The latest report by IMARC Group, titled "Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global tooling market size reached US$ 217.3 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 339.1 Billion by 2027, expanding at a CAGR of around 7.20% during the forecast period (2022-2027).
- 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.
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