Metal Machining Market | Demand from the Oil and Gas Sector to Boost the Market Growth | Technavio

 
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LONDON--(BUSINESS WIRE)--Oct 12, 2020--

The metal machining market size is poised to grow by USD 13.32 billion during 2020-2024, progressing at a CAGR of over 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Metal Machining Market 2020-2024 (Graphic: Business Wire)

The growing demand from the oil and gas industry will be a significant factor in driving the growth of the metal machining market. Rapid industrialization and urbanization in developing countries such as India and China and the rising consumption of energy have increased demand for oil and gas. Major oil and gas companies are focusing on increasing their E&P activities to cater to the rising demand for energy. Metal machining is widely used to fabricate pipelines, oil rigs, and other infrastructure in the oil and gas industry. It is also used for installing compression stations and inspection gauges that monitor pressure and flow rate and ensure the smooth transportation of materials. With the increasing E&P activities, the demand for metal machining operations will also grow.

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Report Highlights:

  • The major metal machining market growth came from automotive industry segment. The automotive industry is one of the leading end-user segments of the global metal machining market, as a significant number of metal parts are used in the automotive industry. These metal parts, which include bus bars, electrical contacts, terminals, lead frames, and shields and clips, have applications in a wide range of vehicle components, including chassis of vehicles and the fuel delivery systems. The increasing demand for vehicles and subsequent efforts of manufacturers toward enhancing their businesses will, therefore, fuel the demand for metal machining products required for the production of vehicle parts and components.
  • APAC was the largest metal machining market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of construction activities in emerging countries and the rising government spending on the development of infrastructure will significantly drive metal machining market growth in this region over the forecast period.
  • The global metal machining market is fragmented. AMADA HOLDINGS Co. Ltd., Atlas Copco AB, Colfax Corp., DMG MORI AKTIENGESELLSCHAFT, FANUC Corp., Messer Cutting Systems Inc., Okuma Corp., Sandvik AB, Shenyang Machine Tools Co. Ltd., and TRUMPF GmbH + Co. KG. are some of the major market participants. To help clients improve their market position, this metal machining market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the metal machining market 2020-2024 is expected to have Neutral and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Emergence of 3D Printing in Manufacturing will be a Key Market Trend

Additive manufacturing (AM) or 3D printing can be used to produce objects of any shape or geometry from a 3D model or electronic data sources such as additive manufacturing file (AMF). The use of 3D printing in manufacturing will help in enhancing part strength and quality in terms of accuracy and surface finish and reducing manufacturing costs, support volume, support contact area, and build time. The automotive industry is increasingly adopting 3D printing to manufacture engines, transmission, and other automotive parts. Engineers are combining 3D printing with CNC machining to make their timelines flexible and suggest design improvements. It will help them in minimizing costs and avoiding major delays in production involved in making changes to an injection molding tool. The emergence of 3D printing in manufacturing, which is one of the critical metal machining market trends will fuel the growth of the market during the forecast period.

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Metal Machining Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist metal machining market growth during the next five years
  • Estimation of the metal machining market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the metal machining market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of metal machining market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five force summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by End-user

  • Market segments
  • Comparison by End user
  • Automotive - Market size and forecast 2019-2024
  • Construction - Market size and forecast 2019-2024
  • Aerospace - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by End user

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AMADA HOLDINGS Co. Ltd.
  • Atlas Copco AB
  • Colfax Corp.
  • DMG MORI AKTIENGESELLSCHAFT
  • FANUC Corp.
  • Messer Cutting Systems Inc.
  • Okuma Corp.
  • Sandvik AB
  • Shenyang Machine Tools Co. Ltd.
  • TRUMPF GmbH + Co. KG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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KEYWORD:

INDUSTRY KEYWORD: NATURAL RESOURCES MANUFACTURING OTHER MANUFACTURING STEEL MINING/MINERALS

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 10/12/2020 10:45 AM/DISC: 10/12/2020 10:45 AM

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