Worldwide machine tools to go up by 6.55%

The dramatic changes that 3D printing technology has brought about will likely have an impact on machine tools and plastic injection moulding. 3D printing technology reduces material usage by nearly 30%-70% as compared to traditional techniques. This results in faster speed to market for new products and a reduction in development costs. Many machine tool manufacturers are incorporating this technology into their machine tools.

According to the report, the growth in global fabricated metal products market positively impacts the global machine tools market. Fabricated metals are used in ammunition, small arms, cutlery, and utensils, stamped metal products, fasteners, springs, building products, tanks, cranes, and hardware. These metals are manufactured using machine tools. The rising global demand for fabricated metals from the construction and machinery industries is fuelling the global fabricated metal products market, which in turn, drives the global machine tools market.