engineering Solutions, MQ Precision Hardware Co., Ltd., NTN Corporation, SR Green Products, Sumitomo Corporation, Tokai Engineering Private Limited, and Y-Tec Corporation among others. Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to expand their foothold in the market.
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