Metal fabrication demand to increase owing to rise in application areas
In various industries including
consumer electronics, automotive, and aerospace, are demanding for fabricated metals due to increase in application.
Metal fabrication has a wide range of applications from office supplies, such as paper clips, to airplane parts, and their usage is increasing day by day. It is one of the most important factors driving the metal forming machine tools market growth.
Moreover, with manufacturing and industrial activities increasing in emerging economies like India and China, it is expected to result in the growing demand for steel fabrication. The demand of steel fabrication is going to increase further due to the increase in manufacturing in India specifically as many companies are planning to shift from China after the global impact on supply chains during the COVID-19 pandemic. India is expected to turn into a next manufacturing hub due to several other reasons such as new government policies and increased investment.
Additionally, steel fabrication is required for several applications, such as pipe and structure steel owing to the increasing number of construction activities. Furthermore, the governments of various countries are taking construction initiatives, which is affecting the construction market positively. It is further going to drive the market growth.
Increasing construction activities to favour growth in Asia Pacific
The metal fabrication market is geographically divided into Europe, the Middle East and Africa, Asia Pacific, Latin America, and North America. Amongst these regions, Asia Pacific metal forming machines market size was USD 18.71 billion in 2018. This growth is attributable to the rising number of construction activities in the region including residential and commercial buildings. In the near future, developing countries, such as India, Malaysia, China, and Indonesia, are the most significant emerging construction markets.
North America, on the other hand, is expected to showcase a considerable growth owing to the huge demand for metal fabrication in the U.S. It is used in electronics and automotive applications. In Europe, the presence of industry giants, namely, Daimler AG, Volvo Group, Volkswagen Group, and BMW, would also accelerate growth. In the Middle East and Africa, rising expenditure in the oil and gas sector is projected to cause a high metal forming tools market growth.
For business growth and market reach, it is important to be a part of exhibitions. Exhibitions like
AMTEXare a great platform to meet, network and showcase latest products and technologies to potentials buyers from across the world under one roof.
AMTEX is scheduled from 4-7 November 2020 in Pragati Maidan, New Delhi. The upcoming edition would witness the launch of knowledge rich conferences, multiple workshops cover a variety of relevant topics with participation from industry experts.