Tooling Market Growth, Opportunity and Forecast, 2021-2030 | At CAGR of 7.5%

Pre-determine Growth:
Rise in consumption of consumer electronics and electrical devices, focus on product customizations for automotive products, and rise in usage of high-speed tools drive the growth of the global tooling market. New advancements such as penetration of automation and IoT present new opportunities in the coming years.

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.

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Driving Demands:

The tooling market has witnessed an unprecedented growth in the recent years, owing to expanding manufacturing facilities around the globe. The product developments and continuous customizations in the automotive and aerospace manufacturing lead to improvement in the tools required for their production.

In addition, reliability of consumers on machines for household chores boosts the growth of the electronics industry, demanding for large scale manufacturing for the electronics and electrical products; thereby, increasing the need for tooling facilities to assist the production process.

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

Based on product type, the dies & molds segment accounted for the largest share in 2020, contributing to nearly two-fifths of the total share, and is estimated to maintain its lead position during the forecast period. However, the machine tools segment is projected to manifest the highest CAGR of 8.2% from 2021 to 2030.

Based on end-user industry, the automotive segment contributed to the highest market share in 2020, accounting for more than two-thirds of the global tooling market, and is expected to continue its leadership status during the forecast period. However, the electronics segment is estimated to portray the fastest CAGR of 11.1% from 2021 to 2030.

Based on region, Europe held the highest share in 2020, contributing to nearly two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to manifest the largest CAGR of 8.2% during the forecast period.

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Leading Players:

Leading players of the global tooling market analyzed in the research include Bharat Forge, Doosan Machine Tools, Carlson Tool & Manufacturing Corp., Omega Tool Corp, Godrej & Boyce Manufacturing Co. Ltd., Samvardhana Motherson Group, Parpas S.p.A (GRUPPO PARPAS), Sandvik AB, Unique Tool & Gauge Inc., 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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