The metalworking machine-shop industry has experienced solid revenue growth over the past five years, with approximately 18,500 businesses in the U.S. generating $41.4 billion in revenue. Demand from the automotive and construction sectors have helped boost profits, with automobile production driving demand for machined steel and aluminum used in transmissions, engine parts, and other components.
Similar to trends in other industries requiring skilled tradesmen, the challenge for more multi-skilled employees to address a range of technological advancements exists here, as well as meeting an increasing demand for lighter and stronger materials.
Metalworking machine shops cut, shape, stamp, mill, drill, grind and finish raw metals into all types of metal products and parts. The industry is divided into four primary segments: Fabricated Metal Products (36.4%); Industrial Machinery & Equipment Manufacturing (21.6%); Automotive/Transportation/Off-Highway Vehicle Manufacturing (13.8%); and Airline Markets (9.3%).
Typical inventory includes both ferrous and non-ferrous raw materials, along with a variety of machinery and equipment (M&E), such as milling machines; lathes; grinders; drills; boring machines; extruders; roll formers; presses; shears; brakes; benders; tube mills; coil processing lines; and much more.