North America to remain 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 CAGR 4.3% in the industry of Tool Holders.
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.
While emerging economies, particularly the manufacturing sector, will drive demand for tool holders, China, given the region’s robust manufacturing and industrial output, is likely to make significant investments in high performance cutting tools.
The favourable scenario and policies, infrastructure, and steps being taken to promote business, particularly in the manufacturing sector, will have a positive impact on the tool holders market, providing enormous opportunities for investors in other developing countries such as the Philippines and Bangladesh.
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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.
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Takeaways from Competitive Landscape Analysis
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.
Aug 15, 2022