Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global tooling market size reached US$ 235.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 361.8 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.

Tooling refers to the process of developing and engineering tools that are required for manufacturing different parts of machines. It comprises dies, sheet metal, work holding and cutting tools, forging and extrusion machines, and welding and inspection fixtures. It helps machines function properly, repeat results and reduce man-hours. In addition, it delivers finished products within a specific tolerance that cannot be broken and degraded easily. Besides this, it allows manufacturers to provide high-quality and customized products while keeping production costs low.

Tooling Market Trends:
At present, there is a rise in the adoption of tooling in the manufacturing industry to produce parts of numerous machines. This, along with a considerable reliance on electrical devices for carrying out everyday tasks easily and conveniently, represents one of the key factors driving the market. Moreover, there is an increase in the customization of molds and dies that are used in automotive engines, fuel tanks, turbines, propellers, and shafts. This, coupled with the increasing renewable energy systems, such as wind power energy generation, solar energy generation, and hydro-electricity plants, is impelling the market growth. In addition, the rising automation and growing popularity of artificial intelligence (AI) technology are augmenting the adoption of tooling worldwide. Besides this, the burgeoning plastic industry and new developments in biodegradable polymer material are offering a positive outlook to industry investors. Additionally, the escalating demand for light commercial vehicles (LCVs) around the world on account of the inflating global oil prices is positively influencing the market. Furthermore, key market players are focusing on different varieties of tool production in the automotive industry. They are also focusing on expanding their product portfolio to offer more economical products.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global tooling market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, material type and end use industry.

Breakup by Product Type:

Dies and Molds
Forging
Jigs and Fixtures
Machines Tools
Gauges

Breakup by Material Type:

Stainless Steel
Iron
Aluminum
Others

Breakup by End Use Industry:

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

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 Corp, Samvardhana Motherson Group, Sandvik AB, Siemens AG, Stratasys Direct Inc., Unique Tool & Gauge Inc. and Yamazaki Mazak Corporation.

Key Questions Answered in This Report

1. What was the size of the global tooling market in 2022?
2. What is the expected growth rate of the global tooling market during 2023-2028?
3. What has been the impact of COVID-19 on the global tooling market?
4. What are the key factors driving the global tooling market?
5. What is the breakup of the global tooling market based on the product type?
6. What is the breakup of the global tooling market based on the end use industry?
7. What are the key regions in the global tooling market?
8. Who are the key players/companies in the global tooling market?