CLEVELAND, Nov. 15, 2019 /PRNewswire/ -- Global demand for metal cutting tools is forecast to climb 3.4% per annum through 2023 to $80.9 billion, driven by:
- solid advances in global durable goods production capacity, particularly in developing countries such as India, China, and Russia
- a shift in the product mix toward higher value, more technologically advanced products as manufactures work to boost output, increase efficiency, and produce more sophisticated end products
- an ongoing transition to more expensive, automated models aided by research and development
However, functional competition from used and retrofitted equipment is expected to restrain demand for metal cutting tools to some extent. Many smaller and mid-sized producers of durable goods in developing countries will continue to prefer these products to higher end and more expensive tools for some time.
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