Global Dies Jigs and Fixtures Manufacturing Market Value is Expected Reach $88.8 Billion by 2023 Says The Business Research Company
LONDON, July 30, 2019 /PRNewswire/ -- TheBusinessResearchCompany.com offers "Dies, Jigs and Other Tools Market By Segments (Dies, Jigs And Fixtures, And Stamping And Other Tools), By Country, By Market Trends – Global Forecast to 2023" research report from its research collections.
Stamping and other tools include tools such as stamping presses, punches and subpresses. A stamping press is a metalworking tool which is used to shape or cut the metal. A punch is a short rod of steel that is shaped at one end based on the operation for which it is required, such as forming, perforating, embossing or cutting. A subpress is a small press usually used in combination with a larger main punch press. It is used for small and delicate work such as jewelry manufacturing. The stamping and other tools segment of the global dies, jigs and other tools market will put on most value at $22.7 billion during 2018 to 2023. There is significant business to be gained by competitors in this segment.
Stamping and other tools was also the largest segment in the global dies, jigs and other tools manufacturing market, with more than 67% of the market, worth around $38 billion in 2018. This higher share in the market was due to extensive use of equipment to give shape to metals by electronics, automotive, metal manufacturing and plastic manufacturing companies, and the higher prices of these products compared with the prices of dies, and jigs and fixtures. Going forward, the stamping and other tools segment will continue to grow at the fastest growing annual rate of 9.7% between 2018 and 2023. The other segments of the global dies, jigs and other tools market, dies, and jigs and fixtures, will grow at 9.2% and 8.3% respectively to 2023.
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Automation And Laser Technology To Reduce Downtime
Automation tools and robotic solutions are being used by tool manufacturers to reduce downtime and increase productivity. Automatic tools include the use of computerized control systems for operating manufacturing equipment. Major automatic tools include smart camera systems, intelligent control systems, shop floor monitoring systems, 3D vision technology and robotic material handling systems. Robots allow faster assembling of complex components as compared to traditional manufacturing techniques. Robots automate milling, trimming, drilling, cutting and forming processes, thereby reducing the production time. Automation further enables machine manufacturing companies to significantly increase production volumes with automation technologies, thereby decreasing production costs and increase profit margins. Major companies using automation include DMTG, DMG Mori, SMTCL, Mazak, and Haas Automation.
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Die and tool manufacturers are also using laser applications to enhance precision and reduce processing time. Laser cutting technology significantly reduces the processing time required for cutting applications and thus reduces production costs. Metals including mild steel, stainless-less steel and aluminum can be cut with high precision by using lasers. Other benefits of laser technology include a high feed rate (tool's distance travelled during one spindle revolution) and minimal heat input. Major companies producing laser-based tool manufacturing equipment are Atlas Die, Radiant Laser Cut, Advanced Laser Dies and Artize Die Makers.
Technological Advances Will Drive The Global Dies, Jigs And Other Tools Market
The dies, jigs and other tools market is expected to benefit from technological developments such as additive manufacturing, laser applications and advances in processing equipment. Additive manufacturing refers to the application of 3D printing to create functional components including prototypes, tooling and end-use production parts. Advances in processing equipment such as 6-axis computer numerical control (CNC) milling machines to efficiently fabricate complex components and laser-based tool manufacturing components are reducing the production time and costs significantly. These developments are expected to boost the profit margins for tool manufacturing companies, which enable companies in this industry to further invest in new product launches and entry into new markets, thereby driving the dies, jigs and other tools market.
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