APAC to dominate metal forming machine tool market
Analyst Technavio projects that the global conventional metal forming machine tools market will post a CAGR of close to 3% during the period 2018-2022, according to its latest market research report.
“Growth in the commercial aircraft leasing market is a key driver, which is expected to impact the growth of the global conventional metal forming machine tools market. With the growth in commercial aircraft leasing market, there will be an increase in demand for narrow-body aircraft. This will lead to an increase in demand for aircraft components such as fuselage and wings which are manufactured using metal forming. Therefore, the growing demand for aircraft will result in an increase in demand for conventional metal forming machine tools,” says the report.
Technavio highlights the development of smart tool-holders as one of the key emerging trends to drive the global conventional metal forming machine tools market.
“All industries across the globe are focused on saving time, cost and space while improving performance. A smart tool-holder system has less redundant components to ensure a neat design and it also helps to reduce costs and shortens the assembly cycle time,” said the analyst.
This market research report segments the global conventional metal forming machine tools market by technology (bulk deformation and sheet metal working) and key regions (the Americas, APAC and EMEA). The bulk deformation segment dominated the market, accounting for over 56% of the market in 2017, and is expected to increase further by 2022.
“In 2017, the global conventional metal forming machine tools market was led by APAC which accounted for over 54% share, followed by the Americas and EMEA respectively. APAC is expected to witness a further increase in its market share over the forecast period, thereby consolidating its lead,” added the analyst.
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