Global Tooling Market – Trends, Drivers, Challenges, and Vendor Analysis | Technavio

By , in PR PR Sci/Tech on .

LONDON–()–The global tooling market is expected to grow at a CAGR close to 6% during the period 2017-2021, according to a new market research study by Technavio.

The report categorizes the global tooling market by product, which includes milling tools, drills, stationary tool inserts, and turning tools. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as (APAC, EMEA, and the Americas)

Avail Technavio’s Year-End Special offer: Get 50% off on this report and all other reports covering industries like ICT; energy; food and beverage; healthcare and life sciences; automotive; industrial automation; education; and many more. Offer valid only from Dec 18 – Jan 7.

Market driver: increased adoption of HSS tools

The most important need for the hour for manufacturers is to minimize the manufacturing time with minimum impact on the quality of the product. Consumers want on-time and defect-free delivery schedules for products. To enable the same, customers are insisting on and verifying the quality reports from manufacturers. To enable high-efficiency for complex machining operations, the usage of high-speed steel (HSS) metal cutting tools has increased significantly, which are far more superior in quality than conventional tools.

According to Gaurav Mohindru, a lead analyst at Technavio for tools and components, “HSS metal cutting tools ensure high precision and is widely accepted across various end-user industries. Industries where precision is of high importance, even a deviation of microns is not acceptable and such non-adherence to design specifications would have an adverse effect which would lead to rejections and reworks.”

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Market trend: use of rotary turning in high-temperature alloys in aerospace industry

Owing to the superior thermal and mechanical properties, the demand for high-performance alloys in the aerospace industry is increasing. Superior thermal alloys decrease the machinability, resulting in low productivity. When conventional techniques are used, they fail to increase the productivity of high-performance alloys. Therefore, special processes like turn-milling and rotary turning, increase the productivity of these applications.

Market challenge: fluctuating raw material prices

Fluctuating raw material prices disrupt the pricing strategy of machine tool manufacturers. The cost of training the workforce also adds to the overall cost. Additional costs are incurred by manufacturers while hiring consultants or design specialists. All these factors add to manufacturing costs, thus affecting the growth of the global tooling market.

Is your business on track for a successful future? Learn how Technavio can help

Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.

Key vendors in the market

  • BIG KAISER Precision tooling
  • Guhring
  • Kennametal
  • Sandvik

With the presence of numerous players, the global tooling market is considerably fragmented. There is tough competition among major vendors in the market. Customized equipment is being offered at low prices by several regional and local vendors to capture higher market shares. The competition is expected to intensify with these developments, as in some cases it becomes difficult for international vendors to compete in terms of quality and services. Vendors, globally, are working toward achieving cost-effectiveness and efficiency in their services.

Get a sample copy of the global tooling market report free of cost

Access Technavio’s continuously growing tools and components research library and find expert analysis on hundreds of markets.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

The following two tabs change content below.
Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
%d bloggers like this: