Spurred chiefly by its growing auto industry, Korea is now on its way to becoming a major manufacturer of machine tools. Currently, that country ranks seventh among the world's producers. According to a report from the US Chamber of Commerce, the auto industry, combined with new interest in electronics and constructions, has ignited rapid growth in much of Korea's economy. The report further notes that: "Korea's market demand has changed from standard, cost-effective or general products to high-precision, high-speed, and high-powered machine tools. In line with this trend, market demand for computerized numerically controlled (CNC) machine tools has rapidly increased.

"The Korean machine tool industry has gradually upgraded levels of technology, and Korean-made products are considered compatible in the world market in terms of functional technologies such as machining and assembly processes," the report continues.

"There are currently 128 machine tool manufacturers in Korea, most of which are medium and small-sized companies. In particular, Korea's production of numerically controlled (NC) machine tools grew constantly at a 2% annual rate. The Korean machine tool industry aims at increasing the NC production ratio to 70%," the US Commerce report concludes.

The best of Korea's machine tool production will be shown at the Seoul International Machine Tool Show (SIMTOS2006) April 12-17, which promises to be the largest machine tool show ever held in Korea. Held at the Korea International Exhibition Center, SIMTOS2006 will be three times larger than the previous SIMTOS2004.

Sponsored by MOCIE (Ministry of Commerce, Industry and Energy) and organized by KOMMA (Korea Machine Tool Manufacturers' Association), the show will include more than 3300 booths representing over 400 machine tool companies from 30 countries including Japan, Italy, UK, Switzerland, Spain, Turkey, USA, and Russia. They predict at least 60,000 trade professionals will attend.

Exhibition categories will include metalcutting machines (CNC lathes, multipurpose machining centers, grinding machines, and EDM). Metalforming machines (hydraulic presses, servocontrolled presses, CNC shearing machines, bending machines, lasercutting machines, and robots). The exhibition halls will be divided into five sections: Metalcutting Machines, Metalforming Machines, Industrial Robots and Automation, Cutting Tools/Measuring Equipment, and Machine Tool Parts.

Korean participants will include major manufacturers such as Doosan Infracore (formerly known as Daewoo Heavy Industries & Machinery), WIA, Doosan Mecatec, Hwacheon, Hankook Machine Tools, Namsun Machinery Corp., Hanwha Machinery, and HNK Machine Tool. Major overseas manufacturers will include Yamazaki Mazak, Okuma, Mori Seiki, Makino, Haas Automation, DMG, Murata, and Agie Charmilles.

The Korean machine tool industry shows continued growth. In 2005 sales rose by 7.4% compared to the previous year to reach US $2.9 billion, and machine tool exports increased by 19.5% compared to the previous year to US $1.15 billion. Machine tool imports to Korea, the world's fifth machine tool market, totaled US $2 billion in 2005 to mark an increase of 20% compared to the previous year.

The Korean machine tool industry in 2006 is forecasted to exceed the US $3 billion mark in production for the first time in its history. Supporting events at SIMTOS2006 will include an International Machine Tool Technology Seminar, Machine Tool Trade Meeting, CNC Controller Repair and Maintenance Workshop, and IMS Vision Forum.

The Korea Machine Tool Manufacturers' Association reports that the total market demand for machine tools is increasing, and this trend reflects promising long-term prospects as an important generator of market demand for Korea's manufacturing industries.