Product development and production in the metal and specialty tools industry is increasingly becoming automated and digitized. Industry 4.0 solutions are driving forward the technological innovation and growth across the metal and specialty tools market, as they allow manufacturers to optimize processes, increase energy efficiency, and make significant cost savings on production. This increased adoption of technology across the industry is expected to continue growing, as solutions become more accessible and widely used.
The spread of the COVID-19 virus in 2020 increased the prominence of many pre-2020 challenges facing manufacturers across the industry. This includes, most critically, the fluctuation of price and availability of raw materials, which has forced many companies to cut costs and reduce workforces. This, coupled with the high upfront costs of manufacturing equipment and its maintenance, means many companies are focusing on cost optimization measures in order to be sustainable.
While the market is expected to recover, companies can maintain a competitive edge through early adoption of key technologies, including predictive analytics and robotic process automation.