Tooling Market Drives to Reach $439,994.9 million by 2030, Registering a CAGR of 7.5%

The global tooling market is experiencing growth driven by increased consumption of consumer electronics and electrical devices, a focus on customizing automotive products, and heightened utilization of high-speed tools. Conversely, new advancements such as the integration of automation and IoT technologies are opening up fresh opportunities in the years ahead.

The global tooling market size was valued at $212,500.0 million in 2020, and is projected to reach $439,994.9 million by 2030, registering a CAGR of 7.5% from 2021 to 2030. In 2020, Europe dominated the global market in terms of revenue, accounting for around 39.2% share, followed by Asia-Pacific.

The key factors that drive the growth of the global market include increase in consumption of consumer electronics & electrical devices, growth in focus on product customizations specially in the automotive industry, and growth of the renewable energy systems. However, fluctuation in foreign exchange rates & raw material prices, and trade war between China and the U.S. are expected to hamper the tooling market growth to a certain extent.

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Manufacturing activities related to tools like dies & molds, machine tools, jigs & fixtures, and gauges were halted due to lockdown measures imposed across various countries. Additionally, disruptions in the supply chain and shortages of raw materials posed significant challenges to manufacturing at full capacity.

End-use industries such as automotive, aerospace, marine & defense, electronics & electrical, and others experienced a significant decline in demand due to the suspension of daily operations during the lockdown. However, demand is expected to rebound steadily post-lockdown.

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Equipment and machinery manufacturers are prioritizing the safety of their staff, operations, and supply networks to respond to emergencies and establish new working methods.

The report provides detailed segmentation of the global tooling market based on product type, end-user industry, and region.

In terms of product type, the dies & molds segment dominated in 2020, contributing to nearly two-fifths of the total market share and is projected to maintain its leading position during the forecast period. However, the machine tools segment is anticipated to exhibit the highest CAGR of 8.2% from 2021 to 2030.

Regarding end-user industry, the automotive segment accounted for the highest market share in 2020, representing over two-thirds of the global tooling market and is expected to retain its dominant position during the forecast period. However, the electronics segment is forecasted to demonstrate the fastest CAGR of 11.1% from 2021 to 2030.

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Regionally, Europe held the largest share in 2020, contributing to nearly two-fifths of the total market share and is projected to maintain its revenue dominance by 2030. However, Asia-Pacific is anticipated to exhibit the highest CAGR of 8.2% during the forecast period.

Top Players:

The key players profiled in the tooling market report include Bharat Forge, Carlson Tool & Manufacturing Corp., Doosan Machine Tools Co., Ltd., 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.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging tooling market trends and dynamics.
By product type, the dies & molds segment registered highest revenue in 2020.
By end user, the automotive segment registered highest revenue in 2020.
Asia-Pacific is projected to register highest growth rate in the coming years.
The key players of the tooling market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the tooling industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth tooling market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.

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