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In recent years, China's tool industry has experienced remarkable growth and continues to show strong momentum. This rapid development is expected to lead the sector toward a new historical peak. According to recent statistics, the domestic tool market saw a growth rate of 25 to 30% in the first half of the year. Although the growth rate slowed down in the second half, the overall annual growth is still projected to be around 15%. Compared to this, the global tool market has shown a stable recovery, but even with conservative estimates, its annual growth remains at about 3 to 5%.
Overall, the hardware tools industry in China is experiencing a boom. The manufacturing process of these tools heavily relies on molds, which greatly benefits the mold industry in the country. Moreover, the thermal development of China’s cutting tools is closely tied to the strong demand from the domestic market. Data from the tool branch revealed that in 2012, the total production of Chinese cutting tools reached 35 billion yuan, while exports of cutting tools amounted to 8.5 billion yuan—an increase of 21.4% compared to the previous year. Based on this growth rate, it is anticipated that tool consumption will exceed 48.5 billion yuan in 2013.
The large-scale market demand plays a crucial role in driving the development of China's cutting tool industry. As consumer demand continues to rise, the scale of tool production in the country keeps expanding. With the ongoing promotion of the tool market, the demand for tool dies is also expected to grow significantly, further boosting the development of the domestic mold industry. This trend not only reflects the strength of China's manufacturing sector but also highlights the increasing importance of the tool industry in the broader economic landscape.
China's Hardware Tools Expansion in 2013