The global machine tools market was worth US$ 106 Billion in 2018. Machine tools refer to power-driven metal cutting or forming equipments used for metals or other hard materials. There is a wide variety of machine tools available in the market ranging from small workbench mounted instruments to large devices which are used in modern industries. They perform a range of operations such as cutting, forming, drilling, grinding, abrading and nibbling, which help to enhance product uniformity and reduce the human interaction required in different steps of the process. Over the years, the mode of operation of these tools has evolved from numerical control (NC) to computer numerical control (CNC) and direct numerical control (DNC). Manufacturers are also designing advanced machine tools to attain higher productivity.
Machine tools are used in a number of industries such as automotive, aerospace, electronics, precision engineering, etc. Continuous expansion in these industries along with the exploration of new oil and gas fields are the primary drivers for market growth. Moreover, the incorporation of 3D printing technology has aided in minimizing the amount of materials used for producing these tools in recent years. For instance, Yamazaki Mazak, a Japanese machine tool manufacturer, utilizes 3D printing in the production of its CNC machines. Apart from this, several companies are introducing automation into their manufacturing processes to increase their productivity and meet quality standards. This has led to an increase in their profit margins and positively impacted the regulation of resources. Besides this, vendors are also using modern design and simulation engineering softwares to ensure the sturdiness, accuracy and reliability of the machines. Looking forward, IMARC Group expects the market to reach a value of US$ 150 Billion by 2024, registering a CAGR of around 6% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Allied Machine & Engineering, AMADA Holdings, Dalian Machine Tool Group, DMG MORI, FALCON Machine Tools, 600 Group, Yamazaki Mazak, Trumpf, Komatsu, JTEKT, Doosan Machine Tools, Okuma, HYUNDAI WIA, Makino, Schuler, etc.
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