World demand for machine tool products -- encompassing metal cutting machine tools, metal forming machine tools and machine tool accessories -- is projected to increase a strong 9.4 percent per year through 2014 to $121 billion (USD). The best prospects will be found in the developing world, especially in China and India. Growth in North America will post respectable gains, but only because 2009 was such a bad year for the dominant US market. Japan and Western Europe will continue to see gains that considerably lag the global average. These and other trends are presented in World Machine Tools, a new study from The Freedonia Group, Inc., an industry market research firm. Although the industrial machinery and equipment market will continue to account for the largest demand in 2014, the transportation sector will post the strongest gains. Transportation sector growth will be aided by recovery in motor vehicle production levels from a depressed 2009, especially in the developed world. Demand will also be aided by a healthty commercial aircraft production industry. Gains in the electronic equipment market will benefit from increasing per capita incomes in developing countries that will enable consumers to purchase electronic products. In developed countries, a significant number of electronic products are now almost considered to be basic necessities. The global market for metal cutting machine tools is projected to expand 8.6 percent per year through 2014 to $61 billion (USD), with growth aided by a recovery in key end-use markets in the developed world. Metal cutting tools will continue to account for a majority of the total machine tools market in 2014. World demand for metal forming machine tools is projected to increase 8.3 percent per year through 2014 to $23 billion (USD). The global market for machine tool accessories is forecast to increase 11.6 percent annually through 2014 to $37 billion (USD), easily the fastest growth expected in any of the major machine tool market segments over the span. Newer metal cutting and metal forming tools last longer and need less frequent replacement, reducing their growth potential. In recent years, machine tool users have found it economical to accessorize existing tools with attachments such as cutting tools, dies, jigs and the like in an economically uncertain and competitive environment.
Source:
