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Over the past year, the global demand for cutting tools has shown a gradual upward trend despite some initial sluggishness. This growth has been partly attributed to advancements in tool technology, particularly the extended lifespan of cutting tools and the increasing demand for comprehensive solutions rather than standalone machinery or tools. Manufacturers are responding by developing multipurpose tools that replace traditional single-use tools, improving efficiency and reducing costs. Industry experts like Luo Baihui emphasize the importance of innovation in material science and surface coatings, which are critical for enhancing tool performance and market competitiveness. Cemented carbide tools are gradually replacing high-speed steel tools, especially in circular designs. Coated cutters are also gaining traction, and European markets are seeing significant expansion in high-speed machining tools.
Meanwhile, the U.S. hand tool market has stabilized, with opportunities emerging in home renovations due to the presence of older homes. The automotive aftermarket continues to drive demand for hand tools, while adjustable wrenches remain popular for electronic product distribution. In Germany, hand tools are experiencing rising popularity, with ergonomic designs featuring smooth grips and attractive aesthetics being key selling points. Power tools and rechargeable options are trending, with advanced models offering versatile battery compatibility for various environments.
Taiwan's hand tool industry has adapted by optimizing its product portfolio, leveraging quality assurance, timely deliveries, and a diverse range of offerings to cater to global customers. The island hosts around 5,000 manufacturers, primarily in central Taiwan, exporting sleeves as the largest segment, followed by hand tools, garden tools, wrenches, and clamps. The U.S., UK, Germany, and Japan lead as primary export destinations.
During China's Twelfth Five-Year Plan period, the mold market saw consistent growth, driven by domestic demand for mid-to-high-grade molds. Industries such as home appliances, automotive, and plastics require substantial mold inputs. Globally, labor-intensive mold production is shifting to Southeast Asia, creating opportunities for Chinese exports, particularly for medium and low-end molds. Improving quality and delivery times could significantly boost mold exports. Additionally, the demand for rack systems and mold standard components is robust, with China poised to become a global mold manufacturing hub, especially in Guangdong's Pearl River Delta region. Given China's annual mold imports exceeding $1 billion, focusing on high-end tools could further stimulate domestic growth.