From GlobeNewswire: 2024-11-20 08:00:00

The Tool Holder Market is valued at USD 2.16 billion in 2023, projected to reach USD 3.34 billion by 2032 with a 5.30% CAGR. Key growth drivers include automation in manufacturing. Segmentation by product, tool holder, machine, and industry. Increased demand for precision and efficiency in machining processes across industries drives market growth. Tool holders play a crucial role in producing complex parts with high precision and stability. Innovations enhancing functionality and versatility are fueling market expansion. The global demand for reliable tool holders is expected to rise with the expansion of manufacturing.

The increased use of CNC machines has led to a surge in demand for precise tool holders to maintain accuracy during high-speed operations. CNC machining centers dominate the market with over 42% share in 2023. R8 tool holders are preferred for their versatility, stability, and cost-effectiveness. North America leads the Tool Holder Market, while the Asia-Pacific region is poised for rapid growth due to infrastructure investments and policies encouraging foreign direct investment.

In July 2024, VT Tools launched a new range of large tool holders at the AMTEX 2024 event, designed for enhanced performance and precision in machining operations. North America leads the market with over 45% share in 2023, supported by a well-developed infrastructure. The Asia-Pacific region, particularly China and India, is expected to see rapid growth in the Tool Holder Market.

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