Standard Parts for Tool Making Market
Standard Parts for Tool Making Market Analysis By Component Type (Guide Pillars, Bushes & Cages, Die & Gas Springs, Punches & Dies), By Application (Stamping, Forming, Bending), By End-Use Industry, By Sales Channel, By Region - Global Insights 2022-2032
Analysis of Standard Parts for Tool Making market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Global Standard Parts for Tool Making Market Outlook
The global standard parts for tool making market is estimated at USD 3.7 Billion in 2022 and is forecast to surpass USD 6.3 Billion by 2032, growing at a CAGR of 5.0% from 2022 to 2032.
Base Year Value (2021A)
USD 3.5 Billion
Estimated Year Value (2022E)
USD 3.7 Billion
Projected Year Value (2032F)
USD 6.3 Billion
Global Growth Rate (2022-2032)
East Asia Market Share in 2021
East Asia Growth Rate (2022-2032)
Collective Value Share (China, USA, Germany) 2022: Top 3 Countries
Top 5 Companies Market Share in 2021
Key Companies Profiled
The global standard parts for tool making market holds ~1% market share in the global equipment tools market. According to a Fact.MR report, the automotive and aerospace & defense industry's constant demand for standard parts for tool makings underlies the standard parts for tool making market's consistent expansion.
However, manufacturers in the standard parts for tool making market repeatedly propose new B2C & D2C business models that supply enhanced service offerings to consumers to satisfy demand from end-use industries and increase stabilized sales through the type of supply network.
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2017-2021 Global Standard Parts for Tool Making Market Outlook in Comparison to 2022-2032 Growth Forecast
Historically, the market value of the standard parts for tool making industry showed a growth of 3.7% CAGR from 2017 to 2021. The global standard parts for tool making market has created an absolute dollar opportunity of nearly USD 593.5 million in the last five years. It is estimated to create opportunities of about USD 1.1 Billion and USD 1.5 million by the mid (2022-27) and long-term (2022-2032) respectively.
Also, the North American standard parts for tool making market holds the 2nd largest market share in the global standard parts for tool making market which is assessed to gain 30 BPS with the CAGR of 5.0%. Besides, the United States standard parts for tool making market is the leading consumer as well as a sponsor in the North American market growth with more than 85.0% market share.
Further, South Asia & Oceania standard parts for tool making market has shown significant growth in the previous half-decade. It has captured around 1/5th global standard parts for tool making market at a CAGR of 4.2%.
Besides, the rising investment in the consumer goods industry is likely to boost the demand for standard parts for tool makings in the region. South Asia & Oceania is projected to capture around 58 BPS and create incremental opportunities of nearly USD 35.2 million annually amid 2022 & 2032.
The East Asian standard parts for tool making market accounts for ~29.2% of the global standard parts for tool making market in 2022. It is considered to create an absolute $ opportunity of USD 681 Million during 2022-2032.
In terms of value, the Japanese standard parts for tool making market is the succeeding-largest market in the East Asian market. It is estimated to increase with 5.4% CAGR and provide remarkable absolute dollar opportunities during 2022 & 2032.
From the segmental analysis, based on component type, the punches & dies is the substantial shareholder. It has held more than 2/5th market share and is projected to rise at the CAGR of 4.8% amid 2022 & 2032.
Fact.MR projects the standard parts for tool making market is expected to witness exhibiting growth at 5.0% CAGR amid 2022 and 2032 in contrast to a CAGR of 9.1% with which it grew from 2017 and 2021.
Governments are Likely to support the Standard Parts for Tool Making Market Growth
Standard parts are secondary components that are used in presses or other metal forming tools in conjunction with the primary punch and die combination. Because of the increase in machine tool manufacturing and replacement of standard parts, the demand for standard parts in the country is likely to rise in the coming years.
It is a well-known truth that China has been at the forefront of manufacturing any industrial parts or systems, as well as autos, among other products. This increase in the manufacture of such parts and components leads to growth in a variety of end-use industries, which in turn influences demand for machine tools, bode well the expansion of standard parts.
Relaxation of trade barriers, expansion of foreign direct investment, and fixed asset investments all have a beneficial impact on the country's industrial scene, thus increasing the growth of the standard components market in China. However, it should be noted that no market is without its constraints.
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Automotive Industry is projected to Boost the Demand for Standard Parts for Tool Making
The global standard parts for tool making market is expected to be triggered by demand from the automotive industry for various industrial activities during the forecast period. For many industries, the constant goal is to increase output by devising methods to boost productivity. The wide range of cutting tool insert embeds that is now available has significantly reduced production time while maintaining the product's quality.
For instance, HSS metal cutting tool inserts are now widely used by numerous businesses to offer high-accuracy items, and as awareness about the availability of these apparatuses increases, the market for the same is expected to thrive over the forecast period, 2022 to 2032.
Covid-19 Pandemic Slowed the Growth of the Market
The new coronavirus has rapidly spread throughout numerous countries and areas, having a massive influence on people's lives and the general community. It began as a human health crisis and has since become a major threat to global trade, economics, and finance.
Further, the COVID-19 pandemic has halted the manufacturing of several items in the tool making industry, owing to continual lockdown in key countries. Market leaders can only pay for complete lockdown for a part-time before having to alter their investing strategies. Furthermore, the number of COVID-19 cases is projected to fall in the near future when COVID-19 vaccinations hit the market.
However, this is also predicted to result in the re-starting of tooling companies at full capacity, assisting the market to recover by the beginning of 2022. After COVID-19 positive cases begin to drop, standard parts for toll making manufacturers must focus on protecting their employees, supply networks and operations, in order to respond to urgent emergencies and build new working practices.
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What is the European Standard Parts for Tool Making Market Scenario?
The European standard parts for tool making market consists of numerous regional markets such as Italy, Spain Germany, France, etc. European markets account for around 19.5.0% of the overall market share. It is projected to grow at a CAGR of 4.3% in the coming years. This is escalating demand for different types of components such as guide pillars, Die & Gas Springs etc. in countries like Germany and the United Kingdom.
The United Kingdom is bound to generate growth for standard parts for tool making manufacturers owing to the investment in numerous end-use industries such as Automotive, Aerospace defense etc. This is powering the growth in the standard parts for tool making market in the European region in the forecast period.
Which Region holds for More Higher Demand for Standard Parts for Tool Making Market?
The Asia Pacific region has been segregated into two parts including East Asia and South Asia & Oceania. East Asia standard parts for tool making market is the one furthermost profitable market. It has acquired more than 29.2% market share of the global standard parts for tool making market in the last few years.
Furthermore, the East Asian standard parts for tool making market is largely dominated by the Chinese standard parts for tool making market which has attained nearly 2/3rd market share followed by South Korea and the Japanese market. However, East Asia is likely to grow at a CAGR of 5.6% and generate billion-dollar absolute opportunities during 2022 & 2032
Further, as numerous standard parts for tool making companies are based in the East Asian Region, the demand for standard parts in Japan and South Korea is estimated to increase at a CAGR of 5.9% over the forecast period of 10 years. Also, investments in the standard parts for tool making market it is expected to drive the market growth in 2022 & 2032.
Which Component Type of Standard Part for Tool Making is The Largest Contributor during the Forecast Period in Standard Part for Tool Making Market?
In terms of value, punches and dies account for more than 2/5th market share due to their high demand in presses and other metal forming tools, as well as their higher price point in contrast to other basic parts. Punches and dies are predicted to eventually dominate the market, taking a market share of about 42.3% in terms of value by the end of 2032.
Furthermore, the segment is predicted to increase at a faster CAGR than other segments and gain nearly 130 BPS during 2022 & 2032. The increasing demand for CNG based vehicles are creating tremendous demand for die & gas springs. Owing to this, the die & gas springs component type is likely to gain traction and acquire significant market share with a CAGR of 5.2% amid the forecast period.
Which Application is poised to Show lucrative Growth in Standard Parts for Tool Making Market?
Standard parts for tool making are having numerous applications such as stamping, forming, bending, punching etc. Stamping is largely adopted by different end-use industries owing to which it has acquired more than 55.0% market share.
Moreover, the majority of sales come from automotive, industrial engineering and equipment end-use industries. The rapid growth in the aforementioned industries is likely to increase the applications of stamping in the industries.
In addition, the segments of automotive and aerospace & defense are projected to increase at a CAGR of 6.4% and 5.8% respectively, amid the forecast years due to their augmented applications. This is likely to gain 140 BPS to the standard parts for tool making market over the assessment years of 2022-2032.
Competitive Landscape: Top Companies in Standard Part for Tool Making Market
The global standard parts for tool making market is highly fragmented, with a significant number of local and regional companies. As a crucial strategy to strengthen their market footprint and better fulfil the needs of customers, industry players are focusing on developing new goods in response to the dynamic industry needs.
Also, the key companies have adopted numerous strategies including partnership, merger & acquisition etc. New product development is the key strategy to upscale their market presence among consumers.
Fact.MR has provided detailed information about price points of top manufacturers of standard parts for tool making market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- In 2020, Doosan Machine Tools have launched MP 6500 series product with a high precision vertical machining center for mold machining. The features of this machine includes enhanced stability and spindle rigidity to boost user improved quality and convenience
- In 2019, Makino Milling Machine Co., Ltd. has launched a Wire EDM machine - U 6 H.E.A.T. Extreme. The new wire coated technology increases rough machining rates up to 300% without increasing manufacturing costs
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 :
By End-Use Industry :
- Industrial Engineering and Equipment
- Consumer Goods
- Aerospace & Defense
By Sales Channel :
- Direct Sales
- Retail Sales
- Online Sales
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global value of standard parts for tool making market is estimated to be worth over USD 3.7 Billion in 2022.
The demand is anticipated to surpass USD 6.3 Billion by 2032 end.
During 2017-2021, global standard parts for tool making market grew at 3.7% CAGR.
Some of the prominent players in standard parts for tool making market are MISUMI Group Inc., Barnes Group Inc., Erwin Halder KG, Meusburger Georg GmbH & Co KG, Läpple AG etc.
East Asia tops the global standard parts for tool making market accounting for 29.2% of global market share in 2022.
Automotive industry under end-use contributes 48% of market share in global sales of standard parts for tool making.