Tooling Market Worth $439,994.9 Million by 2030 | Key Drivers, Restraints & Opportunity

The tooling market has witnessed unprecedented growth in recent years, owing to expanding manufacturing facilities around the globe.

PORTLAND, OR, UNITED STATES, November 21, 2021 /EINPresswire.com/ — The tooling market has witnessed significant growth in the past decade. Governments of developing countries are focusing and investing in manufacturing of latest aircraft to solidify their defense unit. Numerous players in the tooling industry are expanding their business to strengthen their foothold in the global market. Rise in automotive industry in future will drive the growth of the tooling market during the forecast period.

According to a new report published by Allied Market Research, titled, “Tooling market by Product Type, and End User Industries: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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.

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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.

Furthermore, Europe holds the largest share in terms of revenue as well as production of machine tools. India ranks first in terms of growth of the global tool manufacturing market. Whereas, Germany ranks first in the established tool manufacturing market. Moreover, rise in trend of using renewable energy for power production requires highly productive tools for manufacturing of wind and hydro power generating machine components.

Therefore, rise in demand for wind power plants tends to put immense pressure on the manufacturing and tooling industries, which in turn develops better scope for improvement of modern tool manufacturing. On the contrary, introduction of 3D printing negatively affects the growth of the tooling market.

Major Key Players

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
Yamazaki Mazak Corporation

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Key Benefits For Stakeholders

The report provides an extensive analysis of the current and emerging tooling market trends and dynamics.

In-depth emerging tooling market analysis is conducted by constructing market estimations for key market segments between 2020 and 2030.

Extensive analysis of the emerging tooling market is conducted by following key product positioning and monitoring of top competitors within the market framework.

A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.

The global emerging tooling market forecast analysis from 2021 to 2030 is included in the report.

The key players within the tooling market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging tooling industry.

Key Market Segments

By Product Type

Dies & molds
Forging
Jigs & Fixtures
Machine Tools
Gauges

By End-user Industry

Automotive
Electronics & Electrical
Aerospace, Marine & Defense
Plastics Industry
Construction & Mining
Others

By Region

North America
Europe
Asia-Pacific
LAMEA

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David Correa
Allied Analytics LLP
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Source: EIN Presswire