Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Metalworking Machinery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Forecasts place the market size to surge from $266.84 billion in 2023 to an estimated $286.8 billion in 2024, signaling a robust compound annual growth rate (CAGR) of 7.5%. This expansion can be attributed to several key factors, including industrialization, global trade, and a robust automotive industry.
In a detailed examination of the market's projected trajectory, the report expects continued acceleration to reach approximately $375.27 billion by 2028, at a CAGR of 7.0% from 2024 to 2028. The speculated growth within the forecasted period is linked to multiple trends and innovations, such as the integration and adoption of Industry 4.0 and smart factory technologies, a shift towards small-batch production, and the diversifying of supply chains.
- Industry 4.0 Integration: The industry is experiencing a transformation with the integration of Industry 4.0, highlighting advanced digital and automation processes.
- Sustainability Initiatives: Market growth is further buoyed by a focused adherence to environmental regulations and increasing measures for sustainability within the production process.
- Automotive Industry Demand: The report identifies the automotive sector's evolving needs, which continue to drive substantial demand for metalworking machinery, as a key market stimulant.
The metalworking machinery market's growth is significantly aided by the economic stability in developed and emerging countries alike. This stability is expected to facilitate investments in metalworking machinery relevant to end-user markets, acting as a catalyst for growth. The report categorizes the market into sectors such as special die and tool, die set, jig and fixture, machine tool, and more, with industrial molds playing a crucial role across various industries.
Impact of COVID-19 on the Metalworking Machinery Market
COVID-19's impact led to unprecedented challenges in 2020 with supply chain disruptions and manufacturing slowdowns. However, the report predicts a rebound and steady recovery for the metalworking machinery market in the ensuing years.
Advancements and Corporate Strategies
Prominent developments in the industry are discussed, with a special emphasis on advanced 6-axis CNC milling machines, which have played a role in enhancing complex component fabrication. Additionally, major corporations are turning to robotics to automate processes, increasing efficiency and safety within the industry.
Geographic Market Insights
The report covers a comprehensive geographical analysis with the Asia-Pacific region dominating the market size in 2023, followed by Western Europe. It includes an in-depth analysis of key countries significantly impacting the growth within these regions.
The metalworking machinery market research encompasses detailed segmentations, market trends, and opportunities, tailored to provide stakeholders with an exhaustive understanding of the current and future market landscape.
A selection of companies mentioned in this report includes
- Sandvik AB
- Berkshire Hathaway Inc.
- TRUMPF Group
- Mitsubishi Heavy Industries Ltd.
- Amada Co. Ltd.
- Toyota Tsusho
- Colfax Corporation
- Fanuc Corp
- Okuma Corporation
- Taiyo Nippon Sanso Corporation
- Caterpillar Inc.
- Deere & Company
- Komatsu Ltd.
- Hitachi Construction Machinery Co. Ltd.
- Atlas Copco AB
- Kennametal Inc.
- Hardinge Inc.
- DMG Mori Co. Ltd.
- Makino Milling Machine Co. Ltd.
- Yamazaki Mazak Corporation
- Doosan Machine Tools Co. Ltd.
- Fives Group
- Gleason Corporation
- Haas Automation Inc.
- Hurco Companies Inc.
- Mori Seiki Co. Ltd.
- Nakamura-Tome Precision Industry Co. Ltd.
- Okamoto Corporation
- Schuler AG
- Shenyang Machine Tool Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/l9xvjd
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