The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The machine shops, turned product, and screw, nut, and bolt market have witnessed robust growth in recent years, with a promising outlook for the future. The market size is projected to climb from $461.86 billion in 2023 to $490.05 billion in 2024, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 6.1%. Looking ahead, the market is anticipated to reach $611.82 billion in 2028, further bolstering its position with a CAGR of 5.7%. These optimistic forecasts are attributed to various factors, including industrial production, economic cycles, technological advancements, infrastructure development, and the dynamics of global trade.

Driving Forces Behind Future Growth

1. Industry 4.0 and Automation: The integration of industry 4.0 and automation technologies is expected to play a pivotal role in the industry’s growth. This includes advancements in robotics, artificial intelligence, and data analytics.
2. Sustainable Manufacturing: Embracing sustainable practices will contribute to the industry’s growth, aligning with the global focus on environmental responsibility and resource efficiency.
3. Electric Vehicles and Renewable Energy: The rising prominence of electric vehicles and renewable energy sources will drive demand for components manufactured by machine shops, supporting market expansion.
4. Aging Infrastructure: As infrastructure around the world ages, there is an increasing need for repairs and replacements, providing a substantial market opportunity for the machine shops and fastener manufacturing industry.

Challenges Faced by the Industry

Power Tariff Hikes Acting As A Challenge For Machine Shops And Fastener Manufacturing Industry
The industry faces a significant challenge in the form of escalating power tariffs. The global movement towards alternative sources of electric power, such as solar, wind, and nuclear power, is driving up power tariffs. Initiatives by NGOs, multilateral organizations, and governments to promote alternative power sources impact production costs, posing a challenge to the machine shops, turned product, and screw, nut, and bolt manufacturing market.

Key Players in the Market
Major companies contributing to the growth and dynamics of the machine shops, turned product, and fastener manufacturing market include:

• Berkshire Hathaway Inc.
• Illinois Tool Works Inc.
• Stanley Black & Decker Inc.
• Lisi S.A.
• The SFS Group AG
• MISUMI Group Inc.
• Bulten AB
• Arconic Inc.
• Precision Castparts Corp.
• Kennametal Inc.
• Timken Company
• Mueller Industries Inc.
• Carpenter Technology Corporation
• Barksdale Inc.
• Nucor Corporation
• EFC International
• SPS Fasteners
• The Hillman Group
• Bastian Solutions
• SureWerx

Robotics And Automation Revolutionize Machine Shops And Fastener Manufacturing
The adoption of robotics and automation is transforming the landscape of machine shops, turned product, and fastener manufacturing. The incorporation of sensors in various machines is providing invaluable data to enhance efficiency and prevent breakdowns. Notably, in Q2 2021, businesses in North America placed orders for 9,853 robots worth $501 million, indicating a substantial increase in demand. Companies such as FANUC, KUKA, ABB, and Motoman are at the forefront, offering industrial robots to meet the evolving needs of the industry.

Segmentation of the Machine Shops, Turned Product, and Screw, Nut, and Bolt Market
The machine shops, turned product, and screw, nut, and bolt market can be segmented based on:

1. Type:
   • Turned Product and Screw, Nut, and Bolt
   • Machine Shops
2. Grade:
   • GR 5.8
   • GR 8.8
   • GR 10.9
   • GR 12.9
   • Other Grades
3. Application:
   • Construction
   • Petrochemical
   • Heavy Machine Equipment
   • Automotive
   • Aerospace
   • Home Appliances
   • Motors and Pumps
   • Furniture
   • Plumbing Products
   • Other Applications

Regional Dominance
In 2023, Western Europe emerged as the largest region in the machine shops, turned product, and screw, nut, and bolt market, underlining its significant contribution to the global landscape.

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The Machine Shops, Turned Product, And Screw, Nut, And Bolt Global Market Report 2023  provides an overview of the machine shops, turned product, and screw, nut, and bolt market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The machine shops, turned product, and screw, nut, and bolt market forecast analyzes machine shops, turned product, and screw, nut, and bolt market size, machine shops, turned product, and screw, nut, and bolt market share, leading competitor and their market positions.

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