Precision engineers are slightly less optimistic on the prospects for the sector than a quarter previously, according to Columbia Metals’ second survey on precision engineering market conditions.
More respondents now believe the market environment will become increasingly competitive over the next 12 months, and a larger proportion expects reductions in investment and staffing levels.
“The steady fall in the price of oil and uncertainties over the economic health of China are continuing to depress levels of optimism”, says David Stephenson, Managing Director of Columbia Metals. “Precision engineers not exposed to the oil and gas industry are outperforming their peers. Companies that focus on particularly high quality and complex machined parts are also proving able to retain their competitive advantage while the macroeconomic environment remains challenging.”
Columbia Metals carried out its survey in December 2015 with precision engineering companies in the aerospace, marine, defence, motorsport and oil & gas industries.