Asia & Middle East Automotive Tooling (Molds) Market Overview:
Asia & Middle East Automotive Tooling (Molds) Market is expected to reach $27,148 million in 2023, from $18,564 million in 2016, growing at a CAGR of 5.7% from 2017 to 2023. Automotive tooling plays a vital role in providing the desired shape and design to automotive components and parts. Further, the shape of these parts and components determine the efficient functioning of the vehicles. For instance, the powertrain system, transmission, and steering systems constitute of aggregation of various components that work together to deliver the motion of the vehicles.
Plastic molds are applicable in prototyping of original equipment manufacturers (OEM), and exteriors of vehicles, owing to flexibility in designing and color control. Thus, automotive tooling (molds) plays crucial role in production of vehicles such as passenger cars, trucks, vans, buses, and automotive OEM among others.
The demand for Asia & Middle East automotive tooling (molds) is driven by the increase in demand for commercial vehicles such as dump trucks, buses, vans, trailer trucks, and heavy vehicles from emerging economies. Further, the versatile benefits associated with automotive tooling, such as reusability, reduced costs of labor, and consistent quality, are expected to fuel this growth during the forecast period. Moreover, the lightweight property of plastic molds-based products and flexibility in design provide assistance in reducing the overall weight of the vehicle and subsequently enhance the visual appeal of the vehicles; this is also anticipated to boost the market growth. Integration of tooling equipment into industrial robotics arms to offer superior precision and accuracy of the parts and components offer lucrative opportunities to the manufacturers in the coming years.
The Asia & Middle East automotive tooling (molds) market is segmented on the basis of type and geography. On the basis of type, it is classified into plastic molds; forged products; and gauges, jigs & fixtures. Geographically, the market is analyzed across Southeast Asia, Australia, South Asia, and Middle East.
The key players operating in the Asia & Middle East automotive tooling (molds) market are AABCO Machine Technology SDN BHD, Bharat Forge Limited, EL Forge Limited, Eneel Precision Engineering SDN BHD, Kisaan Steels (P.) Ltd., Mechanite Engineering Solutions, MQ Precision Hardware Co., Ltd., NTN Corporation, SR Green Products, Sumitomo Corporation, Tokai Engineering Private Limited, and Y-Tec Corporation.
South Asia is expected to witness lucrative growth opportunities, thereby registering the highest growth rate, owing to the growth of automotive industry, increase in demand for commercial vehicles, and availability of low cost of production.
Top Impacting Factors
With the increase in production of commercial vehicles and passenger cars, the demand for automotive tooling (molds) has multiplied significantly. In addition, the plastic molds offer flexibility in design and superior color control over the molds based products. The lightweight nature of the plastic molds products provides assistance in lowering the overall weight of the vehicles.
However, the initial high cost of investment for automotive tooling is expected to hinder the market. Moreover, subsequent improvement in 3D printing capabilities owing to technological advancement is expected to influence the growth of the automotive tooling market.
- The study provides an in-depth analysis of the Asia & Middle East automotive tooling (molds) market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market is provided.
- Porters Five Forces analysis illustrates the potency of buyers & suppliers operating in the industry.
- The quantitative analysis of the market from 2017 to 2023 is provided to determine the market potential.
Asia & Middle East Automotive Tooling (Molds) Market Key Segments:
- Plastic Molds
- Forged Products
- Gauges, Jigs & Fixtures
- Southeast Asia
- South Asia
- Middle East
- Saudi Arabia
- Rest of Middle East
Key Market Players
- AABCO Machine Technology SDN BHD
- Bharat Forge Limited
- EL Forge Limited
- Eneel Precision Engineering SDN BHD
- Kisaan Steels (P.) Ltd.
- Mechanite Engineering Solutions
- MQ Precision Hardware Co., Ltd.
- NTN Corporation
- SR Green Products
- Sumitomo Corporation
- Tokai Engineering Private Limited
- Y-Tec Corporation