Portland, OR, Feb. 12, 2020 (GLOBE NEWSWIRE) -- The global tooling industry generated $200.8 billion in 2018 and is expected to garner $368.5 billion in 2026, registering a CAGR of 8.0% from 2019 to 2026. The report offers a detailed analysis of drivers & opportunities, key investment pockets, market size & projections, competitive scenario, and changing market trends.
An increase in consumption of consumer electronics & electrical devices, advancements in renewable energy, and a rise in focus on customizations of products for automotive products facilitate the growth of the global tooling market. On the other hand, an increase in the adoption of 3D printing and the trade war between China the U.S. hinder the growth to some extent. On the other hand, advancements such as penetration of IoT and automation are projected to offer a number of lucrative opportunities in the coming future.
On the basis of product type, the dies and molds segment held nearly two-fifths of the total share of the global tooling market in 2018 and is expected to maintain its dominance by 2026. This is due to the utilization of dieing and molding as a production technique for the manufacturing essential automotive and aerospace parts. On the other hand, the machine tools segment is expected to register the highest CAGR of 9.0% throughout the forecast period.
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Based on end-user, the automotive segment held the lion’s share in 2018, contributing more than two-thirds of the total market share. This segment will account for the highest share due to significant growth in the production of automotive vehicles across the world. Contrarily, the electronics and electrical segment is expected to portray the fastest CAGR of 11.6% from 2019 to 2026.
Based on region, Europe contributed to nearly two-fifths of the market share in terms of revenue in 2018 and is expected to maintain its leadership status by 2026. This is due to the production and consumption of tools for the huge automotive industry in France, Germany, and Italy. However, Asia-Pacific is expected to register the fastest CAGR of 9.0% from 2019 to 2026.
The report offers a detailed analysis of leading market players such as 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.
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