PUBLISHER: 360iResearch | PRODUCT CODE: 1465091
PUBLISHER: 360iResearch | PRODUCT CODE: 1465091
[192 Pages Report] The Machine Tools Market size was estimated at USD 83.87 billion in 2023 and expected to reach USD 88.55 billion in 2024, at a CAGR 5.77% to reach USD 124.23 billion by 2030.
Machine tools constitute a broad category of equipment designed primarily for shaping, cutting, grinding, shearing, or otherwise deforming metal and other rigid materials. These robust machines employ either a subtractive process, removing the material to create the desired shape or a forming process that reshapes the workpiece without removing material. Due to technological advances, modern machine tools integrate computer numerical control (CNC) systems, enhancing manufacturing tasks' precision, speed, and repeatability. The rising shift toward Industry 4.0 and smart manufacturing practices and increasing adoption of hybrid machine tools and additive manufacturing are driving the expansion of the machine tools market. The machine tools market faces significant hurdles due to the volatility in raw material costs and the stringent enforcement of environmental norms. Leveraging the advanced capabilities of the Internet of Things (IoT) and Artificial Intelligence (AI) within the machine tools sector presents lucrative growth opportunities, facilitating heightened efficiency, predictive maintenance, and innovative manufacturing solutions.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 83.87 billion |
Estimated Year [2024] | USD 88.55 billion |
Forecast Year [2030] | USD 124.23 billion |
CAGR (%) | 5.77% |
Type: Increasing use of electrical discharge machines (EDM) for shaping hard metals
Drilling machines drill holes into various materials or enlarge existing holes. Their operation involves a drill bit that cuts into the workpiece by applying force and rotation. These machines vary from small, bench-mounted tools used in precision works to large, radial drills capable of handling large and heavy workpieces. Electrical discharge machines (EDM) employ electrical discharges or sparks to remove material from a conductive workpiece. This process erodes material in the path of the EDM tool through a series of rapidly recurring electrical discharges between the workpiece and the electrode, a process controlled under a dielectric fluid. EDM is especially suited for hard materials, complex shapes, and precise dimensions that are difficult to machine with traditional mechanical methods. Grinding machines are used for finishing operations, surface treatments, or creating precise workpiece shapes and sizes. Grinding machines vary widely in their designs and applications, including surface grinders, cylindrical grinders, centerless grinders, and tool and cutter grinders. Milling machines are versatile pieces of equipment designed for machining solid materials. Milling machines can perform various operations, from simple tasks such as slot and keyway cutting to more complex operations such as contouring or diesinking. They are classified into two main categories: horizontal and vertical milling machines, based on the orientation of the spindle. Turning machines, often referred to as lathes, are used to remove material from the exterior of a rotating workpiece. Turning machines can accomplish various machining operations by moving a cutting tool against the workpiece, including cutting, knurling, drilling, and facing. These machines are indispensable for producing cylindrical parts and are available in several configurations, from simple center lathes to complex CNC (Computer Numerical Control) lathes, which offer high precision and automation.
End-Use: Extensive use of machine tools owing to the need for innovative machining technologies in the metalworking and automotive industry
In the aerospace industry, machine tools are indispensable for manufacturing various components. These include airframes, engines, landing gear, and intricate parts such as turbine blades. High precision and the ability to work with various materials, such as aluminum, titanium, and composites, are paramount. The automotive sector uses machine tools to produce engine components, transmissions, suspension parts, and other essential mechanical systems. Automation and CNC (Computer Numerical Control) machine tools enable mass production with precise control over dimensions and quality. The emphasis is on efficiency, scalability, and adapting to new materials and innovative designs to meet evolving automotive standards and consumer demands. Machine tools fabricate components like connectors, switchgear, and enclosures in the electrical industry. Precision machining is essential for ensuring the reliability and functionality of electrical products, with processes including milling, turning, and drilling. These tools also facilitate the creation of complex shapes and fine details required to manufacture electronic devices, where conducting paths and insulation areas must be accurately defined. Mechanical engineering encompasses various applications for machine tools, from designing and producing machinery components to developing systems for manufacturing, power generation, and beyond. The significant uses include creating gears, valves, bearings, and other fundamental elements. Metalworking is the core arena for machine tools, involving the shaping, cutting, and finishing of metal parts and assemblies. Metalworking encompasses various activities, from rudimentary shaping to achieving primary forms to fine-finishing operations such as grinding and polishing. Machine tools for metalworking must offer robust performance, adaptability to different metal types, and the capacity to execute high-volume production runs and custom fabrication tasks equally efficiently.
Regional Insights
The Americas have witnessed a steady growth in the Machine Tools market, driven by the resurgence of manufacturing industries and technological innovation. The United States has robust automotive and aerospace sectors which demand precision machining and advanced tools. Canada and Mexico contribute significantly to the growth of the machine tools market, driven by foreign investments and favorable trade agreements. The key trends include adopting automation and integrating IoT technologies to enhance efficiency and reduce downtime. The machine tools market in the Asia-Pacific region is growing, driven by the growth in countries such as China, India, Japan, and South Korea, which are significant producers and vast consumers of machine tools. China's recent patents highlight innovations to improve productivity and reduce energy consumption. India showcases substantial investments in manufacturing sectors and government initiatives such as 'Make in India.' The Japanese machine tools market is characterized by high-quality production and innovation, with companies focusing on technological advancements to sustain competitiveness. The expansion of the machine tools market in the Asia-Pacific region is attributed to the expansive manufacturing base and escalating demand for high-quality products. In the EMEA region, the European Union's emphasis on innovation and sustainability significantly influences the machine tools market. EU countries are spearheading the adoption of green manufacturing practices along with the integration of digital technologies. The machine tools market in the Middle East is transforming, with investments flowing into diversifying economies away from oil dependency. Industrialization efforts, particularly in Gulf countries, are expected to boost demand for machine tools in the construction, aerospace, and automotive sectors. The machine tools market in the African region is emerging, with significant potential for growth in the machine tools sector due to ongoing industrialization and development projects.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Machine Tools Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Machine Tools Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Machine Tools Market, highlighting leading vendors and their innovative profiles. These include AMADA MACHINERY CO., LTD., BIG KAISER Precision Tooling Inc, Ceratizit S A, CHIRON Group SE, DMG MORI CO., LTD., DN Solutions, FANUC Corporation, FFG European & American Holdings GmbH, Fraisa SA, Gleason Corporation, Guhring, Inc, Haas Automation Inc., Hardinge Inc., Hyundai WIA, Ingersoll Machine Tools, Inc., ISCAR LTD., JTEKT Corporation, Kennametal Inc., Komatsu Ltd, KYOCERA UNIMERCO A/S, Makino Inc., Nachi-Fujikoshi Corp, Okuma Corporation, OSG USA, INC., Sandvik Group, Schuler AG, Stanley Black & Decker, Inc., Sumitomo Electric Hartmetall GmbH, Tongtai Machine & Tool Co., Ltd., TRUMPF Inc., Xiamen Tungsten Industry Co., Ltd., Yamazaki Mazak Corporation, and Zhuzhou Cemented Carbide Cutting Tool Co Ltd..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Machine Tools Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Machine Tools Market?
3. What are the technology trends and regulatory frameworks in the Machine Tools Market?
4. What is the market share of the leading vendors in the Machine Tools Market?
5. Which modes and strategic moves are suitable for entering the Machine Tools Market?