LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global oil mist collector market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global oil mist collector market for 2017-2021. The report lists lathe machines, EDMs, SPMs, machining centers, and grinding machines as the five major segments based on machine type of which the lathe machines segment dominated the market with 39% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global oil mist collector market:
- Rise in the production of light vehicles
- Increasing demand for fabricated metal products
- Growing demand for machine tools in the US
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Rise in the production of light vehicles
The demand for light vehicles is anticipated to rise in all regions except in South Asia and Japan. In South Asia, the demand is expected to witness slow growth due to the lack of presence of major automobile manufacturers. The major automotive manufacturer in APAC is Japan, which primarily exports to American and European countries. Also, the country has the most innovative and technologically advanced products.
“Governments in both developing and developed countries are focusing more on factors such as the preservation of natural resources, environmental sustainability, and safety, which is leading to the production of light vehicles. This in turn, is expected to create a demand for new and replacement machines, especially highly efficient EDM machines, which will boost the demand for oil mist collectors during the forecast period,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Increasing demand for fabricated metal products
The growth in the global fabricated metal products market will have a positive impact on the global oil mist collector market, as oil mist collectors are widely used in machine tools like EDMs, SPMs, lathe machines, machining centers, and grinding machines. Fabricated metals are widely used in small arms, ammunition, cutlery, utensils, stamped metal products, building products, fasteners, tanks, hardware, and cranes. All these fabricated metals are manufactured using machine tools.
“The rising global demand for fabricated metals from the construction and machinery industries is expected to fuel the growth of the global fabricated metal products market during the forecast period, which in turn, will drive the oil mist collector market,” says Gaurav.
Growing demand for machine tools in the US
Growing demand for machine tools from the automobile industry, mining activities and infrastructure development will lead to the growth of the oil mist collector market during the forecast period.
In 2014, the automobile industry contributed 4.2% to the country's GDP. A considerable part of the non-residential fixed investment is made in infrastructure such as factories, offices, and railways. These construction activities require machine tools, and this will lead to the growth of the machine tools market in the US, which, in turn, will have an impact on the oil mist collector market. The US is also looking to expand its mineable resources which will contribute to the growing demand for machine tools and oil mist collectors in the country.
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