Machine Shop Services in the US - Industry Market Research Report

Machine Shop Services in the US

The Machine Shop Services industry has grown over the past five years despite challenges presented by the COVID-19 pandemic in 2020, with revenue growing at a CAGR of 1.4% to $52.4 billion over the past five years. Rising steel and aluminum prices stemming from production halts in 2020 made the costs for production much more expensive in the following years, including in this industry. Nonetheless, the reopening of the economy in 2021 fueled increased demand from downstream industries, which helps fuel growth in revenue in this industry as it passes on these increased input prices in the form of higher prices for its services. Renewed investment in metalworking machinery and growth in the industrial production index will contribute to industry revenue increasing in the same year. Despite these positive developments, other downstream industries serviced by the industry have declined in the past few years. These declines will cause industry revenue to fall 2.0% in 2023, compared with massive growth in previous years.

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.