Metalworking Machinery Manufacturing in Ohio
Growth in the Metalworking Machinery Manufacturing industry's key end markets, such as the automotive and construction sectors, coupled with the state's strong manufacturing base has helped industry operators achieve steady gains in revenue over the past five years. Like the US industry, machine tool manufacturing dominates Ohio industry revenue. The manufacturing GDP of Ohio, which constitutes the largest component of the state's GDP, is expected to grow over the five years to 2018. As manufacturing has increased over the past five years, demand for metal forming machine tools such as punching, sheering and die-casting machines has also increased. Furthermore, overall construction activity in the state has also increased over the past five years. Over the next five years to 2023, industry revenue is expected to rise. Along with an expected increase in the manufacturing GDP of Ohio, value of residential construction in the state is expected to rise over the five years to 2023. These trends will lead to operators experiencing an increase in demand from automobile and automotive parts manufacturers from neighboring states and help them generate steady revenue.
Companies in this industry primarily manufacture power-operated tools that are used for finishing or shaping metal parts, which are then used to manufacture other machines. Industry products include wire drawing and fabricating machines, metal cutting tools, special dies and coil handling equipment. This industry excludes companies that primarily manufacture power tools and other general-purpose machinery accessories (see IBISWorld report 33399).
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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