The research study covers the present scenario and growth prospects of the global metalworking machinery accessories market for 2017-2021. The market is segmented based on the product (workholding, metalworking fluids, and power tools accessories), and geography (APAC, the Americas, and EMEA).
The metalworking machinery accessories market was valued at USD 33.18 billion in 2016. The global economy has been growing slowly owing to sluggish cross-border trade, low business investments, and consistent pressure created by deflation. This indicates that the current policy mix in some of the major economies of the world is not appropriate to fuel faster growth. In developed economies, monetary policies take center stage while few countries also focus on structural reforms.
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Technavio heavy industries research analysts highlight the following three factors that are contributing to the growth of the global metalworking machinery accessories market:
- Rise in automation
- Increase in advances and product innovations in end-user industries
- Augmented innovative workholding methods to drive productivity
Rise in automation
Investments in the global process automation market are increasing and are projected to witness a growth rate of single digits. This growth is specifically related to sectors such as technology, software, hardware, services, and the communication protocol used in automation.
Gaurav Mohindru, a lead tools and components research analyst at Technavio, says, “Companies are increasingly adopting automation in their businesses and manufacturing processes to meet the expected quality standards in their products. On the other hand, owing to the rising globalization and increasing population, there is a rising demand for such products in significant amounts.”
Increase in advances and product innovations in end-user industries
Metalworking fluids that enable high energy efficiency, productivity, and sustainability are gaining prominence due to the requirement for advanced technologies in many end-user industries. Therefore, metalworking fluid producers are required to manufacture more thermal and oxidation stable fluids and fewer volatile fluids for machines in industries. This factor will result in portfolio expansions of vendors, thereby, increasing the scope of use of metalworking fluids for specified applications.
“Innovation is critical for the sustainability of vendors and market growth due to factors such as variations in the regulatory developments and enhancements in the application industry. Synthetic metal removal fluids have lately gained popularity as they offer benefits such as excellent visibility and typically low foaming tendency during metalworking operations,” adds Gaurav.
Augmented innovative workholding methods to drive productivity
Manufacturers in today’s highly competitive world periodically review their current processes to identify ways to optimize them and make them more efficient. Similarly, manufacturers using machine tools continuously review their operations to bring in changes and modifications that can ramp up their productivity significantly.
A spindle adapter, equipped with a flange mount is used to locate the driver in the machine. With this, the concentricity of the face driver increases and allows it to be adjusted radially. The part is typically located in between the tailstock and the spring-loaded center. With this method, the workpiece is exposed entirely, allowing operators to machine the entire workpiece in a single operation. This results in noteworthy savings in cycle times. Furthermore, the elimination of a setup in the process increases accuracy and efficiency.
- Robert Bosch
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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