4 Key factors fostering metal cutting industry growth
According to market research report, metal cutting industry is expected to witness huge growth this decade. Moreover, there is a rising demand for boring, grinding, milling, drilling and other shaping tasks that prepare metal for various applications. As a result, companies need easy access to CNC machines, 3D printers and other technologies.
Several industries are driving demand for metal cutting services across nations such as Automotive, Construction, Freight trucking, Rail, Shipbuilding, Machinery, Tool and Equipment Manufacturing.
Four important factors contributing to metal cutting industry growth
1. The rising popularity of high-speed steel (HSS) machine tools is one of the major factors driving growth of metal cutting services. Manufacturers frequently choose tools made from high-speed steel because they are harder, longer-lasting and more durable than carbon steel machine tools.
2. Assortments of new metal coating and protective technologies. Each breakthrough in areas like wear- and chemical-resistant coatings create a need for a new type of material specialist or a new class of treatment, handling or fabrication techniques.
3. Rising automobile demand due to growing population. Growth in light automobiles throughout the world is spurring the demand for metal cutting.
4. Global economies- Asia-Pacific (APAC) region carries the largest market share for metal cutting tools. Countries like China and India are witnessing rise in automobile manufacturing and construction further contributing to the growth of the segment.
Furthermore, metal fabrication clients concerned with eco-friendly building or manufacturing contribute to the development and adoption of sustainable technologies. This results in additional growth and the involvement of yet another family of professional skills for job seekers to develop.