Rise in Machinery Manufacturing, Technology Innovation & Expanding Applications to Drive the Global Machine Tools Market


The global market for Machine Tools is projected to reach US$115 billion by 2024, driven by stable automotive production in developing countries, rise in commercial aircraft orders, bright prospects of heavy equipment/machinery manufacturing industry, rapid mushrooming of job shops in developing countries, technology innovation and expanding applications.

Machine Tools are equipment, either manual or CNC based, used for machining (shaping, forming) and cutting metal and other rigid materials. 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. World Machine Tools industry is sensitive to changes in the economic and financial climate, changes in production capacity utilization, capacity expansions, and the level of business confidence, thus strongly influencing demand in the marketplace. Any change in consumer demand for commodities/products has a dramatic effect on the demand for equipment such as machine tools utilized in manufacturing these products.

Activity in various end-use sectors of Machine Tools including automotive, electrical and electronic, heavy machinery, light machinery, shipbuilding, among others is gathering steam and is aiming for strong upward move, especially in developing regions of Asia-Pacific, Latin America, and the Middle East. Growing automotive production, steadily expanding aerospace and defense sectors, and increasing shipbuilding activity worldwide are poised to enhance the demand for sophisticated Machine Tools for use in the manufacture of machine components and in assembly of finished products. Likewise, increasing level of electronics, electrical machinery, non-electric machinery and equipment manufacturing stands to benefit the Machine Tools market. Further, the rising crude oil & natural gas exploration and drilling activities globally are extending new opportunities for Machine Tools in this niche vertical. The newfound interest from the healthcare, medical, dentistry and biotechnology sectors is encouraging the prospects for Machine Tools in these verticals. Growth in textile production and increased mechanization of agricultural sector are also pushing the demand for advanced, custom-made Machine Tools. Further, increasing role of robotic tools in the production floor and technological innovations will keep the momentum northbound in the Machine Tools market in the near to mid-term.
In the coming years, all the financial and demographic trends which for long governed growth in the market are expected to level out and overall sales of the machines is expected to gradually slowdown in the long term. However, the trend of high demand for advanced technology based machine tools would continue with the same fervor. Five and four-axis machines, multitasking machines and a few other advanced machine tool segments are expected to witness strong demand growth across the world but commodity type machine tools are expected to be in less demand.
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 7.7% over the analysis period. European machine tool industry, another key market, is dominated by traditional machine tool manufacturers Germany, France, and Italy. Germany, the largest producer of Machine Tools in Europe, has a competitive edge in the global market because of high service and technological standards and mushrooming product innovations. The European market is highly competitive characterized by high degree of export activity, which represents over 75% of the region’s total production.

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

The research report titled “Machine Tools - Market Analysis, Trends, and Forecasts” 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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