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Indian machine tool industry faces declining demand
The latest news from the Indian Machine Tool Association said that after five consecutive years of 30% market growth, the Indian machine tool industry is facing a drop in demand due to a sharp drop in customer demand. According to the official website of the China Machine Tool Industry Association, in this challenge, India's machine tool production in 2008 maintained a growth rate that was basically the same as in 2007, of which 86% were gold cutting machines and the rest were metal forming machines. All the while, the growing manufacturing industry has propelled India to the position of the ninth largest machine tool consumer market in 2007. Growth and demand from new industries has boosted demand for larger machine tools and boosted imports. As far as metalworking machines are concerned, imports account for 75% of the Indian market. CNC machine tools account for 65% of all machine tool sales in India. In the industry as a whole, lathes, machining centers, special machine tools, presses and grinding machines accounted for 80% of all machine tool production in India in 2008.