Enabling sharper, stronger and more durable tools
Following several years of growth, the global manufacturing sectors slowed in the latter half of 2019 according to the Gardner Business Index. Positive trends in new orders, supplier deliveries, employment and production were countered by decreases in exports and rapidly contracting backlog activity. Demand for customization in the manufacture of industrial and consumer products, ranging from automotive engines, fuel tanks, turbines and propellers to food, watches, medical devices and precision components, plus growth in renewable energy systems require new, well-designed tooling. The global tooling market is expected to reach USD 368.5 billion in 2026, up from USD 200.8 billion in 2018 according to Allied Market Research.