Shrink Fit Machine Market: Current Analysis and Forecast (2022-2030)

Report Description

The shrink-fit machine market is expected to grow at a strong CAGR of around 6.50% during the forecast period owing to the growing demand for high-precision machining in the manufacturing industry. The manufacturing industry constantly evolves and advances with new technologies to increase efficiency and precision. One critical aspect of manufacturing is excessive-precision machining, which involves cutting and shaping materials to pretty precise measurements. This type of machining is utilized in a wide variety of industries, such as aerospace, automotive, electronics, clinical equipment, and more.  As the urge for excessive-precision machining continues to develop, so too does the market for tools and equipment that enable it. One such tool is the shrink-fit machine, which has become increasingly popular in recent years to achieve precise and reliable machining results. The major factors driving the growth of the market include the demand for high-precision machining in the aerospace industry, automotive industry, electronic sector, and medical equipment industry. Furthermore, medical equipment manufacturers also are turning to shrink-fit machines as a means of accomplishing specific and constant results within the manufacturing of medical devices and components. From prosthetics to surgical instruments, these machines are being used to supply components to genuine specs, enhancing patient outcomes and reducing the risk of complications. For instance, in July 2022, the government tabled a draft for the new Drugs, Medical Devices and Cosmetics Bill 2022, to assure and offer thorough legal protections to ensure that the medical items sold in India are reliable, efficient, and up to the required standards. As of 2020, the medical devices market is estimated to be at US$ 12 billion in India, and it is expected to grow at a CAGR of 15%, which is 2.5 times the global growth rate. The medical device equipment sector has attracted significant investments over the year. Therefore, the growing medical device equipment industry propels the demand for the shrink-fit machine market in the coming years.

Some of the major players operating in the market include Haimer GmbH; BILZ WERKZEUGFABRIK GmbH & Co. KG; Guhring, Inc.; Diebold; MST Corporation; Zoller; Lyndex-Nikken; Falcon Toolings; Kelch GmbH; D’ANDREA S.p.A. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the more than 20KW segment held a dominating share of the market in 2021”

Based on type, the market is categorized into Less than 10KW, 10-20KW, and more than 20KW. The more than 20KW category has dominated the market in the historic year and is expected to see the same trend in the forecast period. The major factors that push the segment for high demand are the growing various industries such as aerospace, automotive, and manufacturing where heavy-duty workloads have been carried out and the segment possesses high power and ability to handle heavy work. Moreover, the use of greater than 20kw shrink-fit machines lets in for quicker heating and cooling times, resulting in better throughput rates. This is vital for high-volume production runs in industries along with automotive and manufacturing. The usage of excessive-power machines also ensures a high level of accuracy and repeatability in the production system. For instance, in December 2020, according to the report published by Indian Brand Equity Foundation, the Indian aerospace & defense (A&D) market is projected to reach ~USD 70 billion by 2030, driven by the burgeoning demand for advanced infrastructure and government thrust. Therefore, the growing aerospace and defense industry continued the domination of more than 20KW segment.

“Amongst applications, the automotive segment held the largest market share in 2021”

Based on application, the market is segmented into the aerospace industry, automotive, general metal processing, and medical Industries. Among these segments, the automotive industry has the largest market share in the historic period and is expected to show the same trend in the forecast period as the automotive industry is a significant consumer of shrink-fit machines, and it is the largest end-user of this technology. Shrink fit machines are used in various applications in the automotive industry, such as the manufacturing of engine blocks, suspension components, brake systems, transmission parts, and exhaust systems. The demand for shrink-fit machines in the automotive industry is primarily driven by the increasing demand for high-performance and lightweight vehicles. Moreover, the burgeoning adoption of electric vehicles worldwide due to the volatile price of fuel and the various government around the world’s stringent regulations to control pollution. The production of EVs requires specialized parts that are lightweight and have high strength. Shrink-fit machines offer a cost-effective and efficient way to manufacture these parts. For instance, in 2021, according to the international energy agency(IEA), Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices. Moreover, in February 2023, according to a report published by the U.S. Bureau of Labor Statistics, the consumer demand for EVs has risen significantly from 22000 EVs on the road in 2011 to a little over 2 million in a decade till 2021. Therefore, the growing automotive industry plays an important role in the shrink-fit market.

“Asia Pacific, the fastest growing region in the shrink-fit machine market in 2021”

The Asia Pacific is projected to be the fastest-growing region in the forecast period due to the increasing adoption of Industry 4.0 practices. One of the primary reasons why the Asia-Pacific region is experiencing fast growth in the shrink-fit machine market is its manufacturing competencies, particularly in the automotive and aerospace industries. These industries are among the most significant users of shrink-fit machines, given their need for high-precision metal parts, which are made possible using these machines. Defense and aerospace continue to be strong pillars for India and key government structures along with Make in India to succeed. government regulations have focused on the implementation of superior technologies in the defense sector, as a result improving the capacity of domestic manufacturing. The Defense Ministry has set a goal of 70% self-reliance in weaponry by 2027, creating large possibilities for players inside the industry. The Indian government has implemented several policies to promote self-reliance in defense and aerospace manufacturing under the Aatmanirbhar Bharat Scheme. For instance, 74% FDI in defense manufacturing, an ‘Import embargo’ on 101 military items, and Defense Production and Export Promotion Policy 2020 cater to the demand for the shrink-fit-machine market in coming years.

Shrink Fit Machine Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global shrink-fit machine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Shrink Fit Machine Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global shrink-fit machine market were the three major steps undertaken to create and analyze the adoption of shrink-fit machines in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global shrink-fit machine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the shrink-fit machine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the shrink-fit machine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the shrink-fit machine market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the shrink-fit machine market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the shrink-fit machine market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global shrink-fit machine market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the shrink-fit machine market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global shrink-fit machine market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global shrink-fit machine market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the solution, application, and end-user in the global shrink-fit machine market.

The main objective of the Global Shrink Fit Machine Market Study

The current & future market trends of the global shrink-fit machine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the shrink-fit machine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type and application
• Define and analysis of the regulatory framework for the shrink-fit machine industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the shrink-fit machine market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the shrink-fit machine market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team