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Automotive And Construction Named As Key Drivers For ASEAN's Metal Forming Tools Growth

Automotive And Construction Named As Key Drivers For ASEAN’s Metal Forming Tools Growth

A report by Fortune Business Insights noted more importance are placed on high efficiency, transparency and lower labour costs — with the bulk from the automotive sector’s advancements and increasing investments in construction in ASEAN. That would propel ASEAN’s metal forming tools growth.

The global metal forming tools market size was US$ 32.29 billion in 2018 and is projected to reach USD 48.67 billion by 2026, exhibiting a CAGR of 5.2 percent during the forecast period. The increasing demand of various forming machines including bending, shearing, and pressure is expected to drive ASEAN’s metal forming tools growth 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 ASEAN metal forming tools market growth.


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