The developments in automation and penetration of IoT in the manufacturing process of tooling are anticipated to provide lucrative opportunities for the growth of the tooling market. Considering such factors it is projected that Global tooling market will be valued at USD 371 billion by 2026.
- Definition / Scope
- Market Overview
- Key Metrics
- Market Risks
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
- References
Definition / Scope
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. Machine tools are generally used in many industry sectors such as mechanical & automotive, construction, and aerospace
The quality of tools required for manufacturing directly affects the end product quality and thus, the advancements in the tooling market are responsible for the growth of its end-user industries.
The tooling process includes molding, punching, forging, machining, boring, drilling, and gauging. The basic tools required in this process are dies & molds and machine tools such as drills, grinders, metal forming, boring machines, forges, jigs & fixtures, and gauges.
Market Overview
Global Tooling Market size was valued at $216.8 billion in 2019 and is expected to reach $371.4 billion by 2026, registering a CAGR of 8% during the forecast period of 2020 to 2026.
The Asia Pacific region is estimated to account for the largest share, in terms of value, in the global market, in 2019. The developments in automation and penetration of IoT in the manufacturing process of tooling are anticipated to provide lucrative opportunities for the growth of the tooling market.
Moreover, growth in focus on product customisations for the automotive products is another factor that drives the market growth.
However, the government regulations and change in lifestyle and maintenance costs are expected to impact negatively on the market. Furthermore, increase in demand for tools from the electronics & electrical industry is expected to boost the market growth.
The Global Tooling Market is segmented by product type and region. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and Rest of World. Europe is expected to grow at the fastest rate throughout the forecast period (2019-2026).
By product type, it is divided into dies & molds, forging, jigs & fixtures, machine tools, and gauges. The dies & molds segment is anticipated to dominate the global tooling market in the future, owing to its growing adoption in the automotive industry.
The key market players operating in Global tooling industry include TRUMPF Group, Shenyang Machine Tool Group, Amada Co. Ltd, DMG Mori Seiki Co. Ltd, and Falcon machine tools Co. Ltd.
The other prominent companies are Doosan Machine Tools Co. Ltd. (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan).
The increased competition and globalisation have become the key drivers for many competitors in the tooling market to adopt new product development as their key developmental strategy to expand their product portfolio
Fig: Global tooling Market Trend (in US$ Billion)
Market Risks
Change in Lifestyle of People
- The pandemic Covid-19 has forced people to change their lifestyles. Before the pandemic, people need not have to be afraid of going out. This long-lasting pandemic has changed the lifestyle of people like purchasing the latest car, vehicles, other machinery tools, etc.; and forced them to adapt to the current lifestyle. Due to this pandemic, people’s economic condition is getting worse, so people do not like to invest in non-essentials and luxurious things.
- Consumers have shifted online and are spending much less than before the pandemic. The changing lifestyle of people has led to reduced demand for machine tools.
Government Regulations
- The change in government regulations and policies related to the tooling market creates a greater risk in the growth of the market. The government policies across the world may or may not be in favor of the market, so the strict regulations towards the machine tools industry may hamper its growth.
- The government may impose a higher tax, custom duties, may implement strict rules in the import-export of the products. Therefore, government regulations can be a great source of risk for the growth of the manufacturing industry.
Top Market Opportunities
Rapid increases in the automation process
- The increased demand for products of exceptional quality has sparked several companies to incorporate automation into their manufacturing processes. Large investment in global process automation continues to increase at a rate of about 6 percent and is expected to reach an estimated $120 billion by the year 2019. This expansion primarily applies to technology, software, hardware, communication protocol utilized in automation and services.
- An increase in productivity largely contributes to the growth of the global tools market, which largely benefits the corporations that make use of the automation process.
Growth in Automotive Industry
- The growth of the automobile 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 trade of automotive parts such as gear box, engines, clutch housings, and other components is anticipated to positively impacting the market.
Market Drivers
The global tooling market is expected to show positive growth during the forecasted period. Industrial divisions that utilize automation on a large scale, such as aerospace, automotive, defense, medical devices, electrical and electronics, renewable machinery, and industrial machinery will all play a key role in the growth of this market.
Some of the drivers of the global machine tools market are:
Growing Manufacturing Industry
- The growth of the manufacturing industry has provided the opportunity of the growth of the global tooling market. Significant demand for electric vehicles (EVs), autonomous cars, and self-driven trucks are increasing the utilization of machine tools in the world.
- Growth in the manufacturing sector has led to a rapid increase in demand specifically for the increasingly sophisticated CNC machines. Due to the growing demand for the tools, the manufacturing industry is also increasing in number
The incorporation of 3D printing technology with machine tools
- Significant changes have been sparked by 3D printing technology, and these changes are expected to have a major impact on the production of machine tools, as well as plastic injection molding. In comparison to more traditional methods, this technology reduces the number of materials that are used for the production of these tools by 30 to 70 percent.
- For instance, Yamazaki Mazak, a Japanese machine tool manufacturer, has started using 3D printing technology into the production of its computer numerical controls, to positive results.
Advances in technology
- The creation of hardware technology and software applications has allowed the machine tools industry to evolve. This has led to faster, smarter, and more adaptable machines.
- For example, machines are more multifunctional and are much more capable of executing a wide range of tasks within a single application. In particular, the development of ultrasonic and electrical beam technologies, as well as electrical discharge machines, has transformed mechanized technology. Software is being used more often in the automation of both manufacturing and engineering processes
Market Restraints
The Sudden Outbreak and Spread of Pandemic Covid-19
- The whole world is affected and suffering by the sudden outbreak and spread of pandemic COVID-19. To curb the pandemic, governments have and continue to impose strict lockdowns and ban on all non-essential business operations. The COVID-19 pandemic has had a swift and severe impact on the global machine tools market with significant disruption in imports from China.
- Temporary closure of various manufacturing units due to the spread of the coronavirus disease (COVID-19) and the imposition of complete lockdown in the country are negatively impacting the market growth.
Slower Economic Activities
- The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. The coronavirus disease (COVID-19) outbreak and lockdowns imposed by governments in the different countries have halted the manufacturing of various industrial products, which, in turn, is creating a negative impact on the market growth.
- Due to the pandemic Covid-19, there is a great challenge in the machine tools market. Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected.
Industry Challenges
Increased Competition in the Market
- There is a high competition between the manufacturing companies in the market. Rising number of manufacturing industries has created a challenge for the industry as a whole.
- There is a fragmented industry which is dominated by a few large players. So the increased competition in the machine tools market has created challenges to the tooling industry
Threat of substitutes
- While there are no product substitutes, increasing imports are a threat to the domestic industry. While there are more substitutes in the market, the substitutes create challenges to the existing industry. There would be competition in price, quality and other things between the substitute industries.
- The challenges faced by the machine tools market in developed areas like Europe is probably going to hamper the development of this market
Technology Trends
- Over the years, the mode of operation of the machine tools has evolved from numerical control (NC) to computer numerical control (CNC) and direct numerical control (DNC). Manufacturers are also designing advanced machine tools to attain higher productivity.
- CNC machines segment holds the major market share of the machine tool market and is expected to grow further in the future due to the increasing demand from the manufacturing companies for productivity improvements and product innovation. The new age CAD/CAM CNC machines are equipped with automatic tool changers along with multi-axis machining technology and can carry out the entire machining process using a single machine
- The incorporation of 3D printing technology has helped in minimizing the number of materials used for producing machine tools in recent years. For example, Yamazaki Mazak, a Japanese machine tool manufacturer, utilizes 3D printing in the production of its CNC machines
- Vendors are also using modern design and simulation engineering software to ensure the sturdiness, accuracy, and reliability of the machines.
Pricing Trends
Global manufacturing PMI is already declining and will fall to an estimated all-time low of 35.4 points in 2020 as compared to 53.8 in 2019.
This indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers’ inventories, commodity prices, order backlog, new export orders, and imports.
The Unit cost is influenced by:
- Materials which include raw materials bought out standard parts and sub-contracted components.
- Wage costs, which include wages and factors governing productivity.
- Machinery costs which cover technology, quality control and utilization of plant capacity.
- Fiscal policy, which includes cost of finance and interest rates, investment allowance, depreciation allowance, customs and excise duty, Research & Development incentives, export assistance, sales tax, excise etc. It has been estimated that for a typical conventional machine tool, manufacturing costs account for 60% of the total costs, the remainder being accounted for by overheads
Regulatory Trends
- The laws, policies, economic structure, and culture in a country are all deeply important in supporting high-end machine tool manufacturing. These will impact the type of companies that exist, the way in which they run their operations, and the way they interact with local and global markets.
- The European Single Market has been designed to provide businesses with a large market by removing technical barriers to trade. European economic integration has boosted intra-EU trade, stimulated competition and it has led to significant productivity and efficiency gains in industry. The harmonization of diverse national regulations in the machinery industry has been beneficial to machine tool companies engaged in exports. The Internal Market, however, is not a completed project as there are remaining barriers to cross-border business and to the provision of services in the EU
- The Indian Government has been very supportive towards the manufacturing sector, which benefits the machine tools industry as well. While the Government has instituted a series of comprehensive policies and procedures to attract investments and enable growth, some of the key highlights are as listed:
- 100 percent FDI is allowed; Exemption from obtaining an industrial licence to manufacture;
- Manufacturers are free to select the location of the project.
Other Key Market Trends
The worst affected industry in this pandemic driven crisis is manufacturing with its complex supply chains, labor intensive processes, and interdependencies.
Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operation, have made the manufacturing sector most vulnerable amid the lockdown restrictions.
Among the factors on which the cost of production of a machine tool depends may be mentioned the level of sophistication, accuracy level, and whether it is custom built or is of general purpose design.
Market Size and Forecast
The global tooling market size was valued to be a $216.8 billion market in 2019. The market is anticipated to expand with a CAGR of 8% over the forecast period from 2020 and 2026.
Alongside the growing manufacturing industry and technological advancements in machine tools, such as multi axis and robotic arm across the region have fuelled the adoption of new technology are the reasons for the gain of the estimated market size of approximately US $ 371.4 billion by 2026.
GLOBAL TOOLING MARKET KEY SEGMENTS
The global tooling market is segmented by region and product type. Based on the product type, the market is divided into Dies & Molds, Forgings, Jigs & Fixtures, Machine Tools, and Gauges.
Global Tooling Market by Product Type
The Dies & Molds and Machine Tools segments dominate the Global Tooling Market and are expected to retain their dominance throughout the forecast period (2020-2026).
Machine Tools:
- The Machine Tools segment is presumed to witness the highest growth over the next seven years, following an estimated CAGR of 9.1% from 2020 to 2026. The market is expected to reach US$ 108.7 billion by 2024 from US$ 64.3 in 2020.
- Growth in this segment can be attributed to the increase in consumption of consumer electronics and electrical devices to sustain the high production demand of the electronic and electrical device manufacturers.
Dies & Molds:
- The segment spending a total of $79.44 billion in 2019 and will see the largest growth over the seven-year forecast period (2020-26) with a CAGR of 7.6 percent.
- Growth in this segment can be attributed to the rise in focus on product customizations fuels the requirement of new molds and dies, which are specifically designed for the manufacturing of products such as automotive engines, fuel tanks, turbines, propellers, shafts, and others.
- The Dies & Molds market is expected to grow from over $85.4 billion in 2020 to US$ 133.37 billion in 2026
Gauges:
- The Gauges market as a whole was valued at US $21 billion in 2019 and will reach $39 billion in 2026, growing at 9%.
- The growth in this segment is due to the growth of the renewable energy systems such as wind power energy generation plants, solar energy generation plants, hydro-electricity plants, and others require sophisticated and properly designed measuring devices.
Forgings:
- The market was worth US $13.5 billion in 2019 and will reach $22.5 billion in 2026, growing at CAGR of 7.5%.
- The increasing demand from the manufacturing companies for productivity improvements and product innovation.is expected to drive the growth of this segment also.
Jigs & Fixtures:
- The Fish farm monitoring market as a whole was valued at US $44.3 billion in 2019 and will reach $67.7 billion in 2026, growing at 6.3%.
- This segment market is directly affected by fluctuations and developments occurring in the end-user industries
Fig: Global Tooling Market Trend by Product Type (In US$ Billion)
Global Tooling Market by Region
The global tooling market is segmented across four geographical regions, which include North America, Europe, Asia-Pacific and Rest of world.
Asia Pacific:
- Asia Pacific is anticipated to dominate the market. The region is leading the way in the global tooling market across the world. The market was approximately US$ 122.8 billion in 2019 recording a CAGR of 8% over 2020-2026 mainly driven by increase in the number of metal cutting process industries across the region.
- There has been substantial growth and investment in the automotive industry, oil and gas, and railways in the region.
- China is one of the major consumers of machine tools and is driving the market in Asia Pacific. The major manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori are based in this region.
North America:
- In 2019, the market for global tooling in North America was valued at approximately US$ 36.1 billion. The market is anticipated to grown at a CAGR of approximately 7.5% between 2020 and 2026 and is expected to reach US$ 60.18 billion by 2026.
- In North America, tools have its application in industries such as electronics & electrical industries, plastic industry, automotive industry and others.
Europe:
- The market size in Europe was valued at approximately US$ 43.36 billion in 2019 and it anticipated reaching a value of approximately US$ 80.32 billion in year 2026 registering the highest CAGR of 9.1% across world.
- Europe is anticipated to gain fastest growth in the market. The region is home of the leading machine tool manufacturers. Germany, France and UK are the major consumers of machine tools and are driving the market in Europe.
- The market in Europe is likely to witness the maximum demand for tooling equipment from 2020 to 2026 followed by Asia Pacific owing to the expansion of automotive sector in the region.
Rest of world:
- The market size for global tooling market in rest of World was valued at approximately US$ 14.4 billion in 2019 and it reached a value of approximately US$ 20 billion in year 2026.
- The market size is expected to grow with a moderate CAGR of approximately 4.8% from 2020 to 2026 due to the increase in demand from the electronics and electrical industries across the globe
Fig: Global Tooling Market Trend by Regions (In US$ Billion)
Market Outlook
Global spending in tooling is projected to reach to US$ 371.4 billion by 2026 from US$ 234.1 billion in 2020 driven by the growth in different vehicle segments across the globe and technological advancements in machine tools
By product type, the machine tools segment is expected to grow at a significant growth rate throughout the forecast period
- The machine tools segment is anticipated to dominate the tooling market during the forecast period, accounting for around 30% of the overall market revenue by 2026.
- This market segment is estimated to grow from over $64.3 billion in 2020 to about US$ 108.7 billion in 2026 at CAGR of 9.1%.
- Primary industry users like automotive, aerospace and defense, railways, capital goods, and consumer durable sectors have a high demand for machine tools. Automation of machine tools leads to enhanced productivity, time saving, and elimination of human errors.
Dies & Molds are expected to dominate the market globally
- Dies & Molds segment holds the major market share accounting for around 36% of the overall market of the global tooling market due to the growth in renewable sources industry.
- This market segment is estimated to grow from over $85.4 billion in 2020 to about US$ 133.3 billion in 2026 at CAGR of 7.6% owing to its growing adoption in manufacturing of various automotive parts such as engines, clutch housings, gear box housings, cylinder barrels, steering components etc.
Asia Pacific is the fastest growing market for tooling market
- Asia Pacific is expected to dominate the global machine tools market due to the increase in the number of metal cutting process industries across the region. The market is estimated to grow to about US$ 210.8 billion in 2026 recording a CAGR of 8% over 2020-2026.
- The region is home for most of the leading machine tool manufacturers and is anticipated to dominate the market. The major manufacturers such as OKUMA Corporation, Yamazaki Mazak Corporation, and DMG Mori are based in this region.
- There has been substantial growth and investment in the automotive industry, renewable sources, and railways in the Asia Pacific region.
Fig: Global Tooling Market Future Outlook (in US$ Billion)
Technology Roadmap
- The industry is adopting the integration of technologies such as AI, IOT, robotics, etc., which will serve the demands of the end users. Major efforts are made to upgrade engine technologies to meet the fuel efficiency mandates and rating globally. This will further add to the re-tooling of the existing machining solutions.
- One of the key technological trends for this market is the use of IoT with the automation. The increasing use of IoT with automation has been identified as one of the critical tooling market trends fueling market growth in the forecasted period. Likewise, automation also enhances the tooling process for manufacturing of electronic goods, which have delicate and small sized machine parts.
- On the contrary, improvement in 3-D printing technologies is likely to hamper the demand of dies and molds to manufacture the detailed parts in the high-end manufacturing industries such as aerospace and automotive.
Distribution Chain Analysis
The end-users of the machine tools are automotive, aerospace and defense, electrical and electronics, consumer goods, precision engineering, etc. The utilization of high-exactness machine apparatuses is expanding among vehicle OEMs and component producers as a result of the rising multifaceted nature in current cars.
Competitive Landscape
- The Global tooling market is fairly fragmented with the presence of large global players and small and medium-sized local players with quite a few players who occupy the market share.
- When analyzing major countries’ manufacturing establishments, it is revealed that many of the global companies have a footprint in the major countries. Besides Chinese manufacturers, a great many Japanese, Taiwanese, and German manufacturers are producing in China. For Germany, apart from several hundred sales and service subsidiaries or branch offices of German machine tool manufacturers throughout the world, there are probably less than 20 German corporations producing complete units abroad currently.
- European machine tool builders together with the Japanese, American and Taiwanese manufacturers have dominated the high-end machine tool markets for a long time. However, manufacturers from other developed Asian countries such as Korea and recently from emerging countries such as China have come to challenge the traditional big players.
- The rapid technological development in Asia, coupled with low labour costs, risks eroding the competitiveness of the European machine tool industry in global markets.
Competitive Factors
- 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.
- The COVID-19 pandemic has hit almost every region of the world. The pandemic has caused a severe impact to the machine tools imports & exports in many leading countries. At the same time, prominent manufactures are determining different ways to deal with the possible supply chain disruption in the global machine tools market. The exogenous shock by this global pandemic is foreseen to amplify the existing downshift in the machine tool demand.
- The lucrative prospects within this market are also attracting a large number of new industry players. However, unlike the pandemic, the advancements in technologies, innovations, and mergers between small industries have helped the industry to sustain in the market. Connected products help companies develop closer customer relationships through product differentiation and moving away from price competition
Key Market Players
The major players of the market are TRUMPF Group, Shenyang Machine Tool Group, Amada Co. Ltd, DMG Mori Seiki Co. Ltd, and Falcon machine tools Co. Ltd.
The global tooling market is dominated by Doosan Machine Tools Co. Ltd. (Japan), AMADA Pvt. Ltd. (Japan), Makino (Japan), JTEKT Corporation (Japan), Georg Fischer Ltd. (Switzerland), Komatsu NTC Ltd. (Japan), OKUMA Corporation (Japan), Hyundai WIA (South Korea), Schuler AG (Germany), Chiron Group SE (Germany), MAG IAS GmbH (Germany), GROB-WERKE GmbH & Co. KG (Germany), Haas Automation Inc. (USA), Gleason Corporation (USA), Spinner Machine Tools (Germany), Dalian Machine Tools Group Corporation (China), Yamazaki Mazak Corporation (Japan), DMG MORI (Germany), Electronica Hitech Engineering Pvt. Ltd. (India), Ace Micromatic Group (India).
Company Profiles of Key Market Players:
TRUMPF GmbH + Co KG
TRUMPF GmbH + Co. KG manufacture electronic components. The Company offers laser cutting machines, welding, marking, tube cutting, printing, drill driver, slat cleaners, seam locker, power fastener, profile nibbler, induction generators, storage system, automation equipment, and electronics for industrial applications. TRUMPF GmbH + Co. serves customers globally.
Falcon Machine Tools Co Ltd
Falcon Machine Tools Co., Ltd. manufactures and markets machinery. The Company’s products include grind machines, milling machines, computer numerically controlled (CNC) lathes, CNC grind machines, and CNC milling machines. Falcon markets its products under the CHEVALIER brand name.
DMG Mori Seiki Co Ltd
DMG Mori Seiki Co Ltd is a Japanese company, headquartered in Nakamura-ku, Nagoya, engaged primarily in the manufacture and sale of machine tools.
Since its establishment in 1948, it has grown into one of the largest machine tool builders in the world. With its sister company in Germany, DMG Mori Seiki AG, it markets machine tools worldwide under the brand DMG Mori.
Haas Automation Inc
Haas Automation Inc. manufactures machine tools and rotary products. The Company’s products include vertical and horizontal machining centers, lathes, rotary tables, and indexers. Haas distributes its products throughout the world.
Hitech Engineers & Consultants Pvt Ltd
Hitech Engineers & Consultants Private Limited manufactures electrical equipments. The Company offers electrical panel, transformers, bus ducts, and cables, as well as other related electric products. Hitech Engineers & Consultants serves clients in India
Amada Co Ltd
Amada Co Ltd.is a large Japanese manufacturer of metal processing equipment & machinery based in Kanagawa. The company is headed by Mitsuo Okamoto.The company manufactures metal cutting, forming, shearing, and punching machines. The Company also develops factory automation systems and electronic equipment in addition to machine tools. Amada’s products are used in fields such as the auto, computer, camera, and electric appliance industries
Strategic Conclusion
Industrial outputs that had taken a hit in many countries following the global pandemic are at a stage of recovery. With the advent of industrial automation, key manufacturing industries, such as industrial machinery, aerospace, and automotive, are witnessing upward growth trajectories, which is evident in the stabilized global manufacturing Purchasing Managers’ Index (PMI).
Under the optimistic scenario, the global machine tools demand is estimated to undergo significant recovery by the end of the second quarter. Furthermore, under the pessimistic scenario, the global tooling market demand curve is foreseen to witness a dip by the end of 2020 and foreseen to stabilize in the next couple of years.
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List of abbreviations
- AI: Artificial intelligence
- CAGR: Compound Annual Growth Rate
- IoT: Internet of Things
- SMEs: Small and Medium Enterprises
