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Hyundai Motor Group Partners Grab To Accelerate EV Adoption In Southeast Asia

Hyundai Motor Group Partners Grab To Accelerate EV Adoption In Southeast Asia

Hyundai Motor Group and Grab Holdings Inc. (Grab) has announced an enhancement of their ongoing strategic partnership in mobility services. The next phase of the partnership will focus on accelerating EV adoption in Southeast Asia. The Group, including Hyundai Motor Company and Kia Corporation which are the Group’s affiliates, and Grab will further develop new pilots and initiatives that lower the barriers of entry for Grab driver and delivery-partners to adopt EVs, such as lowering the total cost of ownership and reducing range anxiety.

Survey results from initial EV pilot in Singapore found that high costs, lack of charging locations and long waiting times for charging are top barriers hindering Grab driver-partners from adopting EVs. Hence, the enhanced partnership will focus on addressing some of these barriers by piloting new EV business models such as leasing EVs with a battery-as-a-service model or car-as-a-service model, and EV financing. Both parties will also develop a joint EV roadmap to accelerate adoption in Southeast Asia. The pilot programs will start in 2021, beginning in Singapore, and expand to Indonesia and Vietnam.

As part of the roadmap development, the two parties will also conduct an EV feasibility study. The intent is to gain a deeper understanding into the gaps and barriers to wider EV ownership and adoption, then translating the findings from the study into practical ways to further develop the EV ecosystem. These insights will provide governments and ecosystem partners with ideas and best practices on how EV policies can be shaped to better address the day-to-day operational routines of ride-hailing drivers and delivery-partners. This comes at a critical time as last-mile logistics and deliveries continue to experience unprecedented growth, and EVs can play a huge role in reducing carbon emissions from vehicles.

In addition, in line with Hyundai Motor Group’s latest future strategy, both parties will explore collaboration in new business opportunities and technologies such as smart city solutions.

“Hyundai Motor Group and Grab were able to discover the possibility of EV businesses in Southeast Asia through our cooperation from 2018,” said Minsung Kim, Vice President of the Innovation Division at Hyundai Motor Group. “With Grab having the largest driver network in the region and Hyundai’s comprehensive mobility solutions, we are confident that together we can help to increase the adoption of EVs and ultimately reduce carbon emissions throughout the region. Beyond its on-going projects, the Group expects additional cooperation with Grab to be a key driver to lead the mobility market of the future in Southeast Asia.”

Russell Cohen, Group Managing Director of Operations, Grab, said: “While EVs are relatively nascent in Southeast Asia, Grab plans to play a vital role in working with partners and governments to accelerate EV adoption. As government EV policies and incentives are implemented and essential infrastructure like charging stations continue to be built, this partnership will provide insights and best practices on the usage of EVs as part of the day-to-day operations of driver and delivery-partners. For example, we’ve piloted ways to reduce driver-partners’ downtime by enabling them to swap their e-moped batteries at GrabKitchen while they wait to collect food orders. Successful EV adoption is a multi-stakeholder effort, particularly in Southeast Asia, and we’ll continue to leverage our technology and operational leadership to build a fleet for the future.”


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Globaldata: Global Vehicle Market Recovery On Track

Globaldata: Global Vehicle Market Recovery On Track

After an unprecedented pandemic-induced reversal in 2020, the global vehicle market is firmly in recovery phase in 2021, according to the latest analysis by GlobalData.

“April’s light vehicle sales have now been reported for all global markets. They show an 83.4 percent year-on-year overall increase, which was not unexpected due to the impact COVID-19 had on the prior year’s sales. The seasonally adjusted annualised rate of sales (SAAR) came in at 88.4 million. Together with March’s stronger result, April showed the global market recovery is on track,” commented Calum MacRae, Automotive Analyst at GlobalData.

However, the global new vehicle market recovery this year hides mixed trends at regional level. Demand for new vehicles is surging in the US, even as forecasts for Europe are downgraded.

MacRae continues: “An index of SAAR, shows that West Europe is furthest removed from the January 2018 base, while the US market has undergone the shallowest impact from COVID-19. Indeed, the US market continues to perform above expectations.

The US market is currently fuelled by the fiscal stimulus and a sense of FOMO among consumers. The fear is driven by dealer stock being depleted to historic lows due to the chip supply issues that have plagued production in the industry in the first half.”

GlobalData figures also show solid new vehicle demand this year in China, although the West European market is undergoing a patchy recovery. April’s West European new vehicle sales came in at around the same level as the prior month, but markets have been roiled by ongoing COVID-19 population movement restrictions.

MacRae concludes: “Our latest forecast for the world – at 86.1 million light vehicle sales for the year – still sees 2021 as being some 3.3 percent shy of 2019’s total, but don’t be too surprised if the market ends up closer to 2019 than many currently forecast.”


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Airbus Expands MRO Footprint In Asia

Airbus Expands MRO Footprint In Asia

Following separate announcements by Asia Digital Engineering Sdn BhD (ADE) and Korea Aviation Engineering & Maintenance Service Ltd. (KAEMS) for Airbus customers in Asia, Mathew George, Ph.D, Analyst, Aerospace, Defense and Security at GlobalData, a leading data and analytics company, offers his view:

“AirAsia Group’s ADE and KAI’s KAEMS made separate announcements on the expansion of maintenance, repairs and overhaul (MRO), thus marking an increased footprint for Airbus customers to avail MRO services in Asia. With the pandemic still wreaking havoc, airlines and countries had put on hold the programs to purchase new aircraft and make sure that the lives of the present aircraft be extended safely as much as possible. Countries, including India, actively started to explore MRO services and proposed the possible mechanisms and programs to turn themselves into regional MRO hubs.

According to GlobalData, the military aerospace MRO market is expected to grow at a compound annual growth rate (CAGR) of 2.93 percent in the Asia-Pacific (APAC) region between 2020 and 2030 and will be valued at US$17.85bn by 2030.

While ADE obtained the approval for base maintenance (hangar or C-Checks) from Civil Aviation Authority of Malaysia (CAAM), KAEMS was able to sign an MoU with Airbus Defense & Space (ADS) for technical support for C-212 and CN-235 aircraft. ADE’s support extends not just to AirAsia fleet of A320, A321 and A330 aircraft, the approval allows it to undertake MRO services for other airlines as well. ADE was also able to secure approvals from India’s DGCA and Indonesia, raising the bar for ADE and Malaysia to provide MRO services for airlines across Southeast Asia.

Governments have shown their resolve to fund upgrade and replacement programs. However, with lockdowns continuing in countries, and increasing cases like India’s still a possibility in other geographies, airlines and governments will continue to focus on sustainment of existing capability. In addition, with long lead times and unexpected delays still a possibility, a lackadaisical approach to MRO is not something anyone can afford.”


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Injection Moulding Machine Market Worth $12.3 Billion By 2025

Injection Moulding Machine Market Worth $12.3 billion By 2025

According to the new market research report by MarketsandMarkets, the Injection Moulding Machine Market is projected to reach USD 12.3 billion by 2025, at a CAGR of 3.6 percent from USD 10.3 billion in 2020.

An injection moulding machine is used for manufacturing products made up of plastics, rubber, metal, and ceramic. It consists of two main parts – an injection unit and a clamping unit. The injection unit is like an extruder, whereas the clamping unit is concerned with the operation of the mould. Injection moulding machines can fasten the moulds either at the horizontal or the vertical position. There are three types of injection moulding machines – hydraulic injection moulding machines, all-electric injection moulding machines, and hybrid injection moulding machines.

Hydraulic injection moulding machine is the largest type segment of the injection moulding machine market. APAC was the largest market for synthetic leather in 2019, in terms of both volume and value. Factors such as growing demand from healthcare industry, rapid industrialisation in growing economies like China, India & Thailand and increasing demand for plastic moulds in electric vehicles will drive the injection moulding machine market.

Healthcare is projected to be the fastest growing end-use industry in the market between 2020 and 2025

Injection moulding machines are preferred for manufacturing medical products, as these machines offer high precision, accurate, and complex injection moulded parts. These machines have application in surgical and medical devices such as syringes, vials, medical instruments, inhalers, cannulated, medicinal connectors, air systems, and prescription bottles. The outbreak of coronavirus across the globe has highlighted the healthcare industry. Due to explosive surge in the number of Covid-19 cases, the demand for medical equipment like syringes, air systems, and other medical instruments increased exponentially. Countries such as India and China became the hub for manufacturing and meeting the demand for all these equipment across the globe.

APAC is projected to be fastest growing region for the market during the forecast period

The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The injection moulding machine market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0 percent of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest injection moulding machine market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.


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Developing Asia’s Economic Growth To Contract In 2020

Developing Asia’s Economic Growth To Contract In 2020

Economies across developing Asia will contract this year for the first time in nearly six decades but recovery will resume next year, as the region starts to emerge from the economic devastation caused by the coronavirus disease (COVID-19) pandemic, according to a report by the Asian Development Bank (ADB).

The Asian Development Outlook (ADO) 2020 Update forecasts -0.7 percent gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. Growth will rally to 6.8 percent in 2021, in part because growth will be measured relative to a weak 2020. This will still leave next year’s output below pre-COVID-19 projections, suggesting an “L”-shaped rather than a “V”-shaped recovery. About three-quarters of the region’s economies are expected to post negative growth in 2020.

“Most economies in the Asia and Pacific region can expect a difficult growth path for the rest of 2020,” said ADB Chief Economist Yasuyuki Sawada. “The economic threat posed by the COVID-19 pandemic remains potent, as extended first waves or recurring outbreaks could prompt further containment measures. Consistent and coordinated steps to address the pandemic, with policy priorities focusing on protecting lives and livelihoods of people who are already most vulnerable, and ensuring the safe return to work and restart of business activities, will continue to be crucial to ensure the region’s eventual recovery is inclusive and sustainable.”

A prolonged COVID-19 pandemic remains the biggest downside risk to the region’s growth outlook this year and next year. To mitigate the risk, governments in the region have delivered wide-ranging policy responses, including policy support packages—mainly income support—amounting to $3.6 trillion, equivalent to about 15 percent of regional GDP.

Other downside risks arise from geopolitical tensions, including an escalation of the trade and technology conflict between the United States and the People’s Republic of China (PRC), as well as financial vulnerabilities that could be exacerbated by a prolonged pandemic.

The PRC is one of the few economies in the region bucking the downturn. It is expected to grow by 1.8 percent this year and 7.7 percent in 2021, with successful public health measures providing a platform for growth. In India, where lockdowns have stalled consumer and business spending, GDP contracted by a record 23.9 percent in the first quarter of its fiscal year (FY) and is forecast to shrink nine percent in FY2020 before recovering by eight percent in FY2021.

Subregions of developing Asia are expected to post negative growth this year, except East Asia which is forecast to expand by 1.3 percent and recover strongly to 7.0 percent in 2021. Some economies heavily reliant on trade and tourism, particularly in the Pacific and South Asia, face double-digit contractions this year. Forecasts suggest that most of developing Asia will recover next year, except for some economies in the Pacific including the Cook Islands, the Federated States of Micronesia, the Marshall Islands, Palau, Samoa, and Tonga.

The inflation forecast for developing Asia is revised downwards to 2.9 percent this year from 3.2 percent forecast in April, due to continued low oil prices and weak demand. Inflation for 2021 is expected to ease further to 2.3 percent.

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Dormer Pramet Strengthens Asia Capabilities With Acquisition Of Miranda Tools

Dormer Pramet Strengthens Asia Capabilities With Acquisition Of Miranda Tools

Dormer Pramet has agreed to acquire the business of India-based Miranda Tools, a manufacturer of High-Speed Steel (HSS) and solid carbide cutting tools.

The acquisition enhances Dormer Pramet’s production capabilities with a proven manufacturing platform and further strengthens the company’s round tools offer for the general engineering, automotive component manufacturing and MRO industries.

“I am very pleased to have reached an agreement to acquire the business of Miranda Tools and look forward to welcoming them into the Dormer Pramet family. We see a lot of commonalities between the two companies, with an established distribution network, long-standing customer partnerships, and a focus on product quality and service,” said Stefan Steenstrup, president of Dormer Pramet.

“It also strengthens our position in the Indian and wider Asian markets, supporting a vast array of small to medium-sized workshops, which rely heavily on HSS cutting tools. By expanding our manufacturing footprint to encompass North and South America, Europe and now Asia, we can better serve these markets.”

“At present, we see this as business as usual for Miranda Tools and I would like to reassure customers that the proposed acquisition will not impact on their ability to receive the products they need in the day-to-day running of their business,” he concluded.

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Robots On Subscription: RaaS Model In The APAC Region

Robots On Subscription: RaaS Model In The APAC Region

In 2018, two out of every three newly deployed industrial robot installations worldwide were in Asia. However, growth appears to be slowing, with just a one percent annual increase in 2018. In this context, what are the opportunities presented by the robots-as-a-service (RaaS) business model? Here, John Young, APAC sales director at EU Automation, discusses the potential impact of RaaS on the APAC region in the coming years.

Robots-as-a-service is a business model that offers the opportunity for a much quicker and more widespread adoption of robot technology across a range of sectors. Rather than acquiring the robot outright, the RaaS model gives businesses the opportunity to subscribe to use the robot as a service. Companies can pay to use robots on a yearly or monthly subscription, a project only basis, or per task completed.

The benefits of this model are obvious. Companies can avoid the excessively high capital costs of purchasing the robots and instead pay a more manageable subscription fee. This is especially attractive to smaller and medium sized businesses looking to make their first explorative forays into the world of robotics, allowing them to scale their operations much sooner than they would normally be able to.

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Secondly, the customer does not have to worry about maintenance costs because the responsibility for maintaining the robots resides with the supplier throughout the subscription period. Typically, RaaS systems are also provided with access to cloud-based software applications which lessens the burden on engineers. Finally, this model is valued for its flexibility. If the technology becomes obsolete or if the customer wants to change direction, they are not tied to a specific technology for a long period.

In the West, there has been plenty of hype surrounding the RaaS concept and its potential for facilitating a significant increase in the use of robotics. However, Asia remains the world’s largest market for industrial robots. Just five countries account for 74 percent of global robot installations and three of those are in Asia, namely China, Japan and South Korea.

The RaaS model could be one way in which the Asia Pacific region maintains its supremacy in this domain. The demand is certainly there. In many parts of the region, cultural attitudes toward robots are more positive than in the Western world and robots are valued for their emancipatory potential.

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In Japan, for example, robots are seen as a way of helping to solve the problem presented by an ageing population and there are already signs that the RaaS model is being adopted. A recent instance of this is Plus Automation, which has just won a contract to supply robots on a yearly contract to a company that is shipping apparel products.

However, there are some drawbacks to this model. While it lowers capital costs, companies that have to pay recurring subscription fees will fork out more in the long run. And although maintenance costs are included in the fee, physical fixes cannot be resolved remotely, which makes RaaS less attractive than related platforms such as software-as-a-service. This may mean that plant managers consider a mixed fleet of owned and subscription-based robots to add redundancy.

The APAC region is the world’s leading market for industrial robots. To maintain that position, it will need to embrace new and innovative business solutions like the RaaS model, which is especially attractive to smaller and medium sized enterprises. However, companies will have to weigh the costs and benefits of this particular way of doing business before deciding whether it is right for them.

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Asia Set For A Rebound In 2020

Asia Set for a Rebound in 2020

The Asian economy is set for a rebound in 2020 as some of 2019’s export headwinds ease, policymakers pro-growth policies reinvigorate domestic economies, Southeast Asia continues to emerge as a global powerhouse, and consumption remains a bright spot, according to Deloitte’s latest Voice of Asia report.

However, the report argues, three main downside risks must be contained for this predicted rebound to emerge. That is, economies should avoid excessive stimulus that could cause a boom-bust cycle, US policy needs to remain stable, and financial risks, particularly from quantitative easing, need to continue to be reined in.

In Southeast Asia, pro-growth policies have been encouraged by rate cuts in the US and Europe, and economies including Indonesia, the Philippines, Malaysia and Singapore are expected to increase spending on public projects as a proportion of GDP.

“There are also positive signs on the trade integration front,” says Deloitte Asia Pacific Clients & Industries Leader Vivian Jiang. “The Comprehensive and Progressive Trans-Pacific Partnership gives its 11 members, including four ASEAN economies, enhanced market access, and the Regional Comprehensive Economic Partnership will reduce export-import paperwork and has introduced a limited degree of service sector liberalisation.”

Addressing specific sectors, the report suggests the automotive and aviation sectors will be bright spots after a period in the doldrums, with electronics another highlight.

“The decline in the automotive sector since 2018 was caused by factors including new emission standards in several markets, and other restrictions on production. This decline is likely to reverse this year, with a further boost from continued luxury sales volume growth” says Vivian. “Problems in the aviation sector are likely to ease as well, and there are signs of a resurgence in semiconductor billings, which should boost the electronics sector to help drive regional exports.”

On consumption, the report suggests, Asia can look forward to increased demand driven by labor market stability, increasing remittances, and easing monetary conditions.

“China’s consumer story remains intact even as household leverage continues to increase,” says Deloitte China Chief Economist Sitao Xu. “High debt is bound to limit people’s ability to consume, and banks’ non-performing loans could rise if home prices decline, but there tends to be more willingness among Chinese parents to help out their families if debt does become an issue.”

The Voice of Asia report is also positive on prospects for the infrastructure sector, which is increasingly emphasised by governments across the region. In Indonesia, the Philippines, Malaysia and Singapore, public works spending is rising as a proportion of GDP.

Market-by-Market Outlook


Australia’s economic slowdown has been caused by home-grown factors including worsening drought conditions and house price declines. Although tax and interest rates have been cut, there may not be a meaningful pickup in the Australian economy until 2021.


The Chinese Mainland is regaining its balance despite a long-term, secular growth downtrend, and Hong Kong, despite well-publicised difficulties over the past several months, remains a world leading financial center, with its currency peg to the US dollar holding firm, and could benefit from government stimulus.


India’s economy has been suffering from the effects of the Non-Bank Financial Companies (NBFC) crisis after problems in its formal banking sector. Corporations are still highly leveraged. It should bottom out in 2019 but remain subdued despite government stimulus and amid considerable downside risks.


Indonesia looks set to maintain steady growth of about 5 percent in 2020, with a young workforce, increasing urbanisation and monetary policy support for demand. The economy is becoming more stable but has yet to fully take advantage of the diversion of production out of China.


Exports have contracted and business confidence is subdued, and natural disasters have further depressed economic activity, but GDP growth has been quite resilient. Economic growth is expected to sustain at about 0.5 percent over the next two years.


Strong domestic demand led by household spending underpin Malaysia’s economic resilience, and its exports have outperformed. Its competitive currency, growth in manufacturing activity and a resumption in infrastructure projects are expected to support continued economic growth.

New Zealand

The economy slowed in early 2019, largely due to global headwinds. It is expected to return to trend levels of about 2.5 percent growth in the next couple of years, supported by factors including a tight job market, still-strong population growth and decent export prices and volumes.

The Philippines

The Philippines economy bottomed out in mid-2019, and is set to be boosted by a revival in the electronics sector, strengthening exports thanks to an expected pick up in the Chinese economy, continued strength in remittances and policy support that should drive consumption.


Singapore is also expected to enter a recovery in 2020, supported by improving global growth and stronger electronics and precision engineering demand. There are also green shoots in finance, insurance, essential services and the “new economy”. The outlook for investment growth is also positive.

South Korea

We are upbeat about prospects for the South Korean economy in 2020, with an expect increase in demand for its manufactured goods. Government measures including a record budget of KRW513.5 trillion (US$4.36 billion) for the year should protect against downside risks.


Taiwan’s economy was resilient in 2019 despite being caught in the crossfire of the US-China trade war and the step-down in the global electronics cycle. We expect the economy to be outperform in 2020 on rising private investment, government policy to attract high-end manufacturing and other factors.


After a slow start, Thailand’s economy is expected to pick up in 2H20, with export growth likely to have bottomed out, increasing tourist arrivals, rising farm incomes, positive fiscal policy and a recovery in private investment.


Vietnam is expected to remain one of Southeast Asia’s outperformers in 2020. It is one of the main beneficiaries of the relocation of production from China, which is prompting a surge in foreign investment. Its main challenges are manpower constraints, supply chain frictions and an infrastructure gap.



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TRUMPF Reports Higher Sales, But Decline In Orders Received

TRUMPF Reports Higher Sales, But Decline In Orders Received

The TRUMPF Group recorded a renewed increase in sales in the 2018/19 fiscal year that ended June 30, 2019, while orders received and profits declined. Sales rose by 6.1 percent to 3.78 billion euros (3.57 billion euros in the 2017/18 fiscal year). Orders received decreased to 3.68 billion euros (3.80 billion euros in the 2017/18 fiscal year). This equals a reduction of 3.1 percent. Earnings before interest and taxes (EBIT)amounted to 349.3 million euros, which was 34.7 percent below the prior year figure (fiscal year 2017/18: 534.7 million euros). The EBIT margin was 9.2 percent (fiscal year 2017/18: 15.0 percent).

Development in the business divisions

In addition to the high backlog of orders from the previous year, the expansion of the EUV business field was a key driver of the TRUMPF Group’s growth in sales revenue. TRUMPF supplies special lasers to ASML, a customer in the Netherlands. These lasers are integrated into systems that use extreme ultraviolet radiation to expose chip surfaces for the computer industry.

The Machine Tools and Laser Technology business divisions were, by contrast, unable to maintain the high growth rates achieved in the previous year. Revenues for the Machine Tools division rose by a slight 1.2 percent to 2.39 billion euros (previous year: 2.36 billion euros). The Laser Technology division posted revenues of 1.38 billion euros, marginally (-2.1 percent) below the prior-year level of 1.41 billion euros. This decline was attributable to the slowing market in Asia (in particular in China and South Korea) as well as to the automotive industry’s reluctance to invest.

Nicola Leibinger-Kammüller, TRUMPF President and Chairwoman of the Managing Board, explains: “As a company operating in the investment goods sector, we are particularly exposed to the impact of cyclical highs and lows. That is currently the case. Given the uncertainty due to the U.S.–China trade conflict and the structural change in the automotive industry, many customers have become more cautious and are postponing investments.”

Investments and acquisitions

TRUMPF further pursued its strategy to enhance its technological expertise with new acquisitions. Effective April 1, 2019, TRUMPF completed the acquisition of Photonics GmbH from Philips, which it had announced in December 2018. As of the same date, the company set up a new business field, TRUMPF Photonic Components. In May 2019, TRUMPF acquired the remaining shares in the Chinese subsidiary JFY and now owns the company outright. To reflect this change, TRUMPF introduced a new organisational structure with a CEO China.

Investments in climate change mitigation: CO2-neutral production by the end of 2020

TRUMPF aims to achieve a CO2-neutral energy balance at its production sites worldwide by the end of 2020 and therefore intends to increase investments in measures to protect the climate. By its own reckoning, the company currently emits around 90,000 metric tons of CO2 worldwide per year. Of this amount, 80 percent is accounted for by electricity consumption. In this area, TRUMPF is pursuing a policy of concluding further green power contracts and purchasing certificates under carbon trading schemes to offset emissions from the combustion of heating oil, natural gas and other fossil fuels. A similar approach is being applied in markets with limited availability of renewable energies in the electricity mix. All TRUMPF sites in Germany already cover 100 percent of their electricity needs through green power contracts. Worldwide, 60 percent of the electricity needs are covered by green power contracts.

Between now and June 2021, in addition to efforts to close this gap and become 100 percent green, if necessary, by purchasing certificates, TRUMPF intends to invest some 6.4 million euros in improving energy efficiency.


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Growth Of The Global Metal Stamping Market

Growth Of The Global Metal Stamping Market

The global metal stamping market 2019-2023 is expected to post a CAGR of nearly five percent during the forecast period, according to a report by Technavio.

Precision metal stamping is generally used to produce large volumes of metal products. The automated process reduces labour and enables the production of precise parts with tight tolerances at high accuracy. Precision metal stamping can also be automated to include secondary operations in both die and press. This process is also suitable for several customized applications. Hence, the increasing demand for precision metal parts from end-user industries has increased the adoption of precision metal stamping. This is one of the key drivers that will fuel the growth of the global metal stamping market during the forecast period.

The advent of 3D printing and additive fabrication is expected to positively impact the growth of the global metal stamping market. Additive fabrication can produce complex shapes and reduce the wastage of raw materials. This process can manufacture different parts and reduces the need for other tools. The additive fabrication can also be integrated with existing manufacturing processes to reduce time and production costs.

APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The dominance of APAC can be attributed to the growth of the automotive manufacturing industry and the expanding consumer base.


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