Automotive Tooling (Molds) Market Size, Share, Growth, and Industry Analysis, By Type (Stamping Dies, Casting, Plastic, and Others), By Application (Passenger Cars and Commercial Vehicles), and Regional Forecast By 2031

Automotive Tooling (Molds) Market Report Overview

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The global automotive tooling (molds) market size was USD 37910 million in 2022 & the market is expected to reach USD 55847.7 million in 2031, exhibiting a CAGR of 4.4% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the automotive tooling (molds) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Automotive tooling refers to the process of designing and manufacturing molds or tooling equipment used in the production of automotive components. It involves creating precise and specialized tools, molds and dies that are used in the manufacturing process to shape, form, and assemble various parts and components of vehicles.

The market is expected to rise with a significant growth rate over the forecast period. Primarily, the demand for automotive tooling molds is influenced by various factors, including the overall growth of the automotive industry, technological advancements, new product development, and the introduction of electric and autonomous vehicles. As the automotive sector evolves, the demand for specialized molds for new components or lightweight materials also increases. Furthermore, the market is divided by type, by application, and by a geographical expansion of the market. Based on by type, stamping dies, casting, plastic, and others are available in the market. while passenger cars and commercial vehicles are the most popular application segments to create an impressive demand for the product.

COVID-19 Impact: Pandemic Disrupted Global Supply Chains due to Shortage of Raw Material

The COVID-19 pandemic caused disruptions in global supply chains, affecting the availability of raw materials, components, and machinery required for manufacturing automotive tooling molds. Also, Delays in the delivery of these inputs further hampered the production and supply of molds. Several automotive manufacturers suspended or reduced their production activities due to lockdowns, supply chain disruptions, and decreased demand for vehicles. However, As the automotive industry gradually recovers from the initial impact of the pandemic, the demand for automotive tooling molds is expected to rebound. The resumption of production activities, the introduction of new vehicle models, and the need for innovative and lightweight components are likely to drive the market's recovery.

Latest Trends

"Trends of Light weighting and Material Innovations in Tooling Molds Inflate the Market Space"

As per the recent forecast, the market is predicted to be one of the fastest-growing industries. The latest developments and emerging trends in the market are likely to aid the market growth. There is a growing emphasis on light weighting in the automotive industry to improve fuel efficiency and reduce emissions. This trend has led to the development of advanced materials, such as high-strength steel, aluminium alloys, composites, and plastics. The tooling industry is adapting to these materials by developing molds and tooling equipment that can effectively shape and process them. Along with this, the use of advanced simulation and digitalization technologies is becoming more prevalent in the tooling industry. Computer-aided design (CAD), computer-aided engineering (CAE), and virtual prototyping enable tooling manufacturers to optimize mold designs, simulate manufacturing processes, and identify potential issues before physical production. This leads to improved efficiency, reduced costs, and faster time to market which are attributed to propel the automotive tooling (molds) market growth in the coming years.

Automotive Tooling (Molds) Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into stamping dies, casting, plastic, and others.

• By Application Analysis

Based on application, the market can be divided into passenger cars and commercial vehicles.

Driving Factors

"Increasing Automotive Industry Growth Elevate the Demand for Tooling Molds"

Several factors are contributing to driving the market growth, such as the growth of the automotive industry. The overall growth and expansion of the automotive industry play a crucial role in driving the demand for automotive tooling molds. As the automotive sector experiences increasing production volumes, introduces new vehicle models, and expands into emerging markets, the demand for molds to manufacture various components and parts also increases which is attributing the market’s growth during the forecast 2022-2031.

"Growing Technological Advancements Drives the Market Growth"

Technological Advancements in the industry is also one of the certain factors which are likely to fuel the demand for automotive tooling molds. Advancements in technology, such as lightweight materials, advanced manufacturing processes, and digitalization, are driving the demand for specialized tooling molds. Innovations in materials and manufacturing techniques require the development of molds that can effectively shape and process these new materials, resulting in improved performance, efficiency, and cost-effectiveness. 

Restraining Factors

"High Initial Costs Can Obstruct the Market Progress" 

Although, the market prediction indicates a positive sign for the market’s growth. However, present challenges can impact the expansion of the market. As the tooling industry requires significant capital investment for the development and production of molds and tooling equipment. The high initial costs associated with tooling molds can act as a restraint, especially for small and medium-sized tooling manufacturers or automotive suppliers with limited financial resources. The substantial investment required for mold design, fabrication, maintenance, and equipment upgrades can hinder market entry or expansion.

Automotive Tooling (Molds) Market Regional Insights

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"Asia Pacific Leads the Market due to Robust Automotive Industry & ""Manufacturing Capabilities" 

According to a market review, the Asia Pacific region has emerged as a significant player in the g automotive industry, with countries such as China, Japan, South Korea, and India being major automotive manufacturing hubs. The region leads the market due to its robust automotive industry, manufacturing capabilities, and technological advancements. In addition to this, rising disposable income, urbanization, and expanding middle-class population in developing countries, contribute to the market growth. The region is witnessing high demand for vehicles, which, in turn, drives the demand for tooling molds. 

Key Industry Players

"Key Players Focus on Delivering High-Quality Molds to Meet Industry's Stringent Requirements"

With regard to key players, notable companies are well-established in the automotive industry and have a strong track record in providing tooling molds for various automotive components. They often work closely with automotive manufacturers as trusted partners to deliver high-quality molds that meet the industry's stringent requirements. As, the market for automotive tooling (molds) is competitive, and there are several other regional and specialized players operating in the market. Also, the key players can vary depending on market conditions, regional dynamics, and specific segments of the tooling market. Moreoverhe top five key companies hold the majority of the automotive tooling (molds) market shares globally. 

LIST OF TOP AUTOMOTIVE TOOLING (MOLDS) COMPANIES

• Toyota
• Yanfeng Visteon
• Simoldes
• Yifeng
• Himile
• FUJI
• TQM
• Schafer Group
• Botou Xingda
• Shandong Wantong
• Y-Tec
• Ogihara
• FOBOHA
• Greatoo Intelligent
• Rayhoo
• SSDT
• HLGY
• Chengfei Jicheng
• Tatematsu-mould
• Weba
• ACMA
• Changzhou Huawei
• Lucky Harvest
• Weber Manufacturing

Report Coverage

This report defines the automotive tooling (molds) market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.