Cold heading machines are used for manufacturing metal fasteners like screws, nuts, bolts and rivets through a process called cold heading. Cold heading involves pressing or forcing rod-like stock material under high pressure into a pre-formed die at room temperature without any softening due to heating. These machines help producers manufacture metal components with intricate geometries in high volumes at reduced costs. They find widespread use in automotive, aerospace, industrial machinery and other manufacturing industries for mass production of standard metal parts.
The global cold heading machine market is estimated to be valued at US$ 3557.05 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Cold Heading Machine Market is projected to witness high growth owing to increasing automotive production across the globe. One of the major drivers of this market is increasing vehicle production as cold headed fasteners are extensively used in the automotive industry for manufacturing engine components, transmission parts, suspension components and other small metallic parts. According to OICA, global vehicle production increased by approximately 4% from 93.39 million units in 2020 to 97.21 million units in 2021. Rising demand for both commercial and passenger vehicles along with increasing stringency of emission and fuel economy norms worldwide are prompting automakers to replace metal components with lighter and high strength versions which is driving demand for cold headed fasteners and machines. The extensive use of cold headed parts in the automotive industry due to their corrosion resistance, dimensional consistency and ability to provide complex geometries at economical costs is fueling revenue growth of the cold heading machine market over the forecast period.
SWOT Analysis
Strength: Cold heading machine has high demand from automotive industries. The automotive industry is the largest consumer of cold-formed parts produced through cold heading machines. Cold heading process enables production of complex geometries and close dimensional tolerances. It can shape any ferrous or non-ferrous metal such as steel, aluminum, brass or copper alloys without producing burrs or flashes and in high volumes with repeatable quality.
Weakness: High initial investment is required to set up a cold heading machine facility. Cold heading machines require frequent maintenance and have high operating costs. Changes to produce different parts require additional time and money spent on tooling adjustments.
Opportunity: Growing automotive industry especially in Asia Pacific region boosts the demand for cold heading machines. Production of small complicated parts for industries such as electronics and medical also presents growth opportunity. Development of new aluminum alloys expand the applicable metal range for cold heading process.
Threats: Substitutes such as CNC machining poses threat for mass production of standard parts. Economic slowdowns impact the automotive sales lowering the demand for cold heading machines. Trade barriers and restrictions affect the international suppliers.
Key Takeaways
The global Cold Heading Machine market is expected to witness high growth. The global cold heading machine market is estimated to be valued at US$ 3557.05 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Asia Pacific region dominates the global cold heading machine market and is expected to grow at the fastest CAGR during the forecast period. Growing automotive production in China, India, and Japan drives the cold heading machine demand in Asia Pacific.
Key players related content comprises Key players operating in the Cold Heading Machine market are Gevo, Inc., Red Rock Biofuels LLC, Honeywell International Inc., Virent Inc., Fulcrum BioEnergy, Inc., Neste Oil Corporation, AltAir Paramount LLC, S.G. Preston Company, SkyNRG BV, Eni SpA Total S.A., and BP PLC.
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