Tooling Market: Introduction
- Tooling is the process of designing and manufacturing engineering tools and machine equipment. Tooling is an important manufacturing process which extensively impacts the end- use industry. Essentially, it refers to creation of tools that are used in producing goods. These machine tools include cutting tools such as drills and broaches, fixtures, dies, press tools, gauges, jigs, molds, and patterns. Machine tools are generally used in many industry sectors such as mechanical & automotive, construction, and aerospace. Growth of the automotive and construction industry is expected to fuel the tooling market across the globe.
Growth in Automotive Industry Expected to Fuel the Global Tooling Market
- Growth of the automobile & mechanical industry is expected to lead to increased usage of machine tools. Tooling provides the necessary equipment and industrial machinery for particular manufacturing processes. Increase in the manufacturing of automotive parts such as gear box, engines, clutch housings, and other components is positively impacting the market. The tooling market is likely to expand significantly due to major growth of the automotive industry.
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Rise in Usage of High-speed Steel Tools to Drive the Tooling Market
- Tools are being manufactured using different materials such as iron, aluminum, and brass depending on the usage of the equipment. Nowadays, HSS equipment are increasingly adopted due to faster speed and efficiency at higher temperatures. This is likely to fuel the HSS tools market which indirectly affects the global tooling market.
Fluctuating Raw Material Prices to Hamper the Global Tooling Market
- Raw materials used to manufacture the machine tools have varying cost according to the demand for this material. Fluctuating cost of raw materials such as iron, steel, copper, and aluminum impacts the margins of manufacturers. The inconsistent prices are hindering the tooling market worldwide.
Europe to Lead the Global Tooling Market
- In terms of region, the global tooling market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
- Europe includes the country-level analysis for U.K., Germany, France, and Rest of Europe. North America includes Canada, U.S., and Rest of North America. The South America tooling market is segmented into Brazil, and Rest of South America. Analysis and forecast of the tooling market in Asia Pacific features India, China, Japan, and Rest of Asia Pacific. Middle East & Africa covers the tooling market analysis for GCC countries, South Africa, and Rest of Middle East & Africa.
- The market in Europe is likely to witness the maximum demand for tooling equipment from 2019 to 2027 followed by Asia Pacific.
- Leading manufacturers of tooling products have extensive distribution networks along with deep product penetration. Several manufacturers of tooling are focusing on innovation in their product portfolio and manufacturing products which are more economical, much stronger, and which can be reused for longer duration.
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Key Manufacturers Operating in the Market
The global tooling market is highly fragmented. Key manufacturers operating in the global market are:
- Stratasys Direct, Inc.
- Godrej & Boyce Manufacturing Co. Ltd.
- Doosan Machine Tools Co., Ltd.
- Mazak Corporation
- WALDRICH COBURG
- Agathon AG
- Amada Machine Tools Europe
- TS-TechnoSpan GmbH
- VERNET BEHRINGER
- Sandvik AB
Global Tooling Market: Research Scope
Global Tooling Market, by Type
- Cutting Tools
- Forming Tools
- Dies & Molds
- Jigs & Fixtures
Global Tooling Market, by Material Type
- Stainless Steel
- Others (Copper, Brass, etc.)
Global Tooling Market, by End-use Industry
- Automotive & Mechanical
- Electronics & Electrical
- Marine & Aviation
Global Tooling Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global tooling market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.