Market Overview
The data analysts at Market Research Future Reports (MRFR) have revealed that the Tool Rack and Tool Storage Accessories Market is estimated to record a CAGR of 5.30% during the assessment period from 2023 to 2032. The increasing concern for security and safety of machines is estimated to be the most significant factors for expanding the global tool holder market 2020.
Besides, the increasing adoption in various industrial verticals is likely to play an important role in market expansion. In addition, the expanding construction demand, automotive industry, and aviation industry are likely to augment the global tool holder market. Furthermore, the increasing application of IoT and semi-automatic machine operations is likely to expand the market. Moreover, the emerging economies are likely to play an important role and create a scope of expansion.
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Key Players
The established competitors of the worldwide tool holder market are
· CERATIZIT S.A. (US)
· BIG KAISER Precision Tooling Inc. (US)
· Guhring, Inc. (US)
· Sandvik Coromant (Sweden)
· Kennametal (US)
· LMT Onsrud LP (US)
· KYOCERA UNIMERCO A/S (Denmark)
· SCHUNK GmbH & Co. KG (Germany)
· Ingersoll Cutting Tool Company (US)
· Seco Tools (Sweden)
· Gerb Tool Holders, Inc. (US)
Tool Holder Industry Developments
In July 2021, Sandvik, a leading player in the tooling industry, made a significant development by acquiring Chuzhou Yongpu Carbide Tools Co., Ltd., a premium solid round tool manufacturer based in China. The acquisition involved Sandvik purchasing a majority stake of 67% in Chuzhou Yongpu Carbide Tools Co., Ltd.
This strategic move by Sandvik aimed to strengthen its position in the tool holder industry and expand its portfolio of premium solid round tools. By acquiring a majority stake in Chuzhou Yongpu Carbide Tools Co., Ltd., Sandvik sought to enhance its capabilities in providing high-quality tool holders and cutting solutions to customers in China and beyond.
Market Segmentation
The worldwide tool holder market can be segmented on the basis of product type, tool holder type, industry vertical, machine type, and geography.
· On the basis of product type, the worldwide tool holder market can be segmented into HSK type, V-Flange Taper, R8, NMTB, and others
· On the basis of tool holder type, the worldwide tool holder market can be segmented into hydraulic tool holders, collet chuck, milling chucks, and others.
· On the basis of industry vertical, the worldwide tool holder market can be segmented into aerospace and defence, automotive, electric and electronics, heavy engineering, construction, and others.
· On the basis of machine type, the worldwide tool holder market can be segmented into CNC turning centre, CNC machining centre, CNC lathe, and others
· On the basis of geography, the worldwide tool holder market can be segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
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