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<!--Created by Sigma Conso, Powered by IRIS Carbon, Unique Code 625063a154148f24243a1954, Generated At Fri, 08 Apr 2022 16:35:40 GMT-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_CashFlowFromAssetsSold" xlink:label="CashFlowFromAssetsSold" xlink:title="CashFlowFromAssetsSold" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowFromAssetsSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowFromAssetsSold" xml:lang="en" id="label_CashFlowFromAssetsSold">Cash Flow From Assets Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowFromAssetsSold" xlink:to="label_CashFlowFromAssetsSold" xlink:title="Label : CashFlowFromAssetsSold to label_CashFlowFromAssetsSold" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowFromAssetsSold_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashFlowFromAssetsSold_1" xml:lang="en" id="label_CashFlowFromAssetsSold_1">Then amount of cash flow from assets sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowFromAssetsSold" xlink:to="label_CashFlowFromAssetsSold_1" xlink:title="Label : CashFlowFromAssetsSold to label_CashFlowFromAssetsSold_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_GrossOperatingResult" xlink:label="GrossOperatingResult" xlink:title="GrossOperatingResult" />
    <link:label xlink:type="resource" xlink:label="label_GrossOperatingResult" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossOperatingResult" xml:lang="en" id="label_GrossOperatingResult">Gross Operating Result</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossOperatingResult" xlink:to="label_GrossOperatingResult" xlink:title="Label : GrossOperatingResult to label_GrossOperatingResult" />
    <link:label xlink:type="resource" xlink:label="label_GrossOperatingResult_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossOperatingResult_1" xml:lang="en" id="label_GrossOperatingResult_1">The amount of gross operating result (EBITDA).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossOperatingResult" xlink:to="label_GrossOperatingResult_1" xlink:title="Label : GrossOperatingResult to label_GrossOperatingResult_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_ShareCapitalAndReserves" xlink:label="ShareCapitalAndReserves" xlink:title="ShareCapitalAndReserves" />
    <link:label xlink:type="resource" xlink:label="label_ShareCapitalAndReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareCapitalAndReserves" xml:lang="en" id="label_ShareCapitalAndReserves">Share Capital and Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareCapitalAndReserves" xlink:to="label_ShareCapitalAndReserves" xlink:title="Label : ShareCapitalAndReserves to label_ShareCapitalAndReserves" />
    <link:label xlink:type="resource" xlink:label="label_ShareCapitalAndReserves_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareCapitalAndReserves_1" xml:lang="en" id="label_ShareCapitalAndReserves_1">A component of equity representing the share capital and reserves.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareCapitalAndReserves" xlink:to="label_ShareCapitalAndReserves_1" xlink:title="Label : ShareCapitalAndReserves to label_ShareCapitalAndReserves_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_VoluntaryReserveMember" xlink:label="VoluntaryReserveMember" xlink:title="VoluntaryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_VoluntaryReserveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VoluntaryReserveMember" xml:lang="en" id="label_VoluntaryReserveMember">Voluntary Reserve [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VoluntaryReserveMember" xlink:to="label_VoluntaryReserveMember" xlink:title="Label : VoluntaryReserveMember to label_VoluntaryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_VoluntaryReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VoluntaryReserveMember_1" xml:lang="en" id="label_VoluntaryReserveMember_1">This member stands for a component of equity representing reserves created on voluntary basis.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VoluntaryReserveMember" xlink:to="label_VoluntaryReserveMember_1" xlink:title="Label : VoluntaryReserveMember to label_VoluntaryReserveMember_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:label="IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:title="IncreaseDecreaseThroughAllocationOfResultForPeriod" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughAllocationOfResultForPeriod" xml:lang="en" id="label_IncreaseDecreaseThroughAllocationOfResultForPeriod">Increase (Decrease) Through Allocation of Result for Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:to="label_IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:title="Label : IncreaseDecreaseThroughAllocationOfResultForPeriod to label_IncreaseDecreaseThroughAllocationOfResultForPeriod" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughAllocationOfResultForPeriod_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughAllocationOfResultForPeriod_1" xml:lang="en" id="label_IncreaseDecreaseThroughAllocationOfResultForPeriod_1">The increase (decrease) in equity resulting from allocation of the result for the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughAllocationOfResultForPeriod" xlink:to="label_IncreaseDecreaseThroughAllocationOfResultForPeriod_1" xlink:title="Label : IncreaseDecreaseThroughAllocationOfResultForPeriod to label_IncreaseDecreaseThroughAllocationOfResultForPeriod_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:label="IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:title="IncreaseDecreaseThroughTransactionsOnOwnShares" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransactionsOnOwnShares" xml:lang="en" id="label_IncreaseDecreaseThroughTransactionsOnOwnShares">Increase (Decrease) Through Transactions on Own Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:to="label_IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:title="Label : IncreaseDecreaseThroughTransactionsOnOwnShares to label_IncreaseDecreaseThroughTransactionsOnOwnShares" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransactionsOnOwnShares_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughTransactionsOnOwnShares_1" xml:lang="en" id="label_IncreaseDecreaseThroughTransactionsOnOwnShares_1">The increase (decrease) in equity resulting from the transactions on own shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransactionsOnOwnShares" xlink:to="label_IncreaseDecreaseThroughTransactionsOnOwnShares_1" xlink:title="Label : IncreaseDecreaseThroughTransactionsOnOwnShares to label_IncreaseDecreaseThroughTransactionsOnOwnShares_1" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_AdjustmentsForProvisionsForRisks" xlink:label="AdjustmentsForProvisionsForRisks" xlink:title="AdjustmentsForProvisionsForRisks" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionsForRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisionsForRisks" xml:lang="en" id="label_AdjustmentsForProvisionsForRisks">Adjustments for Provisions for Risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionsForRisks" xlink:to="label_AdjustmentsForProvisionsForRisks" xlink:title="Label : AdjustmentsForProvisionsForRisks to label_AdjustmentsForProvisionsForRisks" />
    <link:loc xlink:type="locator" xlink:href="213800VELZNZPB4AAD87-2021-12-31.xsd#itw_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:label="ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:title="ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xml:lang="en" id="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities">Proceed (Repayments) Of Net Non Current Financial Liabilities Classified As Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:title="Label : ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities to label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities_1" xml:lang="en" id="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities_1">The amount of taking out / (Repayments) of net non-current financial liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities_1" xlink:title="Label : ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities to label_ProceedRepaymentsOfNetNonCurrentFinancialLiabilitiesClassifiedAsFinancingActivities_1" />
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