ID: MRFR/IA - E/5735-CR | October 2020 | Region: Global | 167 pages
Impact of COVID-19 on the CNC Metal Cutting Machine Tools Market
The CNC metal cutting machine tools market has been negatively impacted in recent months owing to the lockdowns implemented in most of the countries across the globe. These lockdowns have resulted in halting the manufacturing of CNC metal cutting machine tools temporarily since the pandemic outbreak in December 2019. The lockdowns imposed have also hampered the aerospace & defense, shipbuilding, construction, and automotive industries, which require CNC metal cutting machine tools as the main equipment for the manufacture of various parts and components. Furthermore, the short supply of raw material has also affected the market as the production of these tools has been affected due to the pandemic; however, the demand for these products is expected to stabilize during the coming months as several governments prepare to lift the lockdowns in a phased manner.
The lifting of the lockdowns is likely to restore economic conditions and the demand for various goods and services, which is anticipated to boost the demand for CNC metal cutting machine tools in the coming months. The market is anticipated to grow in the coming years owing to the high demand from the industrial sector and the professional segment and the increasing usage of CNC metal cutting machine tools for manufacturing activities. The growth in the industrial sector is expected to fuel the CNC metal cutting machine tools market. The adoption of CNC metal cutting machine tools across industries in both developed and developing countries is expected to increase, owing to the lack of availability of a skilled workforce and the high costs of labor. The need for CNC metal cutting machine tools is likely to increase with the rising demand from the furniture industry. The key driving factor responsible for the growth of the market is the increasing demand for these tools in the construction and automotive sectors.
Exports of Manufactured Goods in the US (USD Million)
Source: US Census Bureau