Abstract In the past few years, the continuous development of industries and technologies in developing countries has been a key factor driving the expansion of the world machine tool market. According to the global industry analysis report, the market value of machine tools is expected to reach $154 billion in 2018. The countries in the Asia Pacific region are the most global growth...
In the past few years, the continuous development of industries and technologies in developing countries has been a key factor driving the expansion of the world machine tool market. According to the global industry analysis report, the market value of machine tools is expected to reach $154 billion in 2018.
The countries of the Asia Pacific region are the fastest growing and largest machine tool market in the world. Countries such as China, Taiwan, South Korea, Thailand, Malaysia and India have shown the most healthy economic growth and infrastructure construction. The continuous growth of China's industry also shows a strong demand for new machine tools. According to global industry analysis, metal cutting tools have become the market with the largest market due to the growth of powder metallurgy high-speed steel cutting tools.
The production materials stored in the factory have greatly affected the industrial revolution, especially in the mold, cutting, forming and assembly machine tools for the automotive, aerospace and medical fields. At the same time, industry not only provides employment opportunities, but also catches up with economic competition, and it also becomes an important resource for the survival of a country's economy.
Developing countries see industry as a means of creating jobs and boosting peopleâ€™s income and living standards; while developed countries use industry to improve national competition, innovation, research and development and design capabilities,
Developed countries are now learning how to optimize investment in local industries and help restore a highly indebted economy. Machine tools are one of the solutions, especially the United States is preparing to create an industrial renaissance, bringing new market opportunities for machine tools.
Low-cost sources of energy and fuel will reduce industrial costs, attract industry companies back, and help the US return to the industrial age. As the old and damaged infrastructure needs to be upgraded, other developed countries also expect to see an increase in demand for machine tools. (Excerpt from "Machine Tools Market Projected to Reach $154 Billion by 2018", translation: Ma Yanping)
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