Worldwide machine tools market to post US$80.7B by 2015

The world machine tools market is projected to reach US$80.7 billion by the year 2015, according to Global Industry Analysts Inc.

Europe and Asia-Pacific account for a lion's share of the global machine tools market, as stated by the new market research report. While demand softened across all regional markets, the only bright spots in the market during the period has been the developing Asian countries like China, and India, primarily because of the massive levels of decoupling between the developed and developing countries.

While developed countries sank into a deep abyss, developing countries withstood the pressure as manifested thanks to their stronger fiscal and balance of payments positions which partially cushioned the impact of the external shock. Less impacted level of economic activity in developing countries has propped up the manufacturing sector at large. Market for metal cutting tools in Asia-Pacific is expected to surge at a CAGR of 6.6% during the analysis period.