Screw machine market size to reach USD 525.82 million by 2024, according to market research report by Technavio
Based on the type, the screw machine market saw maximum growth in the single spindle screw machine, in the last few years. This growth is attributed to the extensive use of single spindle screw machines in the manufacture of automobile components. Further, during the forecast period, market growth in the segment will be significant.
Moreover, it is expected 60% of the growth will originate from the APAC region. The growth of the market in APAC is driven by the rising demand for screw machines and fasteners from end-user industries such as end-user industries such as the automotive, aerospace and defense, shipbuilding, construction, and railways.
In addition, China, Japan, and India are the key markets for screw machines in APAC. Market growth in this region will be faster than the growth of the market in other regions.