LONDON--(BUSINESS WIRE)--The global tool holders market is expected to grow at a CAGR of close to 6% from 2018-2022, according to a new market research report by Technavio.
Global tool holders market segmentation by product and geography
Technavio’s report on the global tool holders market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product, including V-Flange tool holders, HSK tool holders, and other tool holders. As projected in 2017, around 41% of the market share originated from V-Flange tool holders. V-Flange tool holders are economical, dependable, and can perform the majority of the machine center applications.
Based on geography, the global tool holders market has been segmented into APAC, EMEA, and the Americas. As of 2017, more than 55% of the market share came from APAC.
“Thought APAC is home to some of the prominent manufacturing destinations in the world; it lags in the manufacturing of medical devices and aerospace because of the absence of cutting-edge technology and technical know-how that is essential for these two industries. However, technological advances in the region along with aging population and increased healthcare spending will significantly increase the growth potential for local and multinational medical devices companies,” says a senior analyst at Technavio for engineering tools research.
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Global tool holders market: competitive vendor landscape
The global tool holder market is fragmented because of the presence of several players. The key vendors in the market are experiencing intense competition. Apart from top vendors, many regional and local vendors have started manufacturing tool holders to cater to the demand of the local SMEs and metalworking shops. As tool holders are standard accessories and do not have a high degree of differentiation, vendors find it difficult to gain an edge over others.
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Other topics covered in the report:
Market drivers:
- Growing commercial aircraft leasing market
- Increased demand for superior quality products
Market trends:
- Use of IoT for condition-based monitoring of tool holders
- Technological advances
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