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Machining centers market to surpass US$5 billion by 2020
Source：International Metalworking News for Asia - December 2016
Date Published：12/2/2016 04:12:29 PM
According to the machining centers market report, growing demand for fabricated metal products will be a key driver for market growth. The global fabricated metal products market was valued at US$1.81 trillion in 2015 and will likely reach US$2.35 trillion by 2020, growing at a CAGR of 5.36%. The US accounted for almost 20% of the entire global fabrication metal product market. There is an increase in the demand for U.S.-manufactured fabricated metal products worldwide. For example, Mexico, Canada, and China rely heavily on the U.S. for the supply of fabricated metals. Increased fabricated metal production in the country is leading to rising domestic demand for machine tools.
The machining centers market study predicts that in terms of geographical regions, APAC will dominate the industry throughout the next four years and also estimates this region to account for almost 42% of the total market shares by 2020. This dominance mainly attributes to the exponential increase in investments in the major end-user segments especially, the automotive industry. Analysts estimate the machining centers market to grow at a CAGR of more than 6% in this region during the next four years.
According to machining centers market research and analysis, the automotive industry accounted for more than 41% of the total market shares and dominated the industry during 2015. This industry uses machining centers in various metal processing operations like cutting, drilling, and surface cleaning of the metal sheets used in the fabrication of automotive parts. The expected growth of the automotive industry all over the world, especially in the emerging markets will bolster the market's growth prospects in the coming years.