CLEVELAND, Nov. 15, 2019 /PRNewswire/ -- Global demand for metal cutting tools is forecast to climb 3.4% per annum through 2023 to $80.9 billion, driven by:
- solid advances in global durable goods production capacity, particularly in developing countries such as India, China, and Russia
- a shift in the product mix toward higher value, more technologically advanced products as manufactures work to boost output, increase efficiency, and produce more sophisticated end products
- an ongoing transition to more expensive, automated models aided by research and development
However, functional competition from used and retrofitted equipment is expected to restrain demand for metal cutting tools to some extent. Many smaller and mid-sized producers of durable goods in developing countries will continue to prefer these products to higher end and more expensive tools for some time.
For more information regarding the Global Machine Tools study visit: https://www.freedoniagroup.com/industry-study/global-machine-tools-3806.htm
Contact Corinne Gangloff for an interview with the analyst.
Additional Industrial Components studies can be viewed here:
https://www.freedoniagroup.com/industry-category/comp/industrial-components.htm
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@freedoniagroup.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/metal-cutting-tool-demand-to-exceed-80-billion-in-2023--freedonia-group-analysis-300959265.html
SOURCE The Freedonia Group