The global hydraulic press machine market is projected to grow at CAGR of 4.8% during 2017-2023.
As per the research, the global hydraulic press machine market is expected to register a CAGR of 4.8% during 2017 – 2023 and reach a value of $11,733.2 million by 2023. Hydraulic press machine refers to a mechanical device used in industrial manufacturing processes.
These machines are widely used in several industries including automotive, military and ceramics to perform various tasks such as coining, blanking, stamping and embossing. Hydraulic press machines are also used in metal fabrication and metal extrusion processes.
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Major factors propelling the growth of the global hydraulic press machine market include surge in demand for fabricated metal, increased automation in manufacturing sectors and operational advantages of hydraulic press machines over traditional mechanical press machines. Moreover, hydraulic press machines are made of stainless steel owing to which these presses are highly durable.
Durability of these presses is one of the major reasons to which the increase their adoption by various press end-users can be attributed.
As per the findings of the research, hydraulic press machines are widely used in industries such as automotive, ceramics and abrasives, electrical and electronics, food and beverages and military. Of these, automotive industry led the market for hydraulic press machines globally, and is expected to continue its dominance during the forecast period as well, owing to the amplifying demand for fabricated metal.
Uninterrupted demand for automobiles across the globe is one of the major factors propelling the adoption of hydraulic press machines in this industry.
Asia-Pacific garnered the largest revenue in the global hydraulic press machine market in 2016, and it is anticipated to maintain its dominance over next few years. Increasing demand for automobiles, electronic goods, advancement in military sector are the major factors that are expected to spur growth in the market for hydraulic press machine market in Asia-Pacific.
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The increasing demand for fabricated metal in automotive industry is expected to create growth opportunities for the global hydraulic press machine market in near future. Metal fabrication refers to the process of transforming a piece of metal into end-use or intermediate product by forging, stamping, welding, forming, machining and several others processes.
Hydraulic press machines are capable enough to perform all the tasks required for metal fabrication.
However, automotive industry is likely to grow in near future, owing to the augmented demand of automobiles across the globe. This is again foreseen to spur the demand for metal castings, forgings and stampings, and is likely to propel the growth of the global hydraulic press machines market.
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