Extrusion Machinery Market Forecast and CAGR
Fact.MR conducted a thorough analysis of the global extrusion machinery market with the assistance of his specialized team in the industrial goods industry. It is been stated that the global extrusion machinery market is presumed to witness a flourish growth rate over the assessment period (2021-2031). Soaring manufacturing sector across the globe is an evident sign for the global extrusion machinery market. Further surging industrialization and urbanization is presumed to supplement the growth curve of market over the assessment period.
What is Driving Demand for Extrusion Machinery?
The global extrusion machinery market is experiencinghike owing to rapid surge of investment in manufacturing sector and heightened demand for extrusion product. Extrusion products are witnessing immense appeal from numerous sectors such as healthcare, consumer goods and healthcare sectors.
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However, manufacturers are leaned towards the development and manufacturing of automated and semi-automated extrusion machinery in orderto accelerate the production yield. In addition, key players are focused to produce high performance machines owing to ensure energy efficiency which will aid to sustainability of market growth rate.
Traditional industries like automotive, energy, aviation, consumer goods and many more is presumed to be on higher side over the forecast period. Extrusion machinery market is expected to foresee a steady growth rate. However, recent development and regional government initiatives towards micro small and medium enterprises (MSME) will bolster the demand for extrusion machinery.
Automotive Recovery Likely to Augment Extrusion Machinery
Global automotive market has witnessed a plunge during the novel covid-19 pandemic owing to slowdown the growth rate and disrupted almost past ten year of growth in the industry. Since extrusion machinery finds a wide potential in automotive industry due to numerous ancillary parts and components, which further tends to witness a ripple in demand.
However, it is been recently noticed that few of automotive giants have shown evidence of recovery which will further supplement in the growth trajectory of market. Gaining recovery of manufacturing sector and gradually elevating global economy emits an optimistic approach towards the market and expected to witness a scale up demand.
Extrusion industry serves across multiple sector such as manufacturing, pharmaceutical and consumer goodsowing to its applicability. These traditional industries have experienced a heightened demand over Covid-19 pandemic and growth trend is likely to remain on higher side over the assessment period.
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How Covid-19 has Impacted Extrusion Machinery Market?
Covid-19 has massively impacted the manufacturing and other prominent traditional sectors resulting to flatten the global economy curve. Pandemic has deliberately impacted on the supply chain and hinder the supply-demand equilibrium of market. Unprecedented covid-19 event has imposed lockdowns and severe social distancing measures.
Manufacturing sector across the globe was muted which substantially impacts on the annual; revenue bar of companies.
Further, in recent few months it is been observed that the wave of corona has heightened more brutally than before. Again it started with ban of international flights and quarantines which is likely to portray a significant adverse impact on global economy.
Covid-19 has restricted the sales of numerous consumer goods whereas automobile industry has witness a proportional thump in the market. Due to this global extrusion machinery has gone through a significant demand supply gap which is likely to pull down the revenue bar of manufacturers.
However, regional governments have taken numerous steps to tackle this pandemic in a most efficient way. Regulatory bodies across the globe are emphasizing to robust their healthcare system owing to break the chain of virus.
The report “Extrusion Machinery Market” exhibits detailed outlook on six prominent regions including North America, Latin America, Europe, East-Asia, South-Asia and Middle-East & Africa. Among all of these North-America holds a dominance and captures a larger chunk of market share and likely to remain in growth trajectory over the assessment period.
North-America is expected to acquire a significant market share in global extrusion machinery market. U.S is noticed as the most potential region owing to high disposable income integrated with a broad manufacturing infrastructure.
East- Asia is presumed to spectate a flourish growth rate during the assessment period owing to developing countries such as China and South-Korea. China is presumed to hold a dominant position in East-Asia market. China is observed as one of the leading countries with robust manufacturing infrastructure, this may optimistically contribute in the market during the forecast period.
Middle East and Africa is expected to account minimal market share and presumed to exhibit a moderate growth rate.
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Who are the Key Manufacturers of Extrusion Machinery Market?
Some of the leading manufacturer of global extrusion machinery market are
- Vulcan Extrusion
- ITIB Machinery International
- Toshiba Machine Co. Ltd.
- Windsor Machines Limited
- KraussMaffei Group
- UNION Officine Meccaniche SpA
- Bausano & Figli SpA
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