Metal Forming Machine Tools Market Size to grow by USD 5836.4 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Metal Forming Machine Tools Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of industrial machinery, presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the total revenue generated by the manufacturers of machinery and components utilized in industrial settings. The expansion of the global economy, particularly in developing countries, is driving the growth of the industrial machinery, supplies, and components market. This growth is attributed to the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, which necessitates capacity additions in process and discrete industries. - The Metal Forming Machine Tools Market is experiencing significant growth, fueled by the Large-scale industrial automation worldwide. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Large-scale industrial automation worldwide
  • Rising demand for CNC-incorporated machine tools
  • Fluctuating raw material prices
  • Growth of second-hand machine market
• Growth Projections

The market size is estimated to grow by USD 5836.4 million, at a CAGR of 6.05% during the forecast period. The global metal forming machine tools market is experiencing significant growth, fueled in part by government initiatives in various countries. For instance, the Japanese Ministry of International Trade and Industry (MITI) has implemented strategic M&As to rationalize the machine tools industry, offering depreciation allowances to Japanese companies for machine tool purchases. Additionally, state and nation-owned laboratories, such as those in Japan, help Small and Medium Enterprises (SMEs) adopt numerical control technology. In South Korea, the Korea Institute of Science and Technology (KIST) played a pivotal role in the development of the country's first Computer Numerical Control (CNC) machine. These government initiatives are expected to continue driving the expansion of the metal forming machine tools market in the coming years.

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• Regional Insights

The Metal Forming Machine Tools Market represents a significant business sector, characterized by continuous innovation and growth. Key players in this industry invest heavily in research and development to introduce advanced technologies, enhancing productivity and efficiency. Market trends include automation, customization, and integration of IoT and AI for optimized manufacturing processes. The global market is expected to witness robust expansion, driven by increasing industrialization and urbanization.

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