The global tooling market is expected to grow at a CAGR close to 6% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global tooling market 2017-2021 under their heavy industry library. (Graphic: Business Wire)
The report categorizes the global tooling market by product, which includes milling tools, drills, stationary tool inserts, and turning tools. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as (APAC, EMEA, and the Americas)
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Market driver: increased adoption of HSS tools
The most important need for the hour for manufacturers is to minimize the manufacturing time with minimum impact on the quality of the product. Consumers want on-time and defect-free delivery schedules for products. To enable the same, customers are insisting on and verifying the quality reports from manufacturers. To enable high-efficiency for complex machining operations, the usage of high-speed steel (HSS) metal cutting tools has increased significantly, which are far more superior in quality than conventional tools.
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components, "HSS metal cutting tools ensure high precision and is widely accepted across various end-user industries. Industries where precision is of high importance, even a deviation of microns is not acceptable and such non-adherence to design specifications would have an adverse effect which would lead to rejections and reworks."
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Market trend: use of rotary turning in high-temperature alloys in aerospace industry
Owing to the superior thermal and mechanical properties, the demand for high-performance alloys in the aerospace industry is increasing. Superior thermal alloys decrease the machinability, resulting in low productivity. When conventional techniques are used, they fail to increase the productivity of high-performance alloys. Therefore, special processes like turn-milling and rotary turning, increase the productivity of these applications.
Market challenge: fluctuating raw material prices
Fluctuating raw material prices disrupt the pricing strategy of machine tool manufacturers. The cost of training the workforce also adds to the overall cost. Additional costs are incurred by manufacturers while hiring consultants or design specialists. All these factors add to manufacturing costs, thus affecting the growth of the global tooling market.
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Key vendors in the market
- BIG KAISER Precision tooling
- FRAISA
- Guhring
- Kennametal
- Sandvik
With the presence of numerous players, the global tooling market is considerably fragmented. There is tough competition among major vendors in the market. Customized equipment is being offered at low prices by several regional and local vendors to capture higher market shares. The competition is expected to intensify with these developments, as in some cases it becomes difficult for international vendors to compete in terms of quality and services. Vendors, globally, are working toward achieving cost-effectiveness and efficiency in their services.
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