From a global perspective, China is among the largest consumers of machine tools, including both metal cutting and metal forming tools. This is due to the fact that the manufacturing industry as a whole has been thriving positively in the country post the recession of 2009. Some of the important drivers contributing the growth of china standard parts for tool making market include dual growth of automotive & auto parts industry, initiation & rise of aircraft production in the country, improvements in foreign direct investments (FDI) & foreign invested enterprises (FIE) inflows, growth in fixed asset investment and others.

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Some of the opportunities for the manufacturers of standard parts to tap onto in order to increase the revenue returns include development new schemes such as China Manufacturing 2025 (CM2025) Initiative to increase manufacturing activities in the country. The market of standard parts in China faces competition from both developed and emerging economies which can attributed to customers preference towards quality parts that are available outside China, as well as increasing labor costs in the country can influence shifting of parts manufacturing outside China

Standard parts for machine tools in China is segmented on the basis of component type, application, end use industry and sales channel. Looking at the component type segmentation, it is clear that among all the components taken into consideration, the segment that takes up the majority of market share in terms of value are punches & dies. This is due to the fact that these parts are used the most in metal forming tools in addition to incurring the highest price point which can also vary based the size of the component thereby taking up nearly 41% of the total value share in 2017.

The largest users of metal forming tools are the automotive industry including third party workshops that provides parts to the same, hence in the end use industry segment, automotive industry in 2017 takes up nearly 48% and is expected to increase its market share by the end of 2028 with a value CAGR growth of 4.5%.

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If we look into the sales channel segment, direct sales segment takes up more than half of the market share is expected to dominate throughout the forecast period registering a CAGR of 4.1%. However, the fastest growing segment among all in this category is taken up by online sales segment with an expected CAGR of 4.6% in terms of value from 2018 to 2028.

It is imperative to note before we dive deeper into the key insights of the study what exactly a machine tool is and how are broadly they classified. A machine tool, in its simplest definition is an equipment that requires an external power source, to cut, grind or deform a metal work piece to a predefined shape. The tool in the machine tool is the primary component that comes in direct contact with the work piece to initiate the cutting or deforming process. Machine tools are generally classified into two types that includes metal cutting tools and metal forming tools.

Standard parts, considered in the research study is focused towards those that are used in metal forming tools or presses and not in metal cutting tools and hence it can be described as secondary components attached to the metal forming tools that aids in the precise deformation of metals. With growing demand from the end use industry for newer metal forming tools in China, the consumption of standard parts have been on a rise registering a value of US$ 455.4 Mn by the end of 2017 and expected to hit US$ 703.5 Mn by the end of 2028 with a growth CAGR of 4.1% for a period of 10 years (2018-2028).

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