Large Sizes Of End-Use Industries In Asia Pacific Make It The Largest Region In The Dies, Jigs And Other Tools Market
Asia Pacific was the largest region in the dies, jigs and other tools manufacturing market in 2018, accounting for $25.9 billion or 45.7% of the total share. This can be attributed to the larger size of the die, jigs and other tools manufacturing market in China and Japan than other countries in other regions; these cater to the large number of electronics, plastics, metal manufacturing and automotive companies based in these countries, thus contributing to the demand for dies, jigs and other tools in this region. Countries such as China and Japan being large manufacturing hubs for the electrical, electronics and plastics industry contributed to the large share in the market as dies, jigs and other products are widely used in manufacturing processes in these industries.
Asia Pacific also had the highest compound annual growth rate (CAGR) of 12.0% during 2014-2018; this region is expected to continue to grow at the fastest CAGR of 12.1% during 2018-2023. This rapid growth in both periods can be attributed to a significant increase in the demand for dies, jigs, fixtures from the electronics, plastics and automotive industries in China, Japan and India. For instance, the Chinese transportation manufacturing industry grew from $1.2 trillion in 2014 to $1.7 trillion in 2018 at a CAGR of 8.3%, and the Indian transportation manufacturing industry grew from $109 billion in 2014 to $172 billion in 2018 at a CAGR of 12.3%. Increased investments in Asia Pacific’s dies, jigs and other tools industry were to cater to this rapid growth; this enabled the industry to grow to meet the expanded demand.
Dies, jigs and other tools are used to convert raw materials into a required shape in various manufacturing industries such as automobiles, metalworking, electronics and plastics manufacturing. Dies, jigs and other tools are generally used as an attachment to a machine. The global dies, jigs and other tools market is expected to benefit from growth in the automobile industry during the forecast period. Tools such as cutting dies, welding positioners and fixtures are used extensively in automobile manufacturing. The global automobile industry grew at 3.7% from June 2018 to June 2019, and is expected to grow further during the forecast period, especially in emerging markets such as India and China. For instance, the Indian automobile industry grew by 9.5% to 4.02 million units (not including two-wheeled vehicles), in 2018, and is expected to grow by a CAGR of around 10% during the forecast period. This rapid growth of the automobile industry is likely to drive the demand for dies, jigs and other tools during the forecast period.