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.
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.