Tool holders are required for a machine's efficient and secure connection of high-speed tools like drills, taps, and milling cutters.
The global tool holders market is expected to grow 5.2% year on year in 2022, reaching a value of approximately US$ 1,173.4 Mn by the end of 2022. Tool holders are required for efficiently and safely connecting high-speed tools such as drills, taps, and milling cutters to a machine.
Germany, the world’s top producer of machine tools, significantly contributes to the expansion of the Western European tool holders market. In terms of growth and production of Tool Holders, it is anticipated to continue to rank among the top markets in Europe.
In terms of consumption, production, and the world market for machine tools, Germany holds the third spot. The Western Europe tool holders market is predicted to be dominated by the German market through the entire forecast period (2028) with a 5.1% Volume CAGR.
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Global demand for tool holders, specifically arising from the automotive and defence and aerospace industries, will witness a relatively steady growth between 2022 and 2028, as predicted by Future Market Insights (FMI) in its recently released market intelligence report.
It is critical in mechanised procedures that require high levels of precision. This is because they serve as a link between a tool and a machine. The tool holder used in high precision mechanised operations has an impact on product quality, machine life span, and process noise. The global business is expected to grow at a significant value CAGR of 5.4% between 2022 and 2028.
While the demand for tool holders will be largely driven by emerging economies, in particular the manufacturing sector, China is likely to make substantial investments in high performance cutting tools, considering the robust manufacturing and industrial output in the region. In other developing countries such as Philippines and Bangladesh, the positive scenario and policies, infrastructure, and steps, which are being taken to promote business, especially the manufacturing sector, will have a positive impact on the tool holders market offering huge opportunities for investors.
As per the report, the global tool holders market will top US$ 1 Billion by 2019. Moreover, growing demand for high precision products with increased output capacity is propelling the demand for advance tool holders in the global market, opines FMI.
Key Market Insights at a Glance:
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Takeaways from Competitive Landscape Analysis
Key Segments
By Taper Type:
By Tool Holders Type:
By Machine Type:
By End Use:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Dec 13, 2022