Major companies in the metal working machinery market include TRUMPF Group; Amada Co Ltd; Kennametal Inc; Komatsu Ltd and Okuma Corporation. The global metalworking machinery market is expected to grow from $245.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metalworking Machinery Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018844/?utm_source=GNW
99 billion in 2020 to $262.77 billion in 2021 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $357.27 billion in 2025 at a CAGR of 8%.
The metal working machinery market consists of sales of metal working machinery by entities (organizations, sole traders and partnerships) that produce machines such as cutting tools, metal cutting and metal forming machine tools, metalworking machinery accessories, rolling mill machinery, assembly machinery, fabricating machines, industrial molds, conversion or straightening equipment, special dies, tools, jigs, and fixtures. The metal working machinery market is segmented into special die and tool, die set, jig, and fixture; machine tool; industrial mold; rolling mill and other metalworking machinery; and cutting tool and machine tool accessory.
Asia Pacific was the largest region in the global metalworking machinery market, accounting for 40% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global metalworking machinery market. Africa was the smallest region in the global metalworking machinery market.
Machinery manufacturers are offering advanced 6-axis CNC milling machines to efficiently fabricate complex components. CNC milling is a specific type of computer numerical controlled (CNC) machining. This involves the use of computers to control machine tools like lathes, mills, routers and grinders. The 6-axis CNC machine converts a raw metal bar into the final product by turning from both the ends of the fixture. This offers high quality products while minimizing errors. CNC milling helps in short-run production of complex parts and fabrication of unique precision components. Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, IMSA.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the metalworking machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the metalworking machinery manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The metalworking machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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