New York, Jan 21, 2021 (GLOBE NEWSWIRE via COMTEX) --
New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Special Die And Tool, Die Set, Jig, And Fixture Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009812/?utm_source=GNW
The global special die and tool, die set, jig, and fixture market is expected to grow from $66.49 billion in 2020 to $70.61 billion in 2021 at a compound annual growth rate (CAGR) of 6.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $95.63 billion in 2025 at a CAGR of 8%.
The special die and tool, die set, jig, and fixture market consists of sales of special die and tool, die set, jig, and fixture by entities (organizations, sole traders and partnerships) that produce special tools and fixtures such as cutting dies and jigs. These 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 special die and tool, die set, jig, and fixture market is segmented into dies; stamping and other tools; and jigs and fixtures.
Asia Pacific was the largest region in the global special die and tool, die set, jig, and fixture market, accounting for 51% of the market in 2020. North America was the second largest region accounting for 21% of the global special die and tool, die set, jig, and fixture market. Africa was the smallest region in the global special die and tool, die set, jig, and fixture market.
Special die and tool, die Set, jig, and fixture manufacturers are using advanced 6-axis CNC milling machines to efficiently fabricate complex components. CNC milling is a specific type of computer numerical controlled (CNC) machining. This involves the use of computers to control machine tools like lathes, mills, routers and grinders. The 6-axis CNC machine converts a raw metal bar into the final product by turning from both the ends of the fixture. This offers high quality products while minimizing errors. CNC milling helps in short-run production of complex parts and fabrication of unique precision components. Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, IMSA.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the special die and tool, die set, jig, and fixture manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the special die and tool, die set, jig, and fixture manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rapid advances in technology is expected to drive innovation in special die and tool, die set, jig, and fixture manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company's growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the special die and tool, die set, jig, and fixture manufacturing market during the forecast period.
Read the full report: https://www.reportlinker.com/p06009812/?utm_source=GNW
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