Standard Parts for Tool Making Market Key Growth Drivers 2018 – 2028
Fact.MR Pvt. Ltd. has released a new study on Standard Parts for Tool Making market in China, extracting crucial market insights for the next ten year forecast period, unique strategies adopted by the players in terms of product differentiation and potential market hotspots, in-depth industry analysis on the same and opportunities for the market to grow. The revenue generated from the consumption of standard parts for tool making in China is estimated to be valued at US$ 471.0 Mn by the end of 2018 reaching US$ 703.5 Mn till the end of forecast period registering a CAGR of 4.1% (2018-2028).
Standard parts are secondary components utilized in presses or similar metal forming tools in conjunction with main punch & die combination. Owing to growth witnessed in production of machine tools and replacement of standard parts in the same, the demand for standard parts is expected to increase in the country in upcoming years. It is a well-known fact that China has been at the forefront it comes to manufacturing of any industrial parts or system, automobiles among others. This rise in production of such parts & components leads to growth in various end use industries which further influences demand for machine tools biding well for the growth of standard parts.
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Relaxation of trade duties, widening foreign direct investments and fixed asset investments positively effects manufacturing scene of the country further improving the growth of standard parts market in China, However, it must be also taken into consideration that no market is without its restraints. Hence, some of the roadblocks that can dent the growth of the market in the upcoming years include high product competition from both developed and developing countries and less penetration of automation in manufacturing among others. Some of the initiatives that can put the manufacturing activities of the country to a next level include improved investments in all segment of product delivery as well as China Manufacturing 2025 (CM2025) Initiative.
By component type, in terms of value, punches & dies take up a large chunk of market share owing to higher requirement for such in presses and other metal forming tools coupled with higher price point in comparison to other standard parts. Eventually, punches & dies are expected to dominate the market capturing a market share of nearly 41% in terms of value by 2018 end. Additionally, the segment is expected to grow with a higher CAGR than other segments segment.
On the basis of application, stamping application usurps most of the sales of standard parts owing to higher usage of the same in different end use industries. The segment is estimated to hold a market share of 57% by the end of 2018 and increase by a notch till 2028
On the basis of end use industry, automotive segment is expected to dominate the market with a market share of nearly 48% by the end of 2018 and sustain the same throughout the forecast period owing to higher utilization of metal forming tools in automotive industry coupled with rapid growth witnessed in the same.
If we look into the sales channel segment, direct sales segment takes up more than half of the market share is expected to dominate throughout the forecast period registering a CAGR of 4.1%. However, the fastest growing segment among all in this category is taken up by online sales segment with an expected CAGR of 4.6% in terms of value from 2018 to 2028.
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Some of the key players covered in china standard parts for tool making market operating include MISUMI Group Inc., Barnes Group Inc., Erwin Halder KG, Meusburger Georg GmbH & Co KG, Läpple AG, Hong Yue Mold Fittings Ltd., Shenzhen QH Industrial Co., Ltd., Hongkai Precision Metal Stamping Tool And Product Co., Ltd., Agathon AG, STRACK NORMA GmbH & Co. KG., Changsha Borun Mould Co., Ltd., NITROGAS, S.A.U., DADCO, Inc., Jiashan Honglida Sliding Bearing Co., Ltd. among others.