The favorable environment, policies, infrastructure, and initiatives being taken to promote business, particularly the manufacturing sector, in other developing nations like the Philippines and Bangladesh may have a positive impact on the tool holder
The global tool holders market to grow with a year-on-year growth of 5.2% in 2022 reaching a value of about US$ 1,173.4 Mn by 2022 end. Tool holders are necessary for connecting high-speed tools such as drills, taps, and milling cutters to a machine in an efficient and safe manner.
It is very crucial in mechanized procedures that need high degrees of precision. This is due to the fact that they serve as the link between a tool and a machine. Product quality, machine life span, and process noise are all affected by the tool holder used in high-precision mechanized operations. The global business is anticipated to witness a considerable value CAGR of 5.4% during the period between 2022 and 2028.
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FMI has identified North America to remain a key market for tool holders over the forecast period owing to increasing demand from end-use applications. The region is estimated to witness a value of CAGR 4.3% in the industry of Tool Holders. The global tool holders market is expected to account for about 1.5% of the global machine tool market.
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Takeaways from Competitive Landscape Analysis
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Laser Cutting Technologies Could Restrict Tool Holder’s Sales
Laser cutting, a streamlined and precision manufacturing process, is likely to pose challenges for tool holders given its ability to not just cut materials but also apply finish to a product. Apart from lower risks of material deformation or warping, since there is no direct contact between the material and the laser cutting device, the chances of incorrect markings and contamination are further reduced. Although laser cutting could be technically challenging and costly, end-use industries demanding high cutting precision such as automotive, are projected to replace traditional tool cutting equipment. However, high market penetration of relatively low-cost tool holders
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Dec 14, 2022