China’s Machine Tools Market Poised to Grow in the Future

2014-11-12
Published : Nov-2014

In the last decade, the machine tools industry has grown exponentially in China, bolstered by high domestic demand and a large influx of foreign investment. Machine tools are used in a wide variety of industries, ranging from automobiles and manufacturing to shipbuilding and aviation. According to market research, China’s machine tools market is forecasted to grow at a compound annual growth rate of 11.42 percent during the period from 2013 to 2018. Some of the factors that are fueling the growth in the market are rapid industrialization in China, increase in government initiatives taken to boost the industry, and favorable tax and tariff policies. In the future, the Chinese machine tools industry is forecasted to flourish with its ability to manufacture high-end machine tools.

Some of the key players in the machine tools market in China are Dalian Machine Tools Group, Shenyang Machine Tools, Shaanxi Qinchuan Machinery Development, and DMG Mori Seiki AG. According to a survey conducted by the International Mold & Plastic Hardware Industry Suppliers Association currently there are 2,023 manufacturers of machine tools in China. In 2012, the machine tools industry in China reached a value of 721 billion yuan. By 2017, the market is estimated to reach a value of 1,100 billion yuan. In terms of product segment, the machine tools market can be divided into three broad segments – metal cutting tools, metal forming tools and special machine tools such as electrical discharge machine and laser machine. With nearly 40 percent market share, metal cutting tools account for the largest chunk of the Chinese metal tools market. However, in recent years, the demand for specialty machine tools and CNC machine tools has also increased.

Industrial machinery is the largest user of machine tools and accounts for almost half of China’s demand for machine tools. This is followed by the automobile sector which accounts for almost 23 percent of the overall demand. In the coming years, the demand for machines with more advanced cutting abilities and multitasking machine tools are expected to fuel the growth in the industry. With increase in investment in the power generating equipment industry and fabricated metal markets, the demand for machine tools in China is expected to grow in the future.

Explore the latest market research reports on machine tools market in China @ http://www.sandlerresearch.org/machine-tools-market-in-china-2014-2018.html

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