The Global Market for Machine Tools is Projected to Reach US$110.6 Billion by 2024

Technological Innovation, Automation and Advanced Cutting Techniques to Drive the Machine Tools Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Machine Tools market. The global market for Machine Tools is projected to reach US$110.6 billion by 2024, driven by the advent of robotic-assisted technology, surging automation in end-use industries, advanced grinding techniques, and rising popularity of carbon fiber-reinforced polymers.

As a key enabler of industrial revolution and as indispensable tools designed to mold, cut, shape and fabricate almost all products under the sun, Machine Tools wield a major impact on productivity in the manufacturing industry. From turning, boring, milling, grinding, drilling, tapping, forming, casting, cutting, to other more complex tasks, machine tools are indispensable in a wide gamut of manufacturing industries ranging from automotive, aerospace & defense, shipbuilding, electrical & electronics, precision engineering, power generation, railways to computers, medical, healthcare and biotechnology. Machine tool industry will experience steady demand so long as there is demand for capital goods such as general machinery, industrial machinery, agricultural machinery, transport machinery and construction equipment among others. The manufacturing industry is therefore a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tends to impact growth patterns in the market.
Development patterns of manufacturing industries across both developing and developed countries are of key significance in the market. The last decade witnessed significant changes in the global manufacturing sector with developing countries stepping into the spotlight as tier 1 manufacturing powerhouses, while recession, poor demand and financial constraints contributed to the decline in manufacturing in the developed countries. The demand at the global level is expected to rise steadily through this decade, with gains largely emerging from rapid growth in key developing markets. Growing durable goods demand is one of the major factors driving growth in these markets. Investment for expanding manufacturing capacities for durable goods is also emerging as one of the major growth drivers for machine tools. China has emerged as the key contributor to the growth by accounting for more than one-third of the overall demand. In developed countries on the other hand, demand is driven by product upgrades. Major demand growth is expected to happen in Western Europe because of favorable economic conditions across several countries in the region which would improve the state of fixed investments. In Japan, the pent-up demand, following several loss-years, would result in major rebound in demand for the machineries.
Growing demand for fabricated metals from sectors such as machinery and construction is a major factor driving growth in the machine tools market globally. Fabricated metals such as small arms, ammunition, building products, cutlery, utensils, springs, stamped-metal products, cranes, tanks, fasteners and other hardware are manufactured with various machine tools. Increasing production of these fabricated metals is therefore a strong factor driving demand for the tools. Going forward, additive manufacturing is expected to wield a major positive impact on the market.
As stated by the new market research report on Machine Tools, Asia-Pacific represents the largest market worldwide. Due to the rapid growth of industrial and automotive sectors, the region also constitutes the fastest growing market with a CAGR of 7.3% over the analysis period. European machine tool industry, another key market, serves diverse industry segments including aerospace, automotive, medical, construction and electronics among others. Using highly sophisticated production technologies, European machine tool manufacturers produce highly diversified, precise, state-of-the-art, and innovative machine tool offerings that allow customers to remain highly competitive in the marketplace.

Major players in the market include Allied Machine & Engineering Corp., Amada Co, Ltd., Amada Machine Tools America, Inc., Doosan Machine Tools Co. Ltd., Dalian Machine Tool Group Corp., DMG Mori Co., Ltd., FANUC Corp., GF Machining Solutions Management SA, Haas Automation, Inc., Hardinge, Inc., Jones & Shipman Hardinge Ltd., Hyundai WIA, JTEKT Corp., Kennametal Inc., Komatsu Ltd., MAG IAS GmbH, Makino Milling Machine Co. Ltd., Okuma Corp., Otto Bihler Maschinenfabrik GmbH & Co. KG, Sandvik Group, Sandvik Coromant Co., Schuler AG, Shanghai Machine Tool Works Ltd., Shape Technologies Group, Inc., Sodick, Inc., Spinner Machine Tools GmbH, TAJMAC-ZPS, a.s., Trumpf Group, Walter AG, and Yamazaki Mazak Corp. among others.

The research report titled “Machine Tools: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Machine Tools in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan, and Rest of Asia-Pacific), Middle East & Africa (South Africa, and Rest of Middle East & Africa), and Latin America (Brazil and Rest of Latin America). Product Group/Segment analyzed in the report include Metal Cutting Tools (Boring & Drilling Machines, Gear Cutting Machines, Grinding, Honing, Lapping, Polishing & Buffing Machines, Lathe Machines, Milling Machines, Machining Centers, Station Type Machines, and Other Metal Cutting Tools), Metal Forming Tools (Punching & Shearing Machines, Bending & Forming Machines, Metal Working Presses, and Other Metal Forming Tools), Special Machine Tools (Waterjet Cutting Machines, High Power Laser Cutting Machines, Electrochemical Machines, and Electrical Discharge Machines). The report also provides market analytics by End-Use Industry – Automobile, Aerospace/Defense, Electronics/Electrical, and Other End-Use Industries).

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