Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global machine tools market size was valued USD 111.36 billion in 2020 and USD 113.26 billion in 2021. The market is projected to reach USD 164.92 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. One of the key drivers propelling the growth of the market is increasing industrial automation. The increasing advancements in robotics and surge in additive manufacturing will enable speedy growth of the market. The rapid expansion of the aerospace industry will create lucrative growth opportunities for the market. In addition, the increasing application of 3-D printing in various sectors including medical, defense, and automotive will further boost the machine tools market growth.
Key Industry Development
August 2020: Hurco introduced a new range of CNC turning centers with live tooling for any turret station. The new CNC system uses a multi-core CPU that allows high-resolution graphics on the screen, comparable with those on Hurco’s machining centre control
May 2020: Mazak Corporation is focusing on expanding its presence across the Portuguese market by establishing a new sales channel. The new sales operation, which will be based in Porto, is aimed to support Mazak’s distributor, Normil.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.5% |
| 2028 Value Projection | USD 164.92 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 111.36 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | By Application, By Technology, By Product and By Region |
| Growth Drivers | Growing Adoption of Additive Manufacturing & Hybrid Machine Tools to Surge Demand |
| Uncertainty Related to Social and Economic Factors is Hindering the Market Growth |
COVID-19 to Impact Growth Stoked by Shutdown of Plants and Shortage of Raw Materials
The COVID-19 pandemic resulted in a decline of sales and production in 2020. It further led to shortages of laborers, supply chain disruptions, unavailability of raw materials, and shutdown of manufacturing plants worldwide. Owing to new norms given by government bodies, a few companies have opened their facilities to clear out their backlog orders. Mazak Corporation, for instance, is currently fulfilling the pre-existing orders and is supporting the healthcare industry.
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Drivers & Restraints-
Increasing Shift of Manufacturers towards Additive Manufacturing to Aid Growth
The increasing additive manufacturing activities across the globe is anticipated to propel the machine tools market growth in the upcoming years. Nowadays, manufacturers are inclining towards rapid and cost-effective production processes. It is further leading to the higher usage of additive manufacturing. However, frequent and unexpected changes in social, political, and economic circumstances of a specific country may obstruct the demand for machine tools.
Report Coverage-
The report delivers an elaborate assessment of numerous customers’ journeys related to the industry, regions, and segments. At the same time, it provides multiple customer impressions about machine tools and their utilization. The analysis takes a closer look at their fears and pain points across various customer touch points. The business intelligence and consultation solutions would aid interested stakeholders, such as chief experience officers to define customer experience maps catered to their requirements. They can refine customer experience and engagement with their own brands.
List of Key Players Mentioned in the Report:
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (South Korea)
- Trumpf (Germany)
- Amada Machine Tools Co., Ltd (Japan)
- JTEKT Corporation (Japan)
- MAG IAS GmbH (Germany)
- Schuler AG (Germany)
- Makino (Japan)
- Hyundai WIA (South Korea)
- Komatsu Ltd. (Japan)
- Okuma Corporation (Japan)
- FANUC Corporation (Japan)
- Haas Automation Inc. (United States)
- Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan)
- BIG KAISER Precision Tooling Inc (United States)
- Kennametal (United States)
- Nachi-Fujikoshi Corp (Japan)
- OSG USA, INC (United States)
- Sandvik AB (Sweden)
- Ceratizit S A (Luxembourg)
- Dewalt (United States)
- Fraisa SA (Switzerland)
- Guhring, Inc (United States)
- Kilowood Cutting Tools (China)
- Xiamen Golden Egret Special Alloy Co Ltd (China)
- Zhuzhou Cemented Carbide Cutting Tool Co Ltd (China)
- Tiangong International Co, Limited (China)
- Ingersoll Cutting Tool Company (United States)
- Sumitomo Electric Hartmetall GmbH (Germany)
- Kyocera Unimerco (Denmark)
- ISCAR LTD (Israel)
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Segments-
Precision Engineering Segment Procured 14.9% Share in 2020: Fortune Business Insights™
Based on the technology, the market for machine tools is divided into computerized numerical control (CNC) and conventional. By products, it is segregated into metal cutting and metal forming. Based on the application, it is fragmented into automotive, general machinery, precision engineering, transport machinery, and others. Out of these, the precision engineering segment generated 14.9% in terms of the machine tools market share in 2020. This growth is attributable to the high demand from a wide range of industries, such as marine, medical, and semiconductors.
Regional Insights-
Governmental Campaigns to Promote Manufacturing Sector will Favor Growth in Asia Pacific
Regionally, Asia Pacific held USD 58.83 billion in 2020 in terms of revenue. The rising government initiatives to enhance a large number of industries would drive growth in this region. The ‘Make in India’ campaign, for instance, is aimed to provide tax benefits and foreign direct investments (FDI) to the manufacturing sector in the country. China is expected to showcase the highest growth in the forthcoming years on account of the expansion of the manufacturing sector. In North America, on the other hand, the market is likely to exhibit a considerable growth in the market for machine tools fueled by the surging R&D activities occurring in the U.S.
Competitive Landscape-
Key Players Focus on R&D Activities to Deliver Novel Products to Their Customer Base
The global market for machine tools contains various manufacturers that are currently aiming to bring about the Fourth Industrial Revolution. Therefore, they are creating innovative products through extensive R&D activities. Some of the others are providing unique features to their customers through smartphone apps. Below is one of the significant industry developments:
Global Machine Tools Market Size Segmentation:
By Technology
- CNC (Computerized Numerical Control)
- Conventional
- By Product
- Metal Cutting
- Metal Forming
By Application
- Automotive
- General Machinery
- Precision Engineering
- Transport Machinery
- Others (Energy, Electrical and etc.)
By Region
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Market Sizing Estimations and Forecasts – By Technology (Value)
- North America Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (Value)
- United States
- Canada
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Europe Machine Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- Market Sizing Estimations and Forecasts – By Technology (Value)
- Conventional
- CNC (Computerized numerical control)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Metal Cutting
- Metal Forming
- Market Sizing Estimations and Forecasts – By Application (Value)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (Value)
- U.K.
- Germany
- Italy
- Russia
- Rest of Europe
- Market Sizing Estimations and Forecasts – By Technology (Value)
Important Points Covered in the Report
- Research Analyst says the market size was at USD 111.36 billion in 2020 and is projected to reach USD 164.92 billion by 2028.
- In 2020, the market value stood at USD 111.36 billion.
- Growing at a CAGR of 5.5 %, the market will exhibit healthy growth in the forecast period (2021-2028).
- Asia Pacific dominated the market share in 2020.
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