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The global demand for cutting tools is expected to keep growing. Over the past year, the sluggish growth in tool market demand has been largely attributed to extended tool life spans and customers shifting towards complete manufacturing solutions rather than relying on multiple machines and tools. Additionally, multi-functional tools are becoming more prevalent, replacing numerous single-purpose tools. Industry expert Luo Baihui noted that in the future, users will focus more on how manufacturers innovate in cutting tools, particularly in material science and surface coating technologies. This will allow plants to enhance their competitive edge in familiar markets. Cemented carbide tools are gradually taking over from high-speed steel tools, particularly in circular tools. Coated cutters are also gaining popularity. In Europe, the market for advanced cutting tools designed for high-speed machining continues to expand, driven by dynamic competition among manufacturers.
In the U.S., the hand tool market has stabilized. Despite an increase in new home construction at the end of last year, there remains a significant number of vacant existing homes, creating opportunities for renovations. Larger and older vehicles have spurred sales of hand tools in the automotive aftermarket. Adjustable wrenches and forging tools for electronics distribution are seeing strong demand too.
Demand for German hand tools has seen an uptick. Germans favor tools that prioritize comfort and ease of use, with smooth handles and appealing aesthetics being key considerations. Power tools are increasingly popular, alongside rechargeable ones. New rechargeable models offer multiple battery options, making them versatile for different environments.
Taiwan's hand tool sector has restructured its product lineup. Thanks to reliable quality, timely deliveries, and a comprehensive range of products, Taiwan’s hand tools hold a solid position globally. Sales are predominantly overseas, with around 5,000 local manufacturers concentrated in central Taiwan. Exports are led by sockets, followed by hand tools, garden tools, wrenches, and clamps. The U.S. tops the list of export destinations, followed by the UK, Germany, and Japan.
During the "12th Five-Year Plan," the mold market saw a positive trajectory. Domestically, there's strong demand for mid-to-high-grade molds, but local producers must ensure quality and timely delivery to meet user expectations. Home appliances, automotive, and plastic products industries drive the most mold demand. Internationally, rising labor costs in developed nations have shifted production to Southeast Asia. Developing countries still rely heavily on imports for labor-intensive molds, indicating substantial potential in the mid-to-low-end global mold market. Improving domestic mold quality and delivery times could lead to promising exports. Additionally, demand for rack systems and mold standard parts is robust. Currently, China exports only a small portion of these frameworks, but with its accession to the WTO and the global economic integration wave, China is rapidly becoming a world-class manufacturing hub. Experts anticipate Guangdong, especially the Pearl River Delta, will emerge as a global mold manufacturing center within a decade. Given China’s annual import of nearly $1 billion worth of molds, with precision, large-scale, complex, and long-lasting molds dominating the imports, the market share of such high-grade molds is expected to grow.