AMTEX 2016 projects 5.5% annual growth rate for machine tools

The Asian Machine Tool Exhibition, AMTEX 2016, the 11th edition of the machine tools exhibition at Pragati Maidan, New Delhi, showcased a wide range of machine tools, machineries and allied products with primary focus on automotive, power & electrical equipment, textile machinery and consumer goods industries.

Experts from the machine tools and manufacturing industry in India and from China, Germany, Japan, Korea, Singapore, Taiwan and Turkey participated in the four-day event during July 8-11, 2016. The total machine tools market is estimated to be $181 billion by the end of the current three-year period. Industry experts estimate India to stand 14th in production and 10th in consumption of machine tools in the world.

The forecast for the global machine tool market is 5.5% annual growth rate through 2019, driven particularly by expanding demand in China and other developing nations. India is all set to expand its reach to the global market to become a key player in the global machine tools industry.

On the sidelines of the event, Frost & Sullivan unveiled its exclusive white paper themed, `Smart & Sustainable Manufacturing - Changing Era of Indian Manufacturing’, in partnership with AMTEX followed by a series of conference sessions led by the crème de la crème of the industry.

There are about 700 machine tool manufacturers in India of which the top 25 players contribute a 70% share. The demand is growing at CAGR 15% annually of which about 60% of the demand is met by imports. Domestic production has shown a strong growth of 24.1% in FY 2014-15 over FY 2013-14.

Cyril Pereira, Managing Director, Reed Triune Exhibitions Pvt. Ltd, said that, “AMTEX 2016 acted as the seamless platform for exhibitors bringing business opportunities, worldclass technologies and enthusiastic participants from across the globe to present new technologies, to enhance productivity and to produce/manufacture and invest in India.”