Machine tools market to grow at CAGR of more than 4 percent through 2021

According to the latest market study released by London-based Technavio, the machine tools market in the U.S. is expected to grow at a CAGR of more than 4 percent in the next four years.

This research report, titled “Machine Tools Market in the U.S. 2017-2021,” provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecast for various market segments and all geographical regions.

Machine tool applications are categorized in the report by metal cutting machine tools, metal forming machine tools, and other accessories. The metal cutting machine tools segment dominated the market in the U.S., with a market share of about 51 percent in 2016, primarily because of the higher demand for industrial metal cutting applications.

The report also categorizes the machine tools market in the U.S. into three major end-user segments: automotive, aerospace, and metal fabrication. Use of machine tools in the automotive market is expected to grow at a CAGR of more than 4 percent as auto sales increase.

The aerospace industry holds the second-largest share in the machine tools market. As the raw materials used undergo constant evolution to enable the production of high-quality and lightweight aircraft, most of the growth in the machine tools market is expected to come from CNC machines. The use of alloys and composite materials to manufacture aircraft components is likely to increase the importance of CNC machining tools during the forecast period.

The metal fabrication segment of the machine tools market is likely to grow because of rising demand from heavy industry in the U.S. The recent initiatives taken by the current U.S. president to bring the manufacturing sectors back to the U.S. will offer significant growth opportunity for the machine tools market.

For more information, visit www.technavio.com/report/machine-tools-market-us-2017-021?utm_source=t4&utm_medium=bw&utm_campaign=media.