Automotive Industry under End-Use Contributes 48% of Market Share In Global Sales Of Standard Parts For Tool Making

The market for standard parts used in tool manufacturing is anticipated to reach a value of US$ 3.7 Bn in 2022 and is anticipated to grow at a CAGR of 5% by value from 2022 to 2032.

The global market for equipment tools only accounts for 1% of the market for standard parts used in tool manufacturing. A Fact.MR report claims that the continuous demand for standard parts for tool makings from the automotive and aerospace & defence industries is what is driving the market's steady growth.

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During the anticipated period, demand from the automotive industry for various industrial activities is anticipated to drive the global market for standard parts for tool manufacturing. Increased output through the development of methods to increase productivity is a constant objective for many industries. With today's wide selection of cutting tool insert embeds, production time has been greatly decreased while product quality has been preserved.

Report Attributes	Details
Standard Parts for Tool Making Market Size (2021A)	US$ 3.5 Billion
Estimated Market Value (2022E)	US$ 3.7 Billion
Market Value Forecast (2032F)	US$ 6.3 Billion
Global Market Growth Rate (2022-2032)	5% CAGR

Key Takeaways: 

·         The market share for standard parts used in tool manufacturing in North America is ranked second.

·         The standard parts for tool manufacturing market in South Asia and Oceania accounts for about one-fifth of global revenue.

·         Punches and dies currently account for more than 2/5 of the market and are expected to grow at a CAGR of 4.8%.

·         Different end-use industries have embraced stamping widely, accounting for more than 55.0% of the market.

·         The CAGR for the Japanese market is predicted to be 5.4%.

·         The CAGRs for the aerospace and defence and automotive industries are 6.4% and 5.8%, respectively.

Growth Engines:

·         The annual production volumes are driven by national government initiatives.

·         The automotive industry is driving demand to provide high-accuracy goods as awareness of the availability of these apparatuses grows.

·         There is a huge market for CNG-powered vehicles because of the rising demand.

Important Restraints:

The manufacturers are gradually catching up in the COVID era. This will prove to be a significant constraint.

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Competitive Environment

Key players are adopting a variety of marketing strategies, such as mergers and acquisitions, expansions, collaborations, and partnerships, by prominent players in the market for standard parts for tool making.

A high precision vertical machining centre for mould machining is part of the MP 6500 series product line that Doosan Machine Tools introduced in 2020. This machine's features boost user convenience and improved quality by increasing spindle rigidity and stability.

Key Companies Profiled by Fact.MR 

• MISUMI Group
• Barnes Group
• Erwin Halder
• Meusburger Georg
• Lapple
• Hong Yue Mold Fittings
• Nitrogas
• DADCO
• Shenzhen QH Industrial
• Strack Norma GmbH
• Changsha Borun Mould

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Global Standard Parts for Tool Making Market by Category

• By Component Type :
• Guide Pillars
• Bushes & Cages
• Die & Gas Springs
• Punches & Dies
• Pillar & Bush Blocks
• Dowel Pins (Set of 100)
• Steel Plates
• Others (Set of 100)

• By Application :
• Stamping
• Forming
• Bending
• Punching
• Die-Casting

• By End-Use Industry :
• Automotive
• Industrial Engineering and Equipment
• Consumer Goods
• Aerospace & Defense
• Others

• By Sales Channel :
• Direct Sales
• Retail Sales
• Online Sales

• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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