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The demand for cars around the world is going up, and there are a few big reasons for this. One major factor is that more and more people are moving to cities, and as each person is making more money, they want to buy cars. This is especially true in smaller cities, known as tier 2 and tier 3 cities. The figure below shows how much more cars were produced in India from 2015 to 2018, and it increased by 24.37%. This means that a lot more cars were made during this time.
Another reason for the growing demand for cars is that people's lives are getting better. As their standard of living goes up, they can afford to buy more things, including cars. Also, it's becoming easier for people to get credit, which means they can borrow money to buy things like cars. This is expected to make the car industry grow even more.
The car industry is not only getting bigger because more people want cars, but also because the government is making it easier for people to buy new cars. They are doing this by reducing the taxes you have to pay when you buy a new car. The population is also growing, and cars are becoming more advanced with new technologies. All of these things are making the car industry grow.
Now, when it comes to making cars, there are special tools called dies, jigs, and other tools that help in making the process more efficient. These tools are used to make a lot of cars quickly, which makes the production cost lower. They also help in making complicated parts of cars more easily. This is because these tools are strong, fast, and can cut through metal with precision. So, as the car industry grows, the need for these tools, like dies and jigs, also goes up.
In some places, like developed countries and a few developing ones, not a lot of money is being invested in the car industry. But, as we look ahead, it's expected that more money will be put into making cars around the world. This means that the impact of the growing car industry on the market for dies, jigs, and other tools is expected to go from being okay to very high in the future.
In summary, the demand for cars globally is rising because more people are moving to cities, making more money, and wanting to own cars, especially in smaller cities. The figure for India shows a significant increase of 24.37% in car production from 2015 to 2018. Factors such as an improved standard of living and easier access to credit are also contributing to the growth of the automotive industry. Government initiatives, population growth, and the integration of advanced technologies in cars are further driving this growth. The production of cars relies on tools like dies, jigs, and other equipment to make the process efficient and cost-effective. As the automotive sector expands, the demand for these tools is expected to increase. While some regions currently have limited investment in the automotive industry, it is anticipated that this will change in the forecast period, leading to a significant impact on the global market for dies, jigs, and other tools.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type and Application |
Dies, Jigs Other Tools Market Highlights:
Dies, Jigs, and Other Tools Market Overview
The Dies, Jigs, and Other Tools Market is projected to grow from USD 40548.29 Billion in 2023 to USD 77951.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period (2024 - 2032). Global Dies, Jigs, and Other Tools Industry Size was valued at USD 37824.90 billion in 2022.
Metalworking is the second dominating segment in the market with approximately 30% market share owing to increasing demand for manufactured metal parts in the industry and collaborations of metalworking industries with consumer goods industries increasing sales of products in both domains.
Distributors are the dominating segment in the market, with approximately 75% market share in 2019, owing to increasing mergers between manufacturers and dealers/distributors. Besides, companies are selling products to distributors directly, selling power of distributors is increased. On the other hand, retail stores account for 20% of the market share and work only on a regional basis as the sales network is not that strong for local retailers.
COVID 19 Analysis
The arrival and expansion of the coronavirus pandemic have been a significant concern for the globally functional markets eyeing expansion, and the dies, jigs, and other tools market is one of them. Trade barriers are expected to hurt the dies, jigs, and other tools market. Most countries are placing trade restrictions, especially on imports, to boost local production. The US is also implementing several trade restrictions, especially on China, to boost its local production. For instance, the US imposed a 25% tariff on steel and a 10% tariff on aluminum in 2018. Steel and aluminum are extensively used in the manufacturing of these tools. These trade restrictions are likely to limit demand growth from now on by leading to raised prices.
Dies, Jigs, and Other Tools Market Dynamics
- Drivers
In the historical 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 highest share of the dies, jigs, and other tools die set, jig, and fixture manufacturing market in 2018, mainly due to the extensive use of stamping and other tools to give shape to metal products and the higher price of these tools compared with dies and jigs and fixtures.
- Restraints
Increasing tariff charges on critical raw materials, including steel, Iron, and Aluminium, is the key factor restraining the market's growth. Moreover, the inclusion of tooling technologies like robotic and laser beam machining, which gives high productivity and includes less labor, is the critical supporting factor restraining the market's growth.
- Technology Analysis
Dies, jigs, and fixtures are engineering tools used mainly for the manufacturing and material shaping processes. In addition, jigs and fixtures are used together as fixtures are used to hold the component to confirm the interchangeability of the manufactured component, and jigs are used for rimming, drilling, tapping, boring, and other operations with the help of fixtures.
Factors attributing to the market's growth are the growing manufacturing industry and the increasing automobile sector across the globe. Also, the growing demand for interchangeability and increasing construction projects across the globe are the supporting factors considered to drive market growth. Process simplification and accurate machining are qualities maintained by jigs, fixtures, and other tools.
Dies, Jigs, and Other Tools Market Segment Overview
The dies, jigs, and other tools market is segmented into jigs, fixtures, stamping tools, and punches. Jigs and fixtures are the dominating segments in the market, with a market share of approximately 37% in the year 2019. Factors attributing to the segment's growth are the high productivity of machining and portability of the tools.
Moreover, the low rate of burr formation is the critical supporting factor driving the segment's growth. As a result, stamping tools accounted for 29% of the market share in 2019 and are expected to grow as the fastest-growing segment during the forecast period. Factors responsible for market growth of the stamping tools segment are high quality of manufacturing and less time consumption compared to jigs and fixtures.
The dies, jigs, and other tools market is classified into plastic manufacturing, automobiles, metalworking, construction, electronics, and consumer goods based on application. The automobile sector is the dominating segment in the market with a market share of approximately 43%, owing to increasing automation in the automobile sector across the globe and several emerging players investing in the research and development of tooling technologies, including ROTO, die company, Norelem SAS, and others.
The dies, jigs, and other tools market is divided into retail stores and distributors based on the distribution channel.
Dies, Jigs, and Other Tools Market Regional Analysis
The Asia Pacific was the largest region in the dies, jigs, and other tools market share during the historic forecast period in 2018, accounting for 45.6% of the global market. North America and Western Europe followed it. The fastest growth in the dies, jigs, and other tools manufacturing market will occur in the 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 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.
Dies, Jigs, and Other Tools Market Competitive Landscape
The dies, jigs, and other tools market are all set to witness a significant market expansion in size and revenue due to the market trends and the recent developments that are likely to be undertaken by the key market players during the forecast period ending in 2027. Also, the report aims to help the potential market investors and buyers understand the rising degree of competition on the way during the period amongst the key market players mentioned as follows:
- Allmatic-Jakob Spannsysteme Gmbh
- Roto-Die Company, Inc.
- Misumi Group Inc.
- Kennametal, Inc
- Midway Rotary Die Solutions
Recent Developments
Significant opportunities identified for die and tool manufacturing companies will arise in the stamping and other tools segment, adding $22.7 billion of annual sales globally between 2018 and 2027. Strategies advised by trends in the market include investing in additive manufacturing technologies to produce customized products. The business strategies implemented 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.
Emerging economies in the region, including China, India, and Japan, are attributed to the 65% market share owing to the high mobility of the manufacturing sector in the region and increasing mergers between distributors and manufacturers. Furthermore, the easy availability of raw materials in the above-emerging economies is the key factor driving the market growth.
North America is the second dominating segment in the dies, jigs, and other tools market. It is expected to be the fastest-growing region during the forecast period with approximately 6% CAGR. Factors affecting market growth in the region are emerging technologies in the automation and robotic manufacturing domain and low import charges on raw material supplies.
Dies, Jigs, and Other Tools Market Report Overview
The Dies, Jigs, and Other Tools market report comprehensively analyzes the industry, market, and key players. The report has wrapped the market by demand and supply-side by segments. The Global Dies, Jigs, and Other Tools report also provides trends by market segments, technology, and investment in a competitive landscape. The objective of the report is to represent a comprehensive analysis of the Global Dies, Jigs, and Other Tools Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complex data in simple language.
The report covers all the aspects of the industry with a streamlined study of key players that include market leaders, followers, and new entrants. In addition, PORTER, SVOR, PESTEL analyses with the potential impact of micro-economic factors on the market have been presented in the report. External and internal factors that are supposed to affect the business positively or negatively have been analyzed, giving the decision-makers a transparent, futuristic view of the industry.
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