World machine tool demand on the rise

World demand for machine tool products — metal cutting and metal-forming machine tools and accessories — is projected to increase 5.2% per year through 2009 to more than $84 billion. In a recently released study, World Machine Tools, The Fredonia Group, Cleveland, estimates industrialized nations will be chief contributors, due to modernization and upgrades. Additionally, rapid industrialization in countries such as China, India, Malaysia, Thailand, South Korea, and Taiwan will fuel growth. Eastern Europe and Latin America will also register above-average growth.

Electronic equipment and motor vehicle sectors will see the most growth, while the industrial machinery and primary/fabricated metals sectors will decline.