The new screw machine market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Screw Machine Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growth of the construction industry," says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the screw machine market size to grow by USD 525.82 million during the period 2020-2024.
Screw Machine Market Segment Highlights for 2020
- The screw machine market is expected to post a year-over-year growth rate of -4.11%.
- Based on the type, the market saw maximum growth in the single spindle screw machine segment in 2019. This is due to the extensive use of single spindle screw machines in the manufacture of automobile components.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 60% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by the rising demand for screw machines and fasteners from end-user industries such as end-user industries such as the automotive, aerospace and defense, shipbuilding, construction, and railways.
- China, Japan, and India are the key markets for screw machines in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The screw machine market size is expected to accelerate at a CAGR of over 1% during the forecast period.
- The screw machine market is segmented by Type (Single spindle screw machine and Multi spindle screw machine) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Brinkman International Group Inc., Cox Manufacturing Co., Eurotech, FANUC Corp., INDEX-Werke GmbH Co. KG Hahn Tessky, METRA MULTIHUSILLOS SL, Okuma Corp., Precision Screw Machine Products Inc., Tornos SA, and Valley Machining Co.
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