The demand for machine tools is driven by the growing demand for lighweight fiberglass composites. They are used to make lightweight and durable products used while manufacturing automotive components.
According to MarketIntelReports' “Global Tooling Market 2017-2021”:
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The machine tool design is also used to make walls, roof, flooring, windows, and doors in the construction sector. Growth of the nanomaterial industry bolsters the demand for the Tooling Market.
Increasing preference for green infrastructure globally is an asset for the market during the forecast period. It not only reduces the construction costs but also helps the communities to increase their investments in infrastructure by providing community and environmental benefits.
Scope & Regional Forecast of the Tooling Market
In 2015, the automotive segment held a major share of the Tooling Market. Machinery which is made of glass, carbon, and epoxy resins improves the performance of the automobile.
It can replace wood or metal in prototype modelling and fixtures.
Europe held a major share in the production tool in 2016. This was attributed to many legislations.
Manufacturers should follow strict rules to get sustainability of the product. Growing disposable income will also lead to the growth of the tooling components.
Asia Pacific will be the fastest growing region due to rising disposable income of the consumers and technological innovations.
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Growing usage of composite materials in aerospace and defence industries to enhance the fuel efficiency drives the growth of tool solutions. The transportation industry is expected to have the highest growth due to use of composites in the electric vehicles to enhance the fuel efficiency.
This factor is responsible for the demand for tools and machinery.
High investment in research and developments and the interest for developing technological advanced cars present many opportunities for this industry.
Segmentations & Key Players Involved in the Tooling Market
The Tooling Market can be broken down into various segments as follows:
- Region- Americas, APAC, and EMEA.
Some of the key players involved in the Tooling Market are as follows:
- BIG KAISER Precision tooling
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