New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metalworking Machinery Global Market Report 2023" - https://www.reportlinker.com/p06282440/?utm_source=GNW
The global metalworking machinery market grew from $252.93 billion in 2022 to $271.38 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The metalworking machinery market is expected to grow to $346.97 billion in 2027 at a CAGR of 6.3%.
The metal working machinery market consists of sales of various kinds of metal working machines available in different forms, including lathes, milling machines, and planers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The metal working machinery refers to machines that work by electricity for performing different actions on metals including sanding, knurling, drilling, boring, facing, threading as well as turning. Metalwork is defined as a process of working with metals in order to create individual parts, assemblies, and large structures.
The Asia-Pacific was the largest region in the metalworking machinery market in 2022.Western Europe was the second largest region in the metalworking machinery market.
The regions covered in the metal working machinery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of metalworking machinery are special die and tool, die set, jig, and fixture, machine tool, industrial mold, rolling mill, and other metalworking machinery, and cutting tool and machine tool accessory.Industrial mold refers to the molding or shaping of a liquid or raw material.
The various cAsia-Pacificity includes small, medium, and large. These are used in automotive, manufacturing, and other applications.
The metal working machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the metalworking machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components.The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the metalworking machinery manufacturing market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Machinery manufacturers are offering advanced 6-axis CNC milling machines to efficiently fabricate complex components.CNC milling is a specific type of computer numerical controlled (CNC) machining.
This involves the use of computers to control machine tools like lathes, mills, routers, and grinders.The 6-axis CNC machine converts a raw metal bar into the final product by turning from both ends of the fixture.
This offers high-quality products while minimizing errors.CNC milling helps in the short-run production of complex parts and the fabrication of unique precision components.
Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, and IMSA.
The countries covered in the metalworking machinery market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal working machinery market research report is one of a series of new reports that provides metal working machinery market statistics, including metal working machinery industry global market size, regional shares, competitors with a metal working machinery market share, detailed metal working machinery market segments, market trends and opportunities, and any further data you may need to thrive in the metalworking machinery industry. This metal working machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06282440/?utm_source=GNW
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