Machine Tools Market Size to Worth Around US$ 115 Bn by

2022-06-02 07:14:31 By : Ms. Katy Xu

May 11, 2021 19:00 ET | Source: Precedence Research Precedence Research

OTTAWA, May 11, 2021 (GLOBE NEWSWIRE) -- The global machine tools market size is expected to be worth around US$ 115 billion by 2030 from US$ 78.7 billion in 2020, growing with a CAGR of 4.4% during the forecast period 2021 to 2030.

Machine tools are utilized in a number of sectors including aerospace, automotive, precision engineering, electronics, and others. Incessant development in these sectors along with the investigation of new oil and gas fields are the principal growth factors for market expansion. Furthermore, the amalgamation of 3D printing technology has assisted in curtailing the amount of material employed for producing these tools in current years. For example, Yamazaki Mazak, which is a Japanese machine tool producer, uses 3D printing in the production of its CNC machines. Numerous companies are familiarizing automation inside their manufacturing processes to upsurge their output and address quality standards. This has led to an surge in their profit margins. Laser cutting systems find application in plentiful areas where parts need to be machined with greater precision for improved edge quality.

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Demand for machine tools accumulates from primary and intermediate goods manufacturers. The main user industries are capital goods, automotive, and consumer durables industries. Protruding consumers of machine tools in the intermediate goods areas are ball and roller bearings, auto components and electronic components parts. Major users of machine tools in this area include ball, roller bearings, auto components, electrical and electronic components, power-driven pumps, industrial valves, earth moving machinery and compressors among others.

Escalating manufacturing sector and technological progressions in machine tools including multi axis and robotic arm are few of the foremost factors boosting the growth of the machine tool industry around the world. The budding demand for metal cutting tools on account of augmented usage of metals in several sectors also promises well for growth of the market. The incorporation of Computer-Aided Manufacturing in machine tools to decrease the time needed for manufacturing work pieces and to safeguard easy production of micro components is evolving as a key trend in the market.

Additionally, manufacturers of machine tools are developing condensed and well-equipped machine tools that can program as per CAM/CAD software. These automatic CNC machine tools comprise tool changer that aids the machine to conduct several operations by means of a single machine. These features related with CNC machine tools rises its demand and certainly impact the machine tools market development.

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Asia Pacific is likely to led the global machine tools market on account of upsurge in the numbers of metal cutting process businesses in this region. APAC is hub for most of the principal machine tool manufacturers and is predicted to rule the marketspace over years to come. China is one of the chief consumers of machine tools and is accelerating the market growth in Asia Pacific. Growth of automotive sector in APAC had an optimistic impact on the machine tools area, as automotive manufacturers have been seeking to upgrade and increase capabilities. This trend is likely to endure in the future as well, with MNCs such Nissan, as BMW, Audi, Renault seeking to establish themselves in the Indian market. Such development indirectly supports the demand for various machine tools in this region.

Asia Pacific is anticipated to recuperate at a faster growth rate in comparison with other regions post the COVID-19 pandemic crisis throughout the prediction period. Even with COVID-19 outbreak originating from China, the nation has been positively employing strategies to manage the spread. Asia is one of the largest automotive producer and China has slowly initiated its production actions with lowest workforce. This initiative will help to rebound machine tool market in this region during years to come.

TRUMPF GmbH + Co. KG, Okuma Corp., and Yamazaki Mazak Corp are few of the leading vendors in this marketplace. Machine tool industry is capital intensive, knowledge and technology intensive field with demand for high research and development activity. The fast-tracking development impetus will offer enormous business openings to the vendors.

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