LONDON--(BUSINESS WIRE)--The global roll forming machines market size is poised to reach USD 121.56 million by 2023, according to a new report by Technavio, progressing at a CAGR of more than 3% during the forecast period. Increasing demand from the automotive industry is projected to augment the market over the forecast period.
Key suggestions from the report:
- Automotive industry represented over 38% of the overall volume in 2018 because of the increasing investments in the automotive industry by Asian countries such as Indonesia, India, and Japan toward acquiring new technologies.
- Manufacturing industry is likely to register a CAGR of close to 4% in terms of revenue from 2019 to 2023 owing to the expansion of manufacturing plants.
- Construction industry commanded close to 27% of specialty tapes volume share in 2017, owing to the increasing number of new constructions in several developed and emerging countries across the world.
- The Asia Pacific roll forming machines market accounted for more than 38% of the overall revenue in 2018, because of the continued contribution from markets in China, India, Japan, Vietnam, South Korea, Australia, and Malaysia.
- Presence of many players and the technological advances in roll forming machines by manufacturers are bolstering the competitive rivalry in the market. This roll forming machines market study provides detailed analysis of the competitive landscape of this market.
Read a 110-page research report with TOC on "Roll forming Machines Market Analysis Report by end-user (automotive industry, manufacturing industry, and construction industry), and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/global-roll-forming-machines-market-industry-analysis
Roll forming machines are extensively used in the automotive industry to make automotive parts such as rocker panels, bumpers, door beams, crash tubes, and other applications. This is mainly due to the ability of roll forming machines to develop high tensile strength with reduced cost. Thus, the demand for roll forming machines in the automotive industry is expected to increase significantly, thereby fueling the roll forming machines market growth during the forecast period.
The roll forming machines market has been witnessing significant technological advances over the last few years. Technological advances such as the emergence of automated servo-electric roll forming machines are aiding the metal forming industry to simplify its metal forming process, and ensure a high level of security. The modern robotic roll forming machines make use of control units and sensor technology for quality control and tools changeovers. Thus, the technological advances in roll forming machine will fuel the growth of the market during the forecast period.
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The availability of substitutes such as press bakers and hot metal stamping is one of the threats affecting the growth of the roll forming machines market. Hot metal stamping is highly popular in the manufacturing industry as the available machines in the market have a high level of automation. They are also capable of forming 3D metal parts. Although the impact of this challenge is low in the roll forming machines segment, improvements in hot metal stamping machines are likely to intensify the challenge during the forecast period.
Technavio has segmented the global roll forming machines market based on end-users (automotive industry, manufacturing industry, and construction industry and region (APAC, Europe, North America, South America, and MEA).
Related Reports on Industrials Market are:
Strapping Machine Market – Global strapping machine market report provides a detailed analysis of the market based on product (automatic and semi-automatic) and geography (APAC, Europe, MEA, North America, and South America).
Metal Stamping Market – Global metal stamping market report provides a detailed analysis of the market by end-users (automotive, industrial machinery, consumer electronics, aerospace and defense, and others) and geography (APAC, Europe, MEA, North America, and South America).
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