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Machine Tools Market Size & Share, By Type (Metal Cutting, Metal Forming), Technology, By End-use (Automotive, Mechanical Engineering), Regional Forecast, Industry Players, Growth Statistics 2023-2030

Report ID: FBI 1035

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Published Date: Jul-2023

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Format : PDF, Excel

Market Outlook:

Machine Tools Market size surpassed USD 8 Billion in 2022 and is poised to reach USD 12.2 Billion, growing at over 5% CAGR between 2023 and 2030. The machine tools market has witnessed remarkable growth in recent years due to increasing industrialization and automation across various sectors. Machine tools are essential for manufacturing operations as they provide precision and efficiency in production processes. These tools have a wide range of applications, including cutting, drilling, molding, and shaping materials such as metal, plastic, and wood.

Base Year Value (2022)

USD 8 Billion

18-23 x.x %
24-33 x.x %

CAGR (2023 - 2030)

5%

18-23 x.x %
24-33 x.x %

Forecast Year Value (2030)

USD 12.2 Billion

18-23 x.x %
24-33 x.x %
Machine Tools Market

Historical Data Period

2018 - 2021

Machine Tools Market

Largest Region

North America

Machine Tools Market

Forecast Period

2023 - 2030

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Market Dynamics:

Growth Drivers & Opportunities:

1. Growing industrialization: The increasing adoption of machine tools can be attributed to the expanding industrial sector in developing economies. Emerging economies, such as China, India, and Brazil, are witnessing rapid industrialization and infrastructure development, leading to a surge in the demand for machine tools.

2. Advancements in technology: The integration of advanced technologies, such as artificial intelligence, robotics, and internet of things, in machine tools has revolutionized their functionality. This has resulted in enhanced precision, faster production times, and reduced human intervention, boosting the market growth.

3. Automotive industry expansion: The automotive sector is a major consumer of machine tools, with rising demand for automobiles globally. Vehicle manufacturers require high-precision tools for various manufacturing processes, including engine components, bodywork, and assembly. The growth of the automotive industry is expected to drive the demand for machine tools.

4. Aerospace and defense sector: The aerospace and defense industries heavily rely on machine tools for manufacturing critical components and equipment. With increased defense spending and a surge in the demand for commercial aircraft, the aerospace sector is anticipated to be a significant market driver for machine tools.

Report Scope

Report CoverageDetails
Segments CoveredType, Technology, End-Use
Regions Covered•North America (United States, Canada, Mexico), • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC), • Latin America (Argentina, Brazil, Rest of South America), • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledAmada Machine Tools Co., Ltd., CHIRON GROUP SE, DMG MORI. CO., LTD., DN Solutions, Georg Fischer Ltd., HYUNDAI WIA CORP, JTEKT Corporation, Komatsu Ltd, Makino, Okuma Corporation, Hurco Companies, Inc., Dalian Machine Tool Group (DMTG) Corporation, Amera Seiki, Haas Automation, Inc, Datron AG

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5. Replacement demand: As the existing machine tools become outdated or require repair and maintenance, the need for replacement arises. This replacement demand presents a significant growth opportunity for market players.

 

Industry Restraints & Challenges:

1. High initial investment: Machine tools are capital-intensive, and their high cost poses a challenge for small and medium-sized enterprises (SMEs) to adopt these advanced tools. The initial investment required for purchasing, installation, and training can restrain the market growth in certain regions.

2. Skilled labor shortage: Operating and maintaining machine tools require skilled labor with technical expertise. However, there is a shortage of skilled workers in the manufacturing sector, which hampers the adoption of machine tools in some regions.

3. Volatile raw material prices: The machine tools industry heavily relies on various raw materials, including steel, aluminum, and copper. Fluctuations in raw material prices can impact the market dynamics and profitability for manufacturers.

4. Increasing competition from low-cost manufacturers: The market faces intense competition from low-cost machine tool manufacturers, primarily from countries with lower labor costs. These manufacturers offer products at relatively lower prices, posing a challenge for established market players.

Despite the challenges, the machine tools market exhibits excellent growth potential due to advancements in technology, increasing industrialization, and demand from industries such as automotive, aerospace, and defense. To stay competitive, market players must focus on innovation, providing customized solutions, and addressing the needs of various industries to capitalize on the growing opportunities in the market.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Machine Tools Market
Machine Tools Market

Regional Forecast:

The machine tools market is expected to witness significant growth in the forecast period across different regions, including North America, Asia Pacific, and Europe.

North America:

The North American machine tools market is projected to experience steady growth during the forecast period. This can be attributed to the extensive use of advanced technology, such as CNC machinery, in various industries including automotive, aerospace, and general machinery. The region's strong industrial base, technological advancements, and focus on improving manufacturing capabilities drive the demand for machine tools.

Asia Pacific:

Asia Pacific is anticipated to dominate the machine tools market during the forecast period. The region's robust manufacturing sector, especially in countries like China, Japan, and India, contributes to the growth of the market. The presence of key market players, increasing industrialization, and rising investments in infrastructural development are some of the key drivers for the growth of the machine tools market in this region.

Europe:

Europe is expected to witness steady growth in the machine tools market in the coming years. The region's well-established automotive, aerospace, and machinery manufacturing sectors, coupled with the adoption of advanced technologies, contribute significantly to the market growth. Investments in research and development activities, increasing focus on precision engineering, and the need for automation in manufacturing processes drive the demand for machine tools in Europe.

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Segmentation Analysis:

1. Cutting Tools:

Cutting tools are a vital segment of the machine tools market, as they are extensively used in various industries for removing material from the workpiece. With advancements in technology, cutting tools have evolved to provide higher precision, better durability, and enhanced productivity. The sub-segment of milling cutters within the cutting tools segment offers excellent versatility and ensures precise and efficient material removal. Milling cutters find applications in industries such as automotive, aerospace, and general machinery.

2. Forming Tools:

Forming tools play a crucial role in shaping or forming a workpiece by applying pressure or force on the material. One noteworthy sub-segment in the forming tools segment is the press brake, which is commonly used in metalworking applications. Press brakes enable precise bending and folding of metal sheets, making them ideal for industries such as automotive, construction, and shipbuilding. Advancements in press brake technology, such as CNC-controlled systems, contribute to higher accuracy and efficiency in bending operations.

3. Machine Tool Accessories:

Machine tool accessories are essential components that enhance the performance and versatility of machine tools. A significant sub-segment within this category is the tool holder, which securely holds cutting tools or inserts in the machine spindle. Tool holders are designed to provide stability, minimize vibration, and ensure precise tool positioning during machining operations. Their critical role in maintaining machining accuracy makes them indispensable in industries such as automotive, aerospace, and mold and die manufacturing.

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Competitive Landscape:

The machine tools market is highly competitive, with several key players operating globally. These companies continuously focus on innovation, technology advancements, and strategic partnerships to gain a competitive edge. Some of the prominent market players in the machine tools industry include:

1. DMG Mori Co., Ltd.

2. Makino Milling Machine Co., Ltd.

3. Yamazaki Mazak Corporation

4. JTEKT Corporation

5. GF Machining Solutions

6. Haas Automation, Inc.

7. Trumpf Group

8. Okuma Corporation

9. Doosan Machine Tools Co., Ltd.

10. Amada Co., Ltd.

These market players engage in activities such as product launches, mergers and acquisitions, and collaborations to expand their market presence and cater to the evolving needs of various industries.

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Machine Tools Market Size & Share, By Type (Metal ...

RD Code : 24