The metal forming machine tools market accounted for US$ 33.8 billion in 2019 and is estimated to be US$ 55.1 billion by 2029 and is anticipated to register a CAGR of 5.10%.
The report "Global Metal Forming Tools Market, By Type (Bulk forming, Shear forming, others), By Application (Automotive, Manufacturing, Precision Engineering, Construction, Aerospace & Defense, Other) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
• In April 2019, Makino Milling Machine Company has launched a new EDM machine whose main objective was rough machining using a forged stock. This machine tool category is much more flexible and durable than the old traditional tools used in the industries and is equipped with high automation technology. These new launches are very compatible and thus can be easily utilized and reduce the wage cost to minimum.
• In 2020, the MP 6500 series was launched by Doosan Machine tools ltd with an objective of machining large work pieces. It was basically used in molding processes. The demand for this machine tools is increasing considerably and is going to take a healthy pace during the forecast period.
Increasing Demand for the Fabricated Metal Products
Increasing demand for the fabricated metal products in the global market is enhancing the demand of metal forming equipment. Fabricated metals have wide range of applications such as manufacturing of springs, boiler, cutlery, metal can, among others. This key factor is projected to drive the metal forming equipment market over the estimated period of time in the global metal forming market. There is a successive growth in the demand of metal tools and it is expected to continue in the same pattern in the global market in the near future.