Dies, Jigs, and Other Tools Market Projected to Cross USD 88.8 billion at a 9.83% CAGR by 2027 - Report by Market Research Future (MRFR)

NEW YORK, US, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Dies, Jigs, and Other Tools Market Information By Type, and Application, and Region - Forecast till 2030", Trends in the global market for dies, jigs, and other tools indicate that during the historic projected period in 2018, the market grew at a compound annual growth rate (CAGR) of 8.6%. The dies, jigs, and other tools market is anticipated to reach around $88.8 billion by 2027, growing at a CAGR of 9.83%.

Dies, Jigs, and Other Tools Market Overview

The market for dies, jigs and other tools comprises sales of unique tools and fixtures like cutting dies and jigs, as well as associated commodities, by organizations, sole proprietors, and partnerships that offer dies, jigs, and other tools.

In a variety of manufacturing sectors, including the production of autos, metallurgy, electronics, and plastics, these instruments are used to shape raw materials into the desired form. Die sets, jigs, and other tools are frequently utilized as machine add-ons.

Market Competitive Landscape:

The important vendors in the dies, jigs, and other tools industry 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)
• AWEBA Werkzeugbau GmbH (Germany)
• Among others.
  
  

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The market's intense competition may be due in part to the oil and gas industry's increasing embrace of cutting-edge technologies for greater operational effectiveness. Additionally, most businesses are engaging in mergers and acquisitions while introducing new products and technology in an effort to increase their market share and product lineup.

January 2023

An overview of Toyota's integration of Zortrax printers into its Polish vehicle production facilities has been published by Zortrax, a 3D printing OEM with Polish headquarters. Notably, the Japanese car giant's purchase of Zortrax machines, according to ukasz kondek, an additive manufacturing (AM) engineer at Toyota's engine facility in Jelcz, Poland, has already paid for itself in just one year.

To create a range of prototypes, jigs, and assembly tools essential to the production of automobile engines, Toyota uses Zortrax's layer plastic deposition (LPD) M300 Plus platform. The company uses the M300 Plus and other industrial AM machines for the larger parts to print end-use components based on the prototypes.

Dies, Jigs, and Other Tools Market Report Scope:

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Dies, Jigs, and Other Tools Market USP Covered:

Market Drivers:

The market for dies, jigs and other tools benefited from the historical increase in metal consumption by the building industry on a global scale. The construction of commercial and industrial facilities now frequently uses buildings with metal structures. For instance, the US construction industry utilized almost 40 million tonnes of steel in 2018. The Metal Building Manufacturers Association (MBMA) of the USA reports that 34% of the sales of its members come from commercial structures. The dies, jigs, and other tools market was driven throughout this time period by the increase in demand for tools used for welding positioners, jigs, and cutting dies.

Market Restraints:

Trade Protectionism

Trade restrictions are anticipated to hurt the dies, jigs, and other tools market Trade barriers are being imposed by several nations, particularly on imports, to increase domestic output. For instance, it's possible that Brexit would result in increased trade barriers between the UK and other European nations. To increase domestic manufacturing, the US is also putting in place a number of trade barriers, particularly with China. For example, in 2018 the US slapped 25% tariffs on steel and 10% tariffs on aluminum. The production of these tools makes substantial use of steel and aluminum. Future demand growth is likely to be constrained by these trade restrictions due to higher prices.

Market Trends

Automation in Tools Manufacturing

To decrease downtime and boost output, tool manufacturers deploy robotic and automation tools. Automated control systems are one type of automatic tool used to run manufacturing machinery. Smart camera systems, intelligent control systems, shop floor monitoring systems, 3D vision technologies, and robotic material handling systems are examples of important automation tools. Compared to conventional production methods, robots make it possible to assemble complex components more quickly. Robots speed up production by automating tasks like as milling, trimming, drilling, cutting, and forming. Additionally, automation helps businesses that make machines to greatly expand production volumes using automation technology, lowering production costs and boosting profit margins.

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COVID 19 Analysis

The emergence of COVID-19 has had a substantial impact on the dies, jigs, and other tools market. In order to contain the increasing number of illnesses due to the epidemic, many nations had to go into lockdown. The supply and demand chains have been thrown off as a result, which has had an impact on the global economy. The pandemic crisis forced the suspension of different operations, manufacturing facilities, industries, and infrastructure projects.

The COVID-19 epidemic along with the fluctuating cost of raw materials have slowed the market's rate of expansion. Positively, things are beginning to return to normal, which bodes well for the market's future expansion.

Dies, Jigs, and Other Tools Market Segmentation

By Type

Jigs, fixtures, stamping tools, and punches are the various types in the dies, jigs, and other tools market. With a market share of roughly 37% in 2019, jigs and fixtures are the market's dominant segment. The high productivity of the machining process and the portability of the equipment are factors contributing to the segment's growth. Additionally, the low rate of burr formation is a key reason supporting the segment's growth. Because of this, stamping tools had a 29% market share in 2019 and are anticipated to increase at the quickest rate during the projection period. High manufacturing quality and shorter production times compared to jigs and fixtures are driving forces behind the market expansion of the stamping tools segment.

By Application

The dies, jigs, and other tools market is divided into plastic manufacture, vehicles, metalworking, construction, electronics, and consumer goods. Due to rising levels of automation in the global automotive industry and investments by various new players in the research and development of tooling technologies, such as ROTO, die business, Norelem SAS, and others, the automotive sector currently holds a dies, jigs, and other tools market share of about 43%.

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Dies, Jigs, and Other Tools Market Regional Insights

In terms of share, in 2018, the Asia Pacific market led with 45.6% of the global market. Western Europe and North America came after it. The production of dies, jigs and other tools will have the fastest development in the Asia Pacific region, where it is anticipated to rise at a CAGR of 12.1%, followed by Eastern Europe, where growth is anticipated to occur at a CAGR of 11.7%. In terms of value, China dominates the market for making dies, jigs, and other equipment. The fastest-growing economies are expected to be China and India, with CAGRs of 13.1% and 12.1%, respectively.

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