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Machine Shops, Turned Product, And Screw, Nut, And Bolt Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major companies in the machine shops, turned product, and screw, nut, and bolt market include Infasco; Leland Industries; PCC; EBC Industries and EJOT Holding. The global machine shops, turned product, and screw, nut, and bolt market is expected to grow from $342.

New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machine Shops, Turned Product, And Screw, Nut, And Bolt Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018798/?utm_source=GNW
76 billion in 2020 to $392.2 billion in 2021 at a compound annual growth rate (CAGR) of 14.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $506.65 billion in 2025 at a CAGR of 7%.

The machine shops, turned product, and screw, nut, and bolt market consists of sales of machine shop products, turned products, and screw, nut, and bolt products by entities (organizations, sole traders or partnerships) that machine precision turned products or produce metal bolts, nuts, screws, rivets, and other industrial fasteners. Included in this industry are establishments that produce parts for machinery and equipment on a customized basis. The machine shops, turned product, and screw, nut, and bolt market is segmented into machine shops; and turned product and screw, nut, and bolt.

Western Europe was the largest region in the global machine shops, turned product, and screw, nut, and bolt market, accounting for 30% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global machine shops, turned product, and screw, nut, and bolt market. Africa was the smallest region in the global machine shops, turned product, and screw, nut, and bolt market.

Many machine shops; turned product; and screw, nut, and bolt manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.

The machine shops, turned product and screw, nut, and bolt manufacturing industry is being restrained by the rise in power tariffs. Globally, there are movements to increase the use of alternative sources of electric power such as solar, wind, and nuclear power. Initiatives by non-governmental organizations (NGOs), multilateral organizations and many governments to increase the production and use of alternative sources of power and other economic factors cause a rise in overall power tariffs affecting different industries. Rise in the power tariffs increases the production costs, affecting the machine shops, turned product and screw, nut, and bolt manufacturing market.

Rapidly growing urban populations are expected to drive the demand for metal products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam and the Philippines. According to the 2018 World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas in 2018, and the rate is expected to rise to 68% by 2050. According to the World Bank, urban population in South Asia grew by 130 million between 2001 and 2011 and is expected to grow to 250 million by 2030.
Read the full report: https://www.reportlinker.com/p06018798/?utm_source=GNW

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