Standard parts for tool making market in China is likely to witness the benefits of growth in machine tools production, along with replacement of relevant standard parts that are utilized in combination with punch & die. China continues to remain at the forefront of APAC standard parts for tool making market, with robust production activities associated with industrial parts or systems, and automobiles among others.
According to a recent Fact.MR study, machine tools sales continue to witness a remarkable growth in China, in terms of both metal cutting and metal forming tools, owing to promising prospects of the manufacturing industry post-2009 recession. Growing demand from the end use industry for newer metal forming tools in China and India has further driven sales of standard parts for tool making in the region.
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Primary growth determinants for the standard parts for tool making market in APAC include expansion of the automotive sector, relaxation of norms on foreign direct investments (FDI) in countries such as India, and growth in fixed asset investment. Development of new schemes to enhance efficiency of manufacturing activities is a key focus are among standard parts for tool making manufacturers in APAC, which in turn is likely to bode well for the market growth in the region. China Manufacturing 2025 (CM2025) initiative is a prime example of such developmental focus of APAC’s market players. Competition in the APAC’s standard parts for tool making market is likely to intensify, on account of rising end-user preference toward parts with quality-level as that produced in international markets. Growing labor costs in China and India are further creating challenges for manufacturers of standard parts for tool making in APAC.
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The study also offers forecast on the standard parts for tool making market at a global scale, with growth estimated to record a moderate 4.1% CAGR through 2028. The report states that punches & dies are expected will remain top-selling components in the standard parts for tool making market worldwide. Greater market share of punches & dies can be attributed to high demand for parts in metal forming tools, coupled with highest price point based on the component size. Among components analyzed in the study, over two-fifth share of the market will be held by punches & dies in the standard parts for tool making market during the period of forecast.
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Automotive industry has been foreseen to prevail as the largest end-use industry in the standard parts for tool making market. Revenues from sales of standard parts for tool making in the automotive industry will account for nearly half share of the market, based on end-use industry. Direct sales of standard parts for tool making will continue to account for leading revenue shares of the market during the forecast period. However, online sales of standard parts for tool making are poised to register a relatively faster pace through 2028, according to the study.
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