Dies, Jigs And Other Tools Global Market Opportunities And Strategies To 2023
NEW YORK, Feb. 27, 2019 /PRNewswire/ -- This report describes and evaluates the dies, jigs and tools market. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2023, the forecast period.
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The die sets, jigs and other tools manufacturing market consists of manufacturers' sales of special tools and fixtures such as cutting dies and jigs. These tools are used to convert raw materials into a required shape in manufacturing industries such as automobile, metalworking, electronics and plastics manufacturing.
The global dies, jigs and fixtures and diesother tools manufacturing market reached a value of nearly $56.8 billion in 2018, having grown at a compound annual growth rate (CAGR) of 8.6% from 2014, and is expected to grow at a CAGR of 9.3% to nearly $88.8 billion by 2023. In the historic period the main drivers of the market were the rise of manufacturing activity in emerging markets and increased spending on construction projects, while the main restraints were fluctuating raw material prices; in the forecast period the main drivers of the market will be growth in the automobile industry, technological advances and growth in consumer markets, while the main threat is trade protectionism.
The stamping and other tools segment accounted for the largest share of the dies, jigs and other tools die set, jig and fixture manufacturing market in 2018, mainly due to extensive use of stamping and other tools to give shape to metal products and to the higher price of these tools compared with dies and jigs and fixtures.
Asia Pacific was the largest region in the jigs, tool and dies, jigs and other tools manufacturing market in 2018, accounting for 45.6% of the global market. It was followed by North America and Western Europe. Going forward, the fastest growth in the dies, jigs and other tools manufacturing market will take place in Asia Pacific where it is forecast to grow at a CAGR of 12.1%, followed by Eastern Europe where growth at a CAGR of 11.7% is expected. China is the largest country in terms of value in the dies, jigs and other tools manufacturing market. China and India are forecast to have the fastest growth, growing at a CAGR of 13.1% and 12.1% respectively.
The market for dies, jigs and other tools manufacturing is fragmented. Major players in the market are Allmatic-Jakob Spannsysteme Gmbh, Kennametal, Inc, Midway Rotary Die Solutions, Misumi Group Inc and Roto-Die Company, Inc.
Major opportunities identified for die and tool manufacturing companies will arise in the stamping and other tools segment which will add $22.7 billion of annual sales globally between 2018 and 2023. Strategies suggested by trends in the market include investing in additive manufacturing technologies to produce customized products. The business strategies adopted by major companies in the dies, jigs and other tools manufacturing market include investing in expanding manufacturing operations, improving infrastructure and undertaking acquisitions and mergers to strengthen their product and service offerings.
Read the full report: https://www.reportlinker.com/p05741955
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