Global Tooling Market to Reach US$ 474.3 Billion by 2032, Propelled by Rising Industrial Automation

February 16, 2022 | Heavy Industry

The latest report by IMARC Group, titled "Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," finds that the global tooling market size reached US$ 255.2 Billion in 2023. Tooling, also known as machine tooling, is the process of designing and engineering tools, such as fixtures, jigs, molds, gauges, and cutting equipment. It aids in the manufacturing of various parts and components of machines required for the proper functioning of the machinery. Tooling helps enhance output capacity and production quality, speed, and accuracy. It also delivers the finished products within a specific tolerance that cannot be degraded or broken easily. In recent years, tooling has gained immense popularity among manufacturers as it assists in producing high-quality and customized products at relatively lower costs.

Global Tooling Market Trends:

Tooling helps ensure that the manufactured products function appropriately while extending their lifecycle and improving the overall quality. As a result, the expanding manufacturing industry and the rising industrial automation represent the primary factors driving the market growth. Besides this, the growing need for high efficiency in manufacturing and molding processes has catalyzed the demand for tooling. Additionally, there has been a significant shift toward product customizations, which has strengthened the need for new molds and dies designed specifically for automotive engines, fuel tanks, turbines, propellers, and shafts. Along with this, the expanding automotive and construction industries have accelerated the adoption of tooling. Furthermore, the widespread adoption of renewable energy systems, such as wind power energy generation, solar energy generation, and hydroelectricity plants, has catalyzed the market growth. Other factors, including the escalating demand for light vehicles, rising usage of electronic devices, growing penetration of artificial intelligence (AI), technological advancements, and rapid industrialization, are also creating a favorable market outlook. Looking forward, the market is anticipated to reach US$ 474.3 Billion by 2032, expanding at a CAGR of 6.9% during the forecast period (2024-2032). 

Market Summary: 

  • Based on the product type, the market has been divided into dies and molds, forging, jigs and fixtures, machine tools, and gauges. 
  • On the basis of the material type, the market has been classified into stainless steel, iron, aluminum, and others. 
  • Based on the end use industry, the market has been segregated into automotive, electronics and electrical, aerospace, marine and defense, plastics industry, construction and mining, and others. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being Agathon AG, Bharat Forge Limited, Carlson Tool & Manufacturing Corp, Doosan Machine Tools Co. Ltd. (DTR Automotive), Godrej & Boyce Manufacturing Co. Ltd, Omega Tool Corporation, Samvardhana Motherson Group, Sandvik AB, Siemens AG, Stratasys Direct Inc., Unique Tool & Gauge Inc., and Yamazaki Mazak Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Material Type, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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. and Yamazaki Mazak Corporation.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Tooling Market to Reach US$ 474.3 Billion by 2032, Propelled by Rising Industrial Automation
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