Market research company Technavio has predicted the global forging market will exhibit a healthy compound annual growth rate of about 4% between 2017 and 2021.
The company says the rising demand for fabricated metal products is one of the primary drivers for market growth. Press machines are among the most vital of metal fabrication equipment used for predetermined bends for many applications.
It highlights that fabricated metals are used in automotive, transport machinery, stamped metal products, ammunition, small arms, cutlery and utensils, fasteners, building products, building machinery, and other metal-based hardware products. These metals are made using machine tools like press brakes.
“The growth of the major end-user industries, such as the construction and transportation machinery sectors that demand the need for fabricated metals, will subsequently drive the growth of the press machines market,” Technavio says.
It highlights that one of the key trends that will gain traction in the global press machine market is the growing adoption of automation solutions. With the rising demand for better quality products, owing to globalisation and an increase in population, companies are increasingly focusing on adopting automation in manufacturing.
“The implementation of automation will reduce operating costs and increase productivity. Several small and midscale industries have already started using numeric control and computer numeric control machines that operate on programmed commands and computers. This will help companies boost productivity and deliver improved quality products in less time and with less human effort,” the company explains.
Further, it says the press machine market is fragmented with the presence of many companies operating in the field. The vendor competition in the market is based on the factors such as quality, features, functionalities and services. With the introduction of products that include new features and technologies, the level of competition among the market players will intensify in the coming years.
The company highlights that German machining manufacturer AMADA, Chinese forging hammer manufacturer Anyang Forging Press Machinery Industry, machine manufacturer Bystronic, German machine manufacturer Schuler and German machine manufacturer TRUMPF have emerged as key vendors and machines suppliers in the forges market.
“During 2016, the forging press segment dominated the press machine market and, according to market research and analysis, the segment will continue its market dominance over the next four years as well. This is mainly owing to the strong demand from end-user sectors such as automotive, aerospace and oil and gas industries,” the company explains.
Additionally, it says, growing investment in the defence sector by countries globally increases the demand for forged components which will also fuel the segment’s growth prospects.
In terms of geography, the Asia-Pacific region accounted for the majority shares of the press machine market during 2016 and the region will continue its dominance throughout the forecast period.
Technavio explains that factors such as the favourable business landscape, administrative setup, attractive foreign policies, and the availability of low-cost and skilled workforce, drive the growth of the manufacturing industries in this region.
“Additionally, the high demand for press brakes in the automotive sector will also contribute to the market’s growth in this region,” it concludes.