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The global metal forming tools market size was USD 32.29 billion in 2018 and is projected to reach USD 48.67 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period.
The increasing demand of various forming machines including bending machines, shearing machines, and pressure machines is expected to drive the metal forming tools market in the near future. Rising demand for high speed machining from various process, such as pressing, forging, and die stamping is likely to result in the metal forming machine tools market growth. The increasing shift of manufacturers towards improved productivity has boosted the adoption of automated metal forming tools over the past few years. Also, the surge in need for increased efficiency, productivity, flexibility, and connectivity is resulting in the metal forming tools market growth.
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The upsurge in manufacturing of heavy equipment is driving the metal forming tools market revenue. Customers are readily embracing digitization so as to maximize the product valuation across product valuation. This trend thus, has resulted in the popularity of smart embedded systems and power electronic design. The smart systems are giving rise to IoT enabled devices which open up opportunities for increasing human machine interaction and in turn, is emerging as one of the metal forming tools market trends.
“Rising Demand for Metal Fabrication to Result in Market Growth”
Rising need for fabricated metals from various industries, such as aerospace, automotive, and consumer electronics is driving the metal fabrication market growth. The wide range of application of metal fabrication, right from airplane parts to office supplies, such as paper clips is expected to further augment the metal fabrication market growth. Steel fabrication has witness significant growth since the past few years owing to the increasing industrial activities in the developing economies, such as China and India. The rise in construction activities is resulting in the usage of steel fabrication for various applications, namely, structure steel and pipe. Construction initiatives by the governments of various countries is driving the construction market. For instance, the Belt and Road initiative launched in 2013, by Chinese president, includes the construction of various infrastructure projects consisting of ports, utilities, highways, urban sectors, and airports. Moreover, the expansion of construction sector in the developed nations is expected to positively contribute to the construction industry. For instance, in 2017, the Japanese government increased its spending on the restoration of damaged civil engineering facilities to USD 2.6 billion.
“Increasing Incorporation of Industry 4.0 Solutions to Propel Growth”
Rising shift towards advanced digital technologies in the manufacturing sector is likely to result in efficient production. Apart from that, various benefits offered by the fourth industrial revolution are improved productivity, resource optimization, enhanced flexibility, increased collaborative working, and reduced operational cost. Furthermore, predicative maintenance is gaining significant importance in the metal forming market. The increasing demand from manufacturers to identify the failures before they occur so as to reduce downtime and machine maintenance cost is increasing predictive maintenance penetration in the metal forming tools industry. According to various sources, predictive maintenance increases equipment availability and uptime by 10%-20%. In addition, cloud-based inventory managed solutions are further expected to result in the growth of popularity of metal forming tools over the forecast period.
“CNC Machines Segment to Grow Rapidly Backed by Huge Demand from Various Industries”
Based on technology, the market is fragmented into computerized numerical control (CNC) Machines tools and conventional.
An increasing need for machines equipped with high-end technology owing to the rising demand from various industries, namely, consumer durables, electronics, and automobile industries is expected to result in the growth of CNC segment revenue. Manufacturers are embracing the intelligent manufacturing concept with the rising penetration of Internet of Things (IoT), metal additive manufacturing, and industry 4.0 solutions. The conventional machines segment holds the major metal forming machine tools market share. This is attributed to the increasing need for customized products. However, the rising demand for mass production is also resulting in the growth of CNC segment.
“Bending Machines Segment to Exhibit Growth Owing to Need for High Efficiency”
Based on product, the market is segmented into rolling mill machines, bending machines, hydraulic presses, mechanical presses, shearing machines, forging machines, wire forming machines, and others.
The bending machines segment is expected to exhibit the highest growth and is further expected to propel the metal forming market in the near future. This is attributed to the rising demand from various industries, such as automotive, construction, and medical applications. A surge in the demand for pipe and tube bending machines owing to the growth of automotive and construction industry is expected to positively result in the growth of metal forming machines market. Furthermore, bending machines are expected to gain momentum because of the increasing need for CNC bending machines which offer high efficiency, reduced operational cost, and increased transparency of process. CNC bending machines reduce the need for fixtures and joints as well as saves labor time. In addition, the high efficiency and accuracy obtained from CNC bending machines is expected to drive the metal forming machines market.
The surge in demand from various research facilities and universities as well as metal producers for metallurgical development and process enhancement, respectively is expected to result in growth of rolling mill machines segment. Prompt adoption of hydraulic presses in numerous industries for processes, such as blanking, coining, stamping, and embossing is expected to contribute to the growth of metal forming tools market. Mechanical presses segment held a significant metal forming tools market share in 2018. This is attributed to the high penetration of mechanical presses in the sheet metal processes for sheet metal forming application. Furthermore, shearing machines are used for cutting the alloys and different sheet metals. In addition, forging and wire forming machines are positively contributing to increasing the metal forming tools market revenue.
“Evolving Advancements in The Automotive Industry is Expected to Propel the Market”
Based on application, the market is segmented into automotive, general machinery, precision engineering, transport machinery and others.
The automotive segment holds the major metal forming tools market share. This is attributed to the advancements in the automotive sector, including automated driving, connectivity, and light-weight design solutions. The need for resource-efficient driverless cars are also expected to positively impact the growth of the automotive segment in the near future. The industrial equipment manufacturers are increasingly shifting towards high accuracy and efficiency.
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It is likely to result in the popularity of CNC forming machine tools in the general machinery segment. Rising demand for customized precision machinery is driving the growth of the precision engineering segment. The introduction of intelligent public transport is emerging as one of the vital trends in the transport industry. Apart from that, advancements in technology is expected to drive the transport machinery segment in the near future.
Geographically, the market is segmented across five major regions, such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America, which is further categorized into countries.
The increasing number of construction activities in Asia Pacific is driving the metal forming tools market. Nations, such as Indonesia, China, Malaysia, and India are the emerging construction markets in this region. According to multiple sources, Asia Pacific construction market excluding India was estimated to be around USD 4.95 trillion and is expected to reach USD 5.45 trillion by 2021. Based on various secondary sources, Indonesia construction industry is expected to grow more than 9% annually. This is attributable to the increasing residential and non-residential construction activities in Indonesia. Furthermore, nations, such as Singapore is expected to increase its construction investment to USD 25.6 billion by 2023. This is likely to happen because of the increasing spending in public infrastructure and industrial buildings projects.
Asia Pacific Metal Forming Machine Tools Market, 2018 (USD Billion)
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The rising demand for metal fabrication in the U.S. owing to various applications, namely, automotive and electronics is expected to drive the metal forming machine tools market in North America. The strong foothold of automotive manufacturers, such as BMW, Volkswagen Group, Volvo Group, and Daimler AG is expected to drive the metal forming machine tools market in Europe. The increasing expenditure in oil and gas sector is further resulting in the growth of metal forming machine tools market in the Middle East & Africa. The United States-Mexico-Canada-Agreement (USMCA) is expected to result in the growth of international steel trade in Mexico and is thus, propelling the metal forming tools market in Latin America.
“Leading Players Are Focusing on Mergers and Acquisitions to Widen Product Portfolio”
Prominent companies are focusing on mergers and acquisitions to enhance their product portfolio. For instance, in 2018, Amada Holdings Co., Ltd. acquired Marvel Manufacturing, Inc., a U.S. based manufacturer of metal cutting machines, blades, and parts. This acquisition is expected to make Amada one of the leading players of band saw machines in North America. Furthermore, the manufacturers are also focusing on new product development so as to offer Industry 4.0 compliant products.
The report provides detailed information regarding various insights of the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the metal forming machine tools market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
An Infographic Representation of Metal Forming Tools Market
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Value (USD billion)
As per Fortune Business Insights, the global metal forming machine tools market was valued at USD 32.29 billion in 2018
In 2026, the global metal forming machine tools market is expected to reach USD 48.67 billion in the future
The metal forming machine tools market is projected to grow at a CAGR of 5.2% during the forecast period (2019-2026).
Bending machines segment is expected to lead the metal forming machine tools market during the forecast period.
Rising demand for metal fabrication and adoption of industry 4.0 solutions are the key factors driving the metal forming machine tools market.
Trumpf, Mitsubishi Corporation, and Conzzeta Management AG. are the top companies in the global metal forming machine tools market.
Asia Pacific is expected to hold the highest CAGR in the metal forming machine tools market.
Increasing focus of the manufacturers on machine connectivity and investments in intelligent machines are the key trends in the metal forming machine tools market.
The automotive application holds the major market share of metal forming machine tools.
CNC technology is expected to exhibit the highest CAGR in the metal forming machine tools market.