Albany, NY -- (SBWIRE) -- 03/19/2018 -- Taps and dies are instruments mainly used for creating grooves and threads in nuts and bolts so that they can be fitted together properly. A rapid industrial growth occurring around the globe has been primarily responsible for driving the global taps and dies market. This is mainly due to a high requirement of screws, nuts, and bolts in various industrial environments. Advanced designs of taps and dies have resulted in greater utilization of nuts and bolts with improved quality, thus providing reliable fixing and fastening in the context of various products, machines, and services. This also has caused a rise in sales of nuts and bolts, consequently increasing the uptake of taps and dies that are used to make them. Many companies are experimenting on new techniques for making nuts and bolts. Such innovations have been generating substantial interest in this field, thus proving to be beneficial to the global taps and dies market.

However, designing innovative nuts and bolt fasteners which can be fixed in an instant require creating fewer threads and grooves or none at all. This has reduced the use of taps and dies in several sectors, wherein quick fastening techniques are preferred compared to the slow manual methods of rotating nuts and bolts, thus saving time. Other substitute techniques that involve bonding two portions with help of adhesives to avoid nut and bolt protrusions from being visible is decreasing the use of these accessories. Nevertheless, large efforts are being made to make nuts and bolts in new forms that can offer better fixing strength compared to its substitutes, which is expected to reduce the negative effects of restraints affecting the market.

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The global taps and dies market is segmented on the basis of application, product type, sales channel and region. Under 'product type', the market consists of four primary segments viz. high speed steel, carbon steel, tin coated, and alloy steel. Of these, using high speed steel and tin coated raw materials are expected to showcase a leading position in future. This is mainly due to a higher strength offered by these materials along with better working efficiency.

Geography-wise, the global taps and dies market is spread across North America, Middle East and Africa, Asia Pacific excluding Japan, Europe, Japan, and South America. From these, Europe has shown show maximum lucrativeness in this market in terms of production rate, number of sales, and ongoing product innovations. This is expected continue in future as leading countries in this region are projected to witness extensive industrialization, wherein the use of nuts and bolts might increase.

The global taps and dies market depicts a highly fragmented competitive landscape owing to the presence of innumerable small, medium, as well as large-scale players. Most players in this market are aiming to expand their global foothold by implementing different strategies and tactics. Most players are carrying out extensive experiments and innovations in the hope to create revolutionary taps and dies that be used to make highly efficient nuts and bolts. Businesses are also focusing on finding substitute raw materials to metals for making cheaper dies and taps, thus aiming to regulate product costs from an overall perspective. Some of the main companies in the global taps and dies market are Chicago Latrobe, Titex Tools, Kyocera, M.A. Ford, Atrax, Guhring, Michigan Drill, Triump Twist Drill, Accupro, and OSG.

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