The global metalworking tool holder market has witnessed significant growth over the past decade, owing to surge in manufacturing of defense equipment in the private sector & rise in defense expenditure, growth in manufacturing machinery industries, and development of the automotive industry. However, fluctuation in foreign currencies and volatile economic condition in developing countries are anticipated to restrain the growth of global metalworking tool holder market.
According to a new report published by Allied Market Research, titled, “Global Metalworking Tool Holder Market by Type, Machine Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global metalworking tool holder market size was valued at $0.81 billion in 2020, and is expected to reach $1.19 billion by 2030, with a CAGR of 4.5% from 2021 to 2030. In 2020, Asia-Pacific dominated the global metalworking tool holder market, in terms of revenue, accounting for around 47.10% share of the global market.
The report analyzes the global metalworking tool holder market on the basis of type, machine type, end user, and region. The types covered in this report are milling chucks, collet chuck, hydraulic toolholders, and others. The machine type taken into consideration in the report are machining centers, lathe machines, gear cutting machines, laser cutting machines, and others. By end user, the market is divided into automotive, aerospace & defense, power & energy, electronics, and others. The market is driven by development in automotive, aerospace, and defense sectors and economic growth globally. However, fluctuation in raw material prices is anticipated to hamper the growth of the global metalworking tool holder market.
Tool holder acts as adaptor used to mount tools such as milling tools, boring tools, lathe machines, turning tools, and others. Toolholder is adopted in machining operations, owing to precision control, smooth machining operation, maintain balance, and avoid positioning error. These factors fuel the metalworking tool holder market growth.
Read more: Metalworking Tool Holder Market Projected to Reach $1,193.1 Million by 2030