Source: Bastillepost

Data from the National Bureau of Statistics (NBS) shows that the country’s value-added industrial output expanded 5.1% year-on-year in July, with 33 of the 41 major industrial sectors experiencing growth.

Notably, the value-added output of equipment manufacturing enterprises increased by 7.3% year-on- year, contributing 2.4 percentage points to the entire industrial output growth. The new growth drivers of the manufacturing sector, including high-end equipment manufacturing, information technology, green industries, were also major contributors to the industrial output growth in July.

“On one hand, the digital and eco-friendly transformation in manufacturing is accelerating, leading to more robust growth. On the other hand, emerging industries such as new energy and new materials are developing rapidly, becoming new momentum and new driving forces for industrial growth. The role of the equipment manufacturing industry as a ‘ballast stone’ is becoming more prominent.” said Gong Tianxiao, Deputy Director of the Institute of Information and Industrialisation Integration at the China Academy of Information and Communications Technology (CAICT).

Last month, the output of aerospace vehicles, electronic and communication devices, and computers and office equipment saw double-digit year-on-year increases. In terms of products, the production of civil drones, service robots, integrated circuits, and industrial robots all saw rapid double-digit growth.

Additionally, green industry production surged last month. The production of new energy vehicles surged by 27.8% year-on-year, polysilicon by 27.3%, and wind turbine by 39.6%. The industrial output measures the activity of enterprises each with an annual main business turnover of at least RMB20 million (about US$2.8 million).

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Source: Manufacturing Asia

“A further substantial rise in new orders led manufacturers to ramp up production, with the rate of growth quickening to a near-record high,” the company said in its latest report on Vietnam’s manufacturing.

The country’s Purchasing Managers’ Index in July was at 54.7, unchanged from June, and the last time growth was faster was in November 2018. A PMI of above 50 indicates an expansion in manufacturing PMI.

“New orders increased for the fourth month running in July, with the rate of expansion only slightly slower than the near-record posted in June.”

S&P linked this to stronger market demand and an increase in customer numbers. New export orders also rose, but some firms reported that export demand had been hampered by high shipping costs.

To fulfill a surge in demand, firms needed to dip into existing stockpiles to help meet new order requirements. Stocks of finished goods were depleted to the second-largest degree on record, behind only that seen in February 2014.

Firms expanded capacity by increasing both their purchasing activity and employment at the start of the third quarter. Whilst input buying rose markedly, staffing levels increased only modestly and at a softer pace than in June.

Input costs continued to shoot up during July, with the pace of inflation marginally weaker than the two-year high seen in June. Suppliers had reportedly raised their charges, while increased shipping costs were also a factor.

Rising costs for raw materials and shipping meant that manufacturers increased their selling prices for the third month running in July. Expectations that new orders will continue to rise over the coming year supported confidence in the outlook for production.

Around 40% of respondents expressed optimism, but sentiment eased to the lowest since January and was weaker than the series average.

“The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward,” said Andrew Harker, economics director at S&P Global Market Intelligence.

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Source: The Nation Thailand

Top six economies in Southeast Asia – Vietnam, the Philippines, Indonesia, Malaysia, Thailand, and Singapore (SEA-6) – are projected to grow at an average annual rate of 5.1%, outperforming China.Released on 1 August 2024 by the Angsana Council, Bain & Company, and DBS Bank.

A key factor driving this surge is a significant increase in FDI. For the first time in a decade, Southeast Asia attracted more FDI than China in 2023. Southeast Asia’s FDI amounted to US$206 billion while China received $43 billion. This represents a 37% growth in FDI for Southeast Asia between 2018 and 2022, compared to China’s 10%.

“Southeast Asia is experiencing a transformative shift,” said Charles Ormiston, Advisory Partner at Bain & Company and Chair of the Angsana Council. “Strong domestic growth coupled with the region’s strategic location has made it an increasingly attractive destination for global investors.”

While Southeast Asia has historically lagged behind economic powerhouses like China and India, it is now positioned for a period of rapid growth. The report highlights several factors contributing to this transformation:

• Strong domestic investment: Businesses are increasingly investing in Southeast Asia, fuelling economic expansion.
• Diversified economy: The region is expanding beyond traditional industries, with growth in sectors like technology, manufacturing, and services.
• Favourable demographics: Countries like the Philippines are benefiting from a young and growing population.

Vietnam is leading the region’s growth, followed closely by the Philippines and Indonesia. Vietnam and the Philippines are expected to exceed 6% growth, with Indonesia close behind at 5.7%. Malaysia follows at 4.5%, while Thailand and Singapore are projected to grow at 2.8% and 2.5%, respectively.

Taimur Baig, DBS Bank Managing Director and chief economist, expressed optimism about the region’s prospects. 

“The world is changing, and Southeast Asia is well-positioned to capitalise on these shifts. With the right policies and investments, the region can achieve even greater heights,” he said.

Southeast Asia — Transition From Resurgence To Growth 

The Philippines is set for robust growth at 6.1%, driven by a government committed to development, especially in infrastructure and renewable energy projects. Unlike Singapore and Thailand, the Philippines stands to gain from its favourable demographics. Indonesia’s economy is predicted to expand by 5.7%, with room for even higher growth. This potential stems from its rich natural resources, growing population, and vibrant startup scene.

To fully capitalise on these advantages, Indonesia needs to broaden its economic base beyond raw materials and foster a more open, competitive business environment. Malaysia’s projected 4.5% growth rate is underpinned by its renewed focus on attracting foreign investment, particularly in established sectors like semiconductors. The country is also well-positioned to benefit from spillover effects from Singapore, notably in the expanding data centre industry. 

In fact, Malaysia could potentially more than double Singapore’s current data centre capacity, challenging the city-state’s regional dominance in this sector. While Thailand’s growth forecast is more modest compared to its regional counterparts, the country still holds considerable promise.

Its economic strengths include a recovering tourism industry, a well-established position as a regional automotive manufacturing hub with solid infrastructure, and the presence of conglomerates with a strong regional focus, the report said.

Looking ahead, to accelerate growth, the experts pointed out that SEA-6 needed to adopt strategies to redirect resources, make bold policy changes and take risks in some issues such as infrastructure development, education, and environmental sustainability to fully realise its potential.

The report also identifies five key opportunities to accelerate growth in Southeast Asia. These include investing in emerging growth sectors, encouraging technology-enabled disruptors, strengthening capital markets and increasing investment, accelerating the green transition, and supporting multilateral initiatives.

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Source: Manufacturing Asia

“The potential applications of 3D printing in medicine are vast, from surgical planning and dental restoration to remote patient monitoring and telemedicine,” according to Technavio, quoted by Manufacturing Asia revealed. Meanwhile, a trend towards the field of bioprinting serves as another growth factor.

Additionally, findings from MarketsandMarkets Research revealed the global 3D printing bioprinting market vlued at US$1.3 billion in 2024, is expected to reach US$2.4 billion in 2029, growing at a compound annual growth rate (CAGR) of 12.7%. This growth is driven by advancements in 3D bioprinting technology, increased public-private partnerships, and its integration into pharmaceutical and cosmetic industries.

Key market drivers include adopting 3D bioprinting for precise tissue and organ fabrication, facilitating drug testing and personalised medicine. Opportunities lie in the rising demand for organ transplants, while biocompatibility issues and stringent sterilisation protocols present challenges.

Unlike traditional 3D printers that use plastics or metals, bioprinters utilise a computer-guided pipette to deposit living cells, known as “bioink,” to produce artificial living tissues. This capability has notable implications for organ replacement, potentially addressing donor shortages and reducing rejection risks by creating organs fit for specific needs.

Moreover, the market is also witnessing advances in other areas, including prosthetics, implants, and surgical equipment. Solutions such as stereolithography (SLA) and digital light processing are widely used in the production of customised medical devices, including orthopaedic implants and wearable medical devices. 

Furthermore, the fields of dentistry and orthodontics benefit from 3D printing, which can be utilised for dentures, bone scaffolds, and hearing aids.

“Complex medical procedures, such as implantable and non-implantable medical devices, drug testing, and organ and tissue production, are also being revolutionised by this technology,” the report added.

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Public Investment Bank Bhd (PublicInvest) remarked Malaysia’s PMI is expected to follow global trends, consistently exceeding the 50-level mark in the second half of 2024, as long as global uncertainties stabilise. The company added Malaysia’s manufacturing sector is set for positive growth in 2024, driven by strong projections in the global semiconductor market.

With electric and electronic (E&E) exports making up over 40% of Malaysia’s total exports, the sector is expected to benefit significantly. Despite the tension between countries and economic uncertainties, Malaysia’s exports are predicted to increase by 5.4% year-on-year in 2024. Improved economic governance and competitiveness ranking also support this positive outlook.

PublicInvest also noted the average PMI reading for the Q2 2024 reached its highest level since the third quarter of 2022, indicating a positive trajectory for economic growth throughout the quarter. However, the firm mentioned business sentiment declined for the fifth consecutive month in June, reaching its lowest point since August 2023, which could impact some optimism.

Kenanga Research shared similar sentiments, anticipating significant growth in the manufacturing sector due to strong domestic demand and foreign direct investments. The labour market is expected to improve with the implementation of the progressive wage policy, supporting recovery in the manufacturing sector. Additionally, the firm believes that the global semiconductor industry’s improvement, driven by computing needs and China’s economic recovery, will benefit Malaysia.

Thus, Kenanga Research has maintained its optimistic GDP projection of 4.5% to 5%in 2024, in line with forecasts from Bank Negara Malaysia and the Ministry of Finance. S&P Global Market Intelligence reported Malaysia’s manufacturing sector remained steady at the end of the second quarter, supported by an increase in new orders over the past two months. Whilst demand overall remained subdued, higher exports partly contributed to this growth.

In June, the seasonally adjusted S&P Global Malaysia Manufacturing PMI was 49.9, slightly less positive compared to May. However, the average reading for the Q2 2024 was the highest since the Q3 2022, suggesting a positive outlook for economic growth during that period.

Tight Competition

In the semiconductor sector, competing for pole position between Malaysia and Vietnam is intensifying. Semiconductor competition continues after Malaysia announced her mission to be Southeast Asia’s largest integrated circuit design park last April. Now, Vietnam joins the competition for the same crown, with the support from an American semiconductor titan – Marvell Technology Inc.

Marvell Technology, Inc., a titan in data infrastructure semiconductor solutions, accelerated the growth of its workforce and presence in Vietnam in the past year since the company announced plans to expand R&D, engineering and design activities in the country. Marvell committed to 50% growth of its workforce in Vietnam in three years, a target shared by the company during last year’s U.S.-Vietnam Innovation and Investment Summit attended by Marvell Chairman and CEO Matt Murphy. Today, Marvell is ahead of its plans, achieving more than 30% growth in just eight months.

Marvell has also expanded its physical footprint in Vietnam with a new location in Da Nang, adding to its offices in Ho Chi Minh City. The growth of its footprint demonstrates the company’s commitment to creating a world-class semiconductor design hub in the country.

While the commentary did not specify semiconductor per se, consumer electronics manufacturing and exports should not be used as a blanket indicator for the country’s performance into H2 2024.

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Source: Reuters

Taiwanese major chip supplier, TSMC forecasted an annual revenue growth of 10% in the global semiconductor industry, excluding memory chips.

“This is a new golden age of opportunity with AI,” said senior vice-president Cliff Hou, who was speaking at an event in Hsinchu, where the company is headquartered.

In April, TSMC lowered its outlook for the global semiconductor industry excluding memory to a growth rate of around 10% from a previous forecast of more than 10%. World Semiconductor Trade Statistics has forecast growth of 13.1% for the global semiconductor market in 2024.

TSMC has estimated second-quarter sales may rise as much as 30% as it rides a wave of demand for semiconductors used in artificial intelligence applications (AI). Nvidia forecasted its quarterly revenue above estimates and announced a stock split, lifting shares to a record-high territory and impressing investors who have tripled the chipmaker’s market value in the past year on AI optimism.

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Findings revealed the Japan’s manufacturing activity fell for the sixth straight month in November. The headline au Jibun Bank Flash Japan manufacturing purchasing managers’ index (PMI) slipped further to 48.1 this month from 48.7 in October, sliding below the 50.0 neutral mark that separates deterioration from expansion. 

“Despite weaknesses in new orders, Japanese private sector companies mentioned that the level of outstanding business was unchanged, ending a four-month sequence of decline,” said Usamah Bhatti, economist at S&P Global, which compiled the survey. Japan’s purchasing managers index (PMI) registered its deepest contraction in November.

Early results of the survey showed manufacturers are catching up with their backlogs fast as pressure on capacity softens, prompting them to reduce staff levels for two months in a row. Firms were also hit by the weak Yen, high materials, fuel and labour costs, which affected manufacturing.

India on the other hand enjoyed growth — India’s IT hardware market is expected to register a compound annual growth rate of 12.8% in the next four years on strong demand and rising domestic production, according to Fitch Solutions. The firm estimated the country’s IT hardware industry to grow to US$104 billion by 2027 and still dominate the overall IT market with a 53.5% market share, it said in a 22 November note. Fitch also noted the country’s above-average risk/reward index profile as a main appeal for tech firms reconfiguring their supply chains, considering the severe blow of US chip export restrictions to China currently. 

“A large addressable market of consumers and a trend of tech companies looking to re-route their supply chains due to geopolitical risks makes us believe India’s consumer electronics market will outperform its regional peers,” it said. Setting up shop in the country also allows companies to tap both the domestic and Southeast Asian markets, it added.

Fitch sees domestic manufacturing gathering momentum in the near term after about 27 electronics manufacturers made INR30 billion (US$360 million) in fresh investments recently, while the government continues to incentivise companies to boost domestic production.

Data from Statista.com revealed the value of trade between India and the ASEAN region amounted to over US$110 billion in fiscal year 2022. The largest portion of this trade came from Singapore, valued at over US$30 billion. Comparing both nations, it is of no surprise conditions in India contributed to the country’s export performance including exchange rate.

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LG Energy Solution laid off 170 workers at its plant in Michigan, while SK On laid off more than 100 workers at one of its two plants in Georgia in September. This comes on top of the delays at SK On’s joint project with Ford in Kentucky. Some of the EV battery manufacturers are following carmakers, and wound up scaling back/delaying their investments in new battery factories. 

Earlier this year, nearly 1,000 gigawatt-hours of annual EV battery manufacturing capacity (new plants) were planned in North America by 2030. The investments in new plants were supported by the Inflation Reduction Act of 2022 (IRA), which introduced generous subsidies as well as requirements of local production to be eligible for EV incentives.

Both the LGES and SK On are expected to produce and sell more EV batteries than before, but in the near term, there might be adjustments. For example, Panasonic is building a new plant in the U.S. but had to cut its battery output (of a specific cell type used by Tesla in the Model S and Model X – the 1865-type) in Japan.

Overall, the foundation for a large EV battery industry in the U.S. has been laid and the majority of the investments are expected to be completed. There will be ups and downs, on a long path of electrification. Let’s remember that the all-electric vehicle market and battery production must increase by an order of magnitude to get closer to 100% electrification.

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The growth is driven by the increasing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments towards industrial automation, and growing government aid for research and development of artificial intelligence-enabled robots.

The smart robot market for electronics applications is expected to grow at the highest CAGR during the forecast period. Smart robots in the electronics equipment industry are used in the designing and planning stages of the manufacturing process, thereby creating a huge potential for the growth of the smart robot market in the near future.

Professional service applications held the largest share of the smart robot market by service application in 2017. The market is expected to be driven by the increasing demand from defence and marine applications. The professional service applications market is also expected to grow faster during the forecast period. The rise in demand for personal services, adoption of IoT on a wide level, and huge potential in developing countries are expected to generate opportunities for these players in the smart robot market.

The Americas held the largest share of the smart robot market in 2017 for all major industrial and service applications. The market in the Asia-Pacific area is expected to grow at the highest CAGR from 2018 to 2023. APAC is likely to adopt smart robots for almost all major industrial and service applications during the forecast period. As the elderly population in APAC countries, such as China and Japan, is on the rise, the region is expected to employ smart robots, e.g., humanoids for personal assistance and caregiving applications. The presence of a large number of manufacturing companies in China and Japan, along with the strong presence of automobile and electronics and semiconductor companies, is also driving the growth of the smart robot market in this region.

The hardware component held the largest share of the smart robot market in 2017. The hardware components add major value to the overall smart robot cost; hence, the hardware segment accounted for a larger share of the overall smart robot market in 2017. Among different hardware components, control systems accounted for the largest market share in 2017.

Some of the key players in the smart robot market include SoftBank (Japan), iRobot (US), KUKA (Germany), ABB (Switzerland), Hanson Robotics (Hong Kong), ECA (France) and Electronics (South Korea).

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The post Smart Robot Market To Grow At 23.7 Percent By 2023 appeared first on Asia Pacific Metalworking Equipment News | Manufacturing | Automation | Quality Control.