Machine Shop Services in the US
The Machine Shop Services industry has remained largely unchanged after posting two years of revenue declines and three years of revenue increases over the five years to 2019. Although nearly all of this industry's downstream markets have expanded over the past five years and are currently operating with improved market conditions, falling metals prices between 2013 and 2016 contributed to lower revenue in that period. Technological advancement in machining is largely driven by the defense and aerospace markets. These markets require parts that are as light as possible, made to exceptionally tight tolerances and shaped into complex geometries. As defense spending has tapered off due to the United States' withdrawal of combat operations in the Middle East, many of these operators' machines have been repurposed to satisfy growing demand from the commercial manufacturing sector. Over the next five years, operators will devote further resources to satisfy projected growing demand from manufacturers in markets like automobile manufacturing, commercial aircraft manufacturing and metal forging. Demand from medical device manufacturers is also expected to increase due to a progressively aging US population with a growing need for medical care.
The Machine Shop Services industry cuts raw materials into specified shapes and sizes using a variety of tools such as lathes, milling machines, grinders and drill presses. Almost all forms of metal product fabrication involve machining, and industry operators may also machine plastic and composite materials.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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