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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.


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 the metal forming tools market 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 the metal forming tools market growth.

Technologies And Co-Related Markets

The market is fragmented into computerised numerical control (CNC) machine tools and conventional. A need for high-end technology stemming from hiked demand for consumer electronics and automotive will impact the CNC segment positively.

The same market product growths will also be instrumental in boosting rolling, milling, bending, hydraulic presses, mechanical presses, shearing, forging, wire forming and the like. The bending machine is expected to enjoy the largest spike and further boost the metal forming market — with automotive, construction and medical applications deemed as key contributors.

Pipe and tube bending will also enjoy a growth. From a macro-perspective, CNC bending machine with high efficiency and transparency, plus lowered operating costs has more advantages to offer as they will reduce the need for fixtures and joints while saving labour costs.

The metal forming sector growth is facilitated by increased need for predominantly automotive, due to advancements in the sector such as gradual emergence of electric and autonomous vehicles, even light-weight chassis. Such leads to automakers’ preference for high-efficiency and accuracy equipment.

Increased investments in construction also propelled steel fabrication activities, especially in emerging economies. Indonesia, China, Malaysia and India are found to be emerging construction markets. Some sources revealed Indonesia’s construction sector may grow over 9 percent annually from increasing residential and commercial construction activities. Singapore was projected to hike its (construction) investment by US$ 25.6 billion in 2023 from increased spending in public infrastructure and industrial building projects.

Despite Thailand and Vietnam are the main nations many sheet metalworking players claim to be after, all eyes would inevitably be on automotive and construction sectors at least for Indonesia, Malaysia and Singapore for validity of the projections.

 

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