US machine tool market forecast for the next 2-3 years

During the 2014 International Manufacturing Technology Exhibition (IMTS2014) held in Chicago, USA on September 8-13, the China Machine Tool Industry Association (CMTBA) sent a delegation headed by Executive Vice President Mao Yufeng to visit and exchange. After returning to China, the delegation wrote a detailed investigation report, and we have reported on the topic. Today I will introduce information about the predictions of the US market that I learned during the inspection.

The United States International Manufacturing Technology Exhibition (IMTS) was founded in 1927, IMTS2014 is the 30th, and was held on September 8-13, 2014 at McCormick Place, Chicago, USA. The delegation of China Machine Tool & Tool Industry Association also obtained a variety of information while carefully examining the exhibits.

In conversations with GARDNER and AMT, we learned that GARDNER's market expectations for the US this year and next are quite high. To this end, we have collected some information and organized them as follows.

According to GARDNER's capital expenditure survey of 28,000 magazine subscribers in North America, US metal cutting machine tool consumption will increase by 37% in 2015 to reach US$8.22 billion.

This is based on the following four factors:

The first is the money supply. Between February 2013 and June 2014, the US money supply accelerated, which will drive the consumption of machine tools in 2015. With the withdrawal of quantitative easing, it is expected that the growth rate of machine tool consumption will slow down in 2016.

Second, the equipment utilization rate in July 2014 was 78.6%, the highest since January 2008. Relatively high equipment utilization and rapid growth trends also indicate that machine tool consumption will rise sharply in 2015.

Third, based on historical experience, the GARDNER Business Index predicts machine tool consumption 10 months ahead of schedule. This index accelerated growth between March and August 2014, indicating that machine tool consumption will also perform in 2015.

Fourth, the durable goods production index reached its highest point in June 2014. From the trend point of view, it will remain in the first quarter of 2015, which will also be a factor supporting the rapid growth of machine tool consumption.

The industry that is expected to consume more than US$500 million in machine tools in 2015 is the foreign processing, machinery and equipment manufacturing (including gold cutting machine tools), automotive and liquid airtight industries.

Among all the requirements, the machining center has the largest demand by machine type, followed by turning centers, lathes and grinding machines. Of particular concern is that additive manufacturing equipment has begun to enter the user's purchase list, which is expected to reach $37 million in 2014 and $270 million in 2015. See the table below for details.

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