Tooling Market is Anticipated to Reach Around US$ 361.8 Billion By 2028 | Growth Rate (CAGR) of 6.9%

According to IMARC Group latest report titled "Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on tooling market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global tooling market size reached US$ 235.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 361.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.

Tooling refers to the manufacturing process of creating tools or specialized machinery used to produce goods. These tools can include molds, dies, jigs, and fixtures, which shape or form materials into specific products. It is essential in many industries, including automotive, aerospace, electronics, and consumer goods. It allows for greater precision, consistency, and efficiency in the manufacturing process. Tooling can be designed using computer-aided design (CAD) software, allowing for highly accurate and complex designs. Various types of tooling, such as injection molding, stamping, and casting tooling, are used to produce different types of products. Each type of tooling requires specific materials, design, and manufacturing processes to achieve the desired outcome.

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Market Trends:

The global market is majorly driven by the increasing demand for customized products. In line with this, the rising adoption of automation and robotics in manufacturing is significantly contributing to the market growth. Furthermore, key companies are investing in research and development to improve the design and production of tools. Apart from this, the rapid incorporation of advanced technologies such as 3D printing and artificial intelligence (AI) into the manufacturing process is creating a positive outlook for the market. Moreover, the escalating demand for advanced manufacturing processes and rapid industrialization is catalyzing the market. Besides, the expansion of renewable energy systems like wind power, solar power, and hydroelectricity plants demands the production of intricate and well-designed machine tools, measuring devices, and die molds to create parts and machinery. As a result, the growth of the renewable energy sector is anticipated to fuel the market. Additionally, the expanding plastic industry and advancements in biodegradable polymer materials are offering numerous opportunities for investors in the industry.

Explore Full Report with Table of Contents: https://www.imarcgroup.com/tooling-market

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Agathon AG
• Bharat Forge Limited
• Carlson Tool & Manufacturing Corp.
• Doosan Machine Tools Co. Ltd. (DTR Automotive)
• Godrej & Boyce Manufacturing Co. Ltd.
• Omega Tool Corp
• Samvardhana Motherson Group
• Sandvik AB
• Siemens AG
• Stratasys Direct Inc.
• Unique Tool & Gauge Inc.
• Yamazaki Mazak Corporation

Tooling Market Segmentation:

Our report has categorized the market based on region, product type, material type and end use industry.

Breakup by Product Type:
• Dies and Molds
• Forging
• Jigs and Fixtures
• Machines Tools
• Gauges

Breakup by Material Type:
• Stainless Steel
• Iron
• Aluminum
• Others

Breakup by End Use Industry:
• Automotive
• Electronics and Electrical
• Aerospace, Marine and Defense
• Plastics Industry
• Construction and Mining
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.