Pune, Aug. 13, 2024 (GLOBE NEWSWIRE) -- CNC Machine Tools Market Analysis:
“According to SNS Insider Research, The CNC Machine Tools Market size was valued at USD 95.29 billion in 2023. It is expected to grow to USD 141.61 billion by 2032, with a compound annual growth rate (CAGR) of 4.5% over the forecast period from 2024 to 2032.”
Surging Demand for CNC Milling Machines Driven by Global Metalworking Industry Expansion
The growth of metalworking industries worldwide has played a major role in the rising need for CNC machine tools, particularly milling machines. These machines offer various functions, allowing for versatility in tasks such as filleting, turning, chamfering, drilling, and gear cutting. Additionally, CNC machines can make multiple cuts with different cutters, making them indispensable in sectors like automotive, aerospace, defense, and railways. CNC technology is projected to be the primary force in the global machine tools market, with the sector holding a significant market share and expected to expand further in the coming years. Manufacturing companies are increasingly demanding enhanced productivity and product innovation, which drives the growth of the CNC machine tools market. The rapid expansion of the manufacturing industry has led to a higher demand for advanced CNC machines. By automating machine tool operations, CNC technology provides benefits like improved efficiency, time savings, and the prevention of human errors. Modern CAD/CAM CNC machines are compact and equipped with automatic tool changers, multi-axis machining technology, and the ability to complete the entire machining process with a single machine. These technological advancements simplify machining processes, making CNC machines the preferred choice in contemporary manufacturing settings.
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Key Players Analysis Listed in this Report are:
- Amada Co. Ltd
- Amera Seiki
- Fanuc Corporation
- Datron AG
- DMG Mori
- Dalian Machine Tool Group (DMTG) Corporation
- Haas Automation Inc.
- Okuma Corporation
- Shenyang Machine Tool Co. Ltd. (SMTCL)
- Hurco Companies Inc.
- Other Players
CNC Machine Tools Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | US$ 95.29 Billion |
| Market Size by 2032 | US$ 141.61 Billion |
| CAGR | CAGR of 4.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The growing shift towards automated manufacturing processes is boosting demand for CNC machine tools. • Government policies promoting manufacturing and industrial growth drive CNC machine tool demand. |
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Milling Machines and CNC Technology Drive Precision and Efficiency in Automotive and Metalworking Industries
By Product Type: In 2023, milling machines held the largest market share of 45%, primarily utilized for metal cutting across various industries. The growing demand for metalworking industries worldwide has increased the need for milling machines. These machines are highly versatile and can perform various tasks such as filleting, turning, chamfering, drilling, and gear cutting. They are also capable of making multiple cuts with various cutters. The benefits of milling machines make them well-suited for sectors like automotive, aerospace, defense, and railways, where precision and efficiency are paramount.
By Industry Segment: In 2023, the automotive and transportation sector dominated the market with a majority share of 42.02%, driven by the increased need for quicker production of more efficient components in the automotive industry. CNC machines are essential in manufacturing various components, including suspension parts, car combustion engines, exhaust systems, lights, bushings, fluid system parts, and valve retainers. The automotive industry's demand for accuracy, precision, efficiency, and consistency has led to the growing use of CNC machines, making them indispensable in this field.
CNC Machine Tools Market Key Segmentation:
By Product Type
- Milling Machines
- Drilling Machines
- Grinding Machines
- Electrical Discharge Machines Market
By Industry Segment
- Automotive and Transportation
- Sheet Metals
- Capital Goods
- Energy Market
Asia Pacific Leads CNC Machine Tools Market in 2023 with 38% Share, Driven by Automation and Strategic Investments.
In 2023, the Asia Pacific region dominated the CNC Machine Tools Market with a 38% share. This region plays a crucial role in the global CNC machine industry, both in manufacturing and distribution. The increasing number of elderly individuals in China and Japan has led to rising labor costs, driving the adoption of automation. Additionally, the growing population in the Asia Pacific region is attracting significant investments from companies looking to capitalize on the expanding market. The region's dominance is further reinforced by its strong industrial base, government support for advanced manufacturing technologies, and a large pool of skilled labor.
Recent Development
In May 2023: DMG MORI introduced the latest additive manufacturing device, the LASERTEC SLM 30 US. This device includes adjustable beam control and a recoating method that does not require contact. It provides various major improvements such as a hybrid toolpath strategy, dynamic adjustments to laser power, laser speed, and laser beam profile, all at the most competitive production cost in the industry. The LASERTEC 30 SLM US prioritizes cost-effective part production and dealing with complex shapes, offering a working area of 11.8 x 11.8 x 11.8 inches.
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Key Takeaways
- The CNC Machine Tools Market is experiencing robust growth driven by technological advancements and increasing industrial automation.
- Asia Pacific is the dominant region, fueled by rapid industrialization and labor cost pressures.
- The automotive and aerospace sectors are key end-users, driving demand for high-precision CNC machines.
- Continuous innovation and strategic partnerships are crucial for success in this competitive market.
- By understanding the market trends and dynamics, businesses can capitalize on growth opportunities and stay ahead of the competition.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. CNC Machine Tools Market Segmentation, By Product Type
8. CNC Machine Tools Market Segmentation, By Industry Segment
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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