The cold heading machine market is expected to grow at a CAGR of around 5.8% during the forecast period of 2019
NEW YORK, Sept. 3, 2019 /PRNewswire/ -- Market Overview
The cold heading machine market is expected to grow at a CAGR of around 5.8% during the forecast period of 2019 - 2024. The major factors driving the growth of market studied are the increasing demand from automotive industry, and robust growth of construction industry. On the flipside, the unawareness regarding the usage of cold heading machines is one of the major stumbling blocks in growth of the studied market.
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- 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 in Asia-Pacific region is likely to provide opportunities for the studied market during the forecast period.
- North America dominated the market across the globe, with the growing usage in industries such as automotive, construction, aerospace and others.
Key Market Trends
Automotive Segment to Dominate the Market Demand
- 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.
- North America and Europe, 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.
- Besides Asia-Pacific countries, such as India, Indonesia, Malaysia, and Thailand 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.
North America Region to Dominate the Market
- North America 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 North America, 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 the United States. However, in October 2018, non-residential construction starts increased by 53%, accounting to 21% boost in overall construction in the country.
- In Canada, two of the three largest cities have become a hotspots for construction. The construction activities have been booming again in Toronto and Vancouver. Developers outlook regarding good returns on investment, particularly with high-density residential projects have been driving the construction activities in the country.
- Besides in Mexico, 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.
Competitive Landscape
The cold heading machine market is a fragmented market, where numerous players holds insignificant share of the market to affect the market dynamics individually. Some of the noticeable players in the market include Chun Yu Group (Chun Zu Machinery Ind. Co. Ltd.), GFM, Wrentham Tool Group LLC, Sakamura USA Inc., and Hatebur Umformmaschinen AG, amongst others.
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