Automotive segment dominated the market in 2018 and is likely to grow during the forecast period, owing to the growing innovation & development, and increasing usage of cold heading machines in the industry.
The increasing adoption of cold heading machines inregion is likely to provide opportunities for the studied market during the forecast period.
dominated the market across the globe, with the growing usage in industries such as automotive, construction, aerospace and others.
The automotive industry dominates the market demand, which accounts for more than 30% share of the global cold heading machinery market.
In the automotive industry, parts that are formed using cold heading machines are widely used. Some of the major metals, which are used in cold heading process are: copper (Cu)-based metal alloys, pure copper, brass, phosphor bronze, stainless steel, aluminum, etc.
The headed parts, which are manufactured using cold heading machines are widely used in the fabrication of terminals and pins for various automobile control units, engine control units (ECUs), pressure sensors, and in other various vehicle-mounted sensors.
Factors such as advancement in technology, policies related to climate change, and shifting consumer preferences are driving the demand for environment friendly, fuel efficient, and smart vehicles, which has been leading to increase in innovation & development of electric and hybrid vehicles, globally.
and , on the other hand, are continuously investing in the innovation and development of advanced and energy-efficient & greener vehicles. In this regards, automakers in these regions have been investing on the expansion of their production facilities, which is further expected to drive the demand for cold heading machines.
Besidescountries, such as , , , and have been witnessing investments by the multi-national automakers. In such countries, the market for cold heading machines holds opportunity of growth in the coming years.
Hence, all such market trends and increasing investments in the automotive industry are likely to drive the demand for cold heading machines market during the forecast period.
region dominated the global market share in 2018. The growth of cold heading machine market is expected to be driven by the growth of end-user industries, such as automotive, construction, electronics, and aerospace.
In, automotive industry have been innovating and investing in the development of high-tech, heavy, and energy efficient vehicles, which is expected to drive the demand for cold heading machine market in the region.
In 2018, the residential construction witnessed noticeable growth in. However, in , non-residential construction starts increased by 53%, accounting to 21% boost in overall construction in the country.
In, two of the three largest cities have become a hotspots for construction. The construction activities have been booming again in and . Developers outlook regarding good returns on investment, particularly with high-density residential projects have been driving the construction activities in the country.
Besides in, renovation of affected properties due to earthquake in 2017, and high housing demand is driving the growth of construction sector.
Hence, with such favorable market trends, the demand for cold heading machine is projected to increase in the region during the forecast period.