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Blanking Machine Market Navigating Business with CAGR of 4.2% with Revenue of $1.45 billion
Blanking Machine Market
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Increase in manufacturing of defense equipment in the private sector, surge in expenditure associated with defense activities, and development in the automotive industry propel the growth of the global blanking machine market. On the other hand, fluctuation in foreign currencies and rising adoption of laser cutting technology restrain the growth to some extent. However, advancements in the machinery & equipment manufacturing sectors are anticipated to pave the way for lucrative opportunities in the industry.
COVID-19 Scenario-
The extended lockdown and halted manufacturing activities across the world gave way to distorted supply chain of the blanking machine products, thereby impacting the market negatively.
However, as the global situation is getting ameliorated, the market is anticipated to revive soon.
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The global blanking machine market is analyzed across product type, material, end user, and region. Based on product type, the mechanical segment accounted for the major share in 2020, holding nearly half of the global blanking machine market. The hydraulic segment, on the other hand, would grow at the fastest CAGR of 4.7% throughout the forecast period.
Based on material, the steel segment generated the highest share in 2020, accounting for nearly half of of the global market. At the same time, the alloys segment is projected to manifest the fastest CAGR of 5.0% from 2021 to 2030 .
Based on region, the market across Asia-Pacific held the lion's share in 2020, garnering more than two-fifths of the global market. The same province is also expected to cite the fastest CAGR of 4.9% by the end of 2030. The other provinces studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global blanking machine market report include Hagel Automation GmbH, Autoprint Machinery Manufacturers Pvt Ltd, Jet Pack Machines Pvt Ltd, Hubei Tri-ring Metalforming Equipment Co Ltd, Ueshima Seisakusho Co Ltd, Komori Corporation, Precision Surfacing Solutions (Lapmaster Wolters), Schuler AG, AMADA CO Ltd, and Torontech Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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