Market scenario Insight: Global market for metal forming machine tools
Experts believe that the market for the metal forming machine tools across the globe is in good shape and is expected to grow further ahead in the coming years.
The global metal forming machine tools market is expected to increase to over 16 billion dollars by 2020, growing at a CAGR (compound annual growth rate) of 4 per cent according to a report by market analyst, Technavio. On a global scale, the APAC region (Asian-Pacific) is considered to be the most lucrative zone for the metal forming machine tools market owing to the manufacturing boom in this part of the world. This is followed by the EMEA region (Europe, Middle East and Africa) and Americas. The main players of this industry are DMG Mori, Schuler, Amada, Doosan Infracore, GF Machining Solutions, and many more.
China leads in this market because of various factors. For instance, the country has rapidly progressed over the years due to the government’s policies. The ‘manufacturing’ sector has also been given prime importance owing to which there has been an escalation in the production of automobiles. The country is one of the leaders in automobile manufacturing and most of its cars are sold domestically.
However, a significant portion is also exported to other countries. Some of the major players in this league include Saic Motor, Dongfeng, Faw, Chang’an, and many more. The country’s industrial sector has also progressed; this in turn leads to high demand of metal forming machine tools. Similarly, other nations in the APAC region such as Japan, China, India, Republic of Korea, Singapore, and Taiwan also contribute to this demand.
Europe, Middle East and Africa
After APAC, the dominant nations in Europe that play a vital role towards the global metal forming machine tools market include the UK, Italy, Switzerland, Russia and Turkey. The main demand in this region comes from automobiles. On the other hand, the demand for metal forming machine tools in the Middle East has also elevated due to the constant research carried out in the manufacturing and production segment. The expansion of the construction industry in the Middle East has also triggered growth of the metal forming machine tools market.
In this region, experts believe the metal forming machine tools market to significantly increase. In today’s age, the USA, Mexico, Canada, Brazil, and Argentina are some of the major nations that play a vital role in the development of the machine tools market. The core sectors that contribute to this market include automotive, chemicals, aerospace, defense, telecommunication, and machinery industries.
With the metal forming machine tools market on the move, industry players will be pretty excited about the new business opportunities in store for them and this is also one of the reasons behind these players participating at the trade show, AMB. The metal working event will act as a platform for them to showcase their latest technological innovations and solutions to their potential customers and gain brownie points for their business.