Dies, Jigs and other Tools Market
As per Market Research Future (MRFR), the global dies, jigs and other tools market is projected to reach $88.8 billion with a CAGR of 9.83% from 2022 to 2030 (forecast period). The study addresses the strengths, opportunities, challenges, and potential business risks and provides a rigorous overview of the global market situation with the results of COVID-19.
Key Players
Notable players in the the global dies, jigs and other tools market growth are Kennametal Inc. (US), Rotometrics (US), ALLMATIC-Jakob Spannsysteme GmbH (Germany), MISUMI Group Inc. (Japan), Meusburger Georg GmbH & Co KG (Austria), Midway Rotary Die Solutions (US), Tipco Punch Inc. (US), Sterling Industrial Products (India), Dies Plus (US), and AWEBA Werkzeugbau GmbH (Germany).
The dies, jigs and other tools market includes the sales of special tools and fixtures such as cutting dies and jigs and related products by entities (organizations, sole traders, and partnerships) providing dies, jigs and other tools.
These tools are used to transform the raw materials into the required shape in various manufacturing industries like automobiles, metalworking, electronics, and plastics. In general, dies, jigs and other tools are used as attachments to the machine.
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Market Dynamics
In the historic period, the key drivers of the market were an increase in manufacturing activity in developing markets and increased spending on construction projects, while the main constraints were fluctuating raw material prices; in the forecast period, the key drivers of the market will be growth in the automotive industry, technological developments, and growth in consumer markets, while the main threat is trade protectionism.
Market Segmentation
The global market for dies, jigs and other tools has been segmented based on type and application.
By type, the global dies, jigs and other tools market has been segmented into dies, jigs and fixtures, stamping, and other tools. The stamping segment captured the largest market share in 2018, as these tools provide quick and cost-effective solutions for metal processing. Stamping, also known as a pressing tool, is used to transform flat metal sheets into specific shapes using metal forming techniques, like blanking, punching, bending, and piercing.
By application, the global dies, jigs and other tools market has been segmented into automobile, metalworking, electronics, plastics manufacturing, and others. The automobile segment had the largest market share in 2018. The increase in vehicle production and the increasing automotive parts industry is expected to increase the demand for dies, jigs and other tools in the automotive industry. In addition, increased production of parts and vehicles raises the need to ensure high productivity and maximum uptime, which further boosts demand for dies, jigs and other tools in automotive applications.
Regional Analysis
Regionally, the global dies, jigs and other tools market has been segmented into North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
The Asia Pacific is expected to dominate the market for dies, jigs and other tools due to the presence of China, India, and Japan. The key factors that aim to develop manufacturing facilities for automotive components and industrial components in the area are increased vehicle sales, low labor costs, an increasing economy, and a continuous increase in ease of operation.
In 2018, North America held the second-largest market share in the global dies, jigs and other tools market, mainly due to increasing investments in the automotive, aviation, food processing, and packaging industries and the presence of significant market players in the region are factors driving demand for dies, jigs and other tools in North America. Due to the growing demand for passenger cars, the automotive industry expects to gain substantial investment inflows from several big OEMs. In addition, growing investment in the production of jigs and fixtures, increased end-use industries, and a rising number of construction and infrastructure development projects in North America are predicted to propel the market for dies, jigs and other tools in the area during the forecast period.
Western Europe is expected to see a tremendous increase in the market for dies, jigs and other tools. The region is headquarters to one of the largest manufacturing industries for machine tools, automotive, electronics, consumer goods, and others, with an increase in the adoption of advanced technology and an increase in import and export activities expected to fuel the market's growth.
Germany is one of the leading manufacturers of dies, jigs and other tools in Western Europe. Growing construction, manufacturing, and automotive industries, time effectiveness, improved efficiency, and precision and accuracy across metalworking industries, including the automotive and manufacturing industries, are projected to drive the market for dies, jigs, and other tools in the country during the forecast period.
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