Metal Machinery Market Forecast and CAGR
According to latest research by Fact.MR, metal machinery market is set to witness steady growth during 2021-2031. Demand for metal machinery will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Muted demand from manufacturing industry such as automotive, construction, aerospace etc. will mean limited opportunities in near future, however, sales of metal machinery in health care industry will provide momentum.
What is Driving Demand for Metal Machinery?
Evolving manufacturing sector across the globe is propelling the demand for metal machinery in the market. Consumer products segment, pharmaceutical manufacturing machineries, automotive components manufacturing machineries and defense equipment manufacturing is likely to continue as a remunerative avenue for metal machinery manufacturers.
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Over the past few months manufacturing sector experienced ups and downs due to several reasons such as trade war between USA and China, protectionist policies of nations, and pulling off from inter-state trade agreements by few countries across globe. This has impacted manufacturing sector growth. Thus, remains to be prime concern among metal machinery manufacturers. This shift and swing, limits manufacturers from performing at their full potential.
Traditional industries such as automotive, aviation, energy etc. are likely to be at high side of demand in manufacturing, the metal cutting and forming machines is expected to see a steady growth. However, recent developments is signaling towards better small & local factories to meet demand and adoption of automation, this is likely to poise new opportunity in the market. These developments has meant that high metal machinery demand in the manufacturing sector.
Automotive Recovery Likely to Augment Metal Machinery Sales
Global auto production saw plunge in 2020 because of COVID-19 slowdown and ended almost ten years of growth in the industry. Since metal machinery find its direct and extended application in automotive as well as in its components manufacturing industry, thus this rippled the demand.
However, few auto manufacturers have shown evidences of recovery which show optimistic growth towards personal and goods mobility. As manufacturing sector is gaining recovery and economic growth of countries is pacing up, metal machinery manufacturers are likely to witness scale up in demand.
Metal machineryalso serve industries such as technology, health care, remodeling and home repair, these industries have experienced sharp demand over COVID-19 pandemic. This trend is likely to continue in future and the demand is expected to remain steady.
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US Metal Machinery Market Outlook
US is one of the largest markets for metal machinery globally. The US metal machinery market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as a number of end-use industries make gradual recovery.
The aerospace, defense and automobile sector of United States of America are the major driving sectors for the demand of metal machinery market. Requirement of metal cutting, forming and fabricating tools is high in these sectors. US holds second position by manufacturing sector output and according to 2018 data it is made up of 11.6% by countries economic output.
US factory production saw a plunged of 1.3% in 2019, but with state’s shifting policy towards empowering its manufacturing sector has been fueling the metal machinery market growth. On similar grounds, industry 4.o is gaining momentum in the country for improved material use and product finish, this is an adding factor in the market growth.
China Demand Outlook for Metal Machinery
China stands firm at first position and is a superpower in manufacturing sector output. It accounted for 4 trillion by value in 2018. Country has earned the reputation of “world’s factory”. However the country was no different from others during pandemic and registered significant slowdown. Although, the country was among the few who registered positive growth very soon. Compared to 2019 march, country witnessed 14% growth in 2021. This brought positive outlook for metal machinery market in China.
Industrial output and retail sales saw significant increase of 35.1% and 33.8%, respectively. This recovery is likely to be driven by pent-up demand, robust trade and positive government stimulus. Country expect household consumption as a key driver for growth in coming quarters. China’s defense, pharmaceutical and technology companies such as Huawei for 5G technology equipment manufacturing is presumed to outbreak the growth trajectory.
For metal machinery manufacturers and suppliers, the strong projections in manufacturing sector is to be challenged by global pushback from big and matured economies such as U.S and Europe. However, with increased safety and innovative features, country is likely to gain demand and this increase is poised to propel metal machinery market demand.
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Who are the Key Manufacturers and Suppliers of Metal Machinery?
Some of the leading manufacturers and suppliers of metal machinery include
- Hardinge
- Hurco
- Kennametal Inc.
- DMG Mori
- Trumpf
- Allied Machine & Engineering Corp
- Doosan Infracore
- Fair Friend Group
- JMT
- Grizzly Industrial
Metal machinery manufacturing market is fragmented and account for numerous players in Asia Pacific and North America region. Existing players in the market are trying to increase their market share through innovation and providing multifunction equipment. Automation is the prime focus for the manufacturers. This will help in adapting industry 4.o and will aid to high quality manufacturing.
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