CNC Metal Cutting Machine Tools Market Global Segmentation and Major Key Players Analysis 2023
Posted: Mar 14, 2019
Global CNC metal cutting machine tools market is highly dynamic and has a bright prospect for the future. Demand for CNC metal cutting machine tools from end-user industries has increased substantially in recent years. This is primarily owing to the superior characteristic of these tools over traditional metal cutting machines. The market for CNC metal cutting machine tools is projected to record a CAGR of 6.14% during the forecast period (2018-2023).
CNC metal cutting machine tools offer high precision and effectiveness, making them a sought-after industrial equipment. These tools operate on cutting-edge mechanism with computational adequacy. They find a wide range of cutting applications owing to their versatility. These tools function through numeric control by instructions given in the form of a program. With the increased focus on modernizing of manufacturing operations, popularity of CNC metal cutting machine tools has grown further. CNC machines are mostly used in cutting tough metal and plastic sheets with high precision. Some of the other key end-use industries that have embraced these tools include fabrication, automotive, construction, among others. Industries are striving to achieve economies of scale by reducing downtime, raw material wastage and improving production capacity where manufacturing tools such as cutting machines can be vital.
Rising industrial activities and a rapid growth of end use industries in emerging markets such as China, Mexico, India and Brazil are among the major forces behind the growth of the CNC metal cutting machine tools market. In addition, advances in metal cutting technology is another important factor influencing the market’s growth. The manufacturing sector will continue to present tremendous opportunities to market players over the next several years. Adoption of advanced manufacturing technologies and rise of industry 4.0 are trends that are likely govern the market during the review period. At the same time, shrinking deficiency of skilled labor is supporting a faster adoption of these tools medium and small-scale industries.
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Segmental analysis of the global CNC metal cutting machine tools market is conducted on the basis of product type, application and region.
Based on product type, the market has been segmented into vertical machine centers, horizontal machine center and CNC grinder. The vertical machine centers segment is expected to remain highly attractive in 2019 and beyond. The segment is currently valued at over USD 20,000 Mn and will witness a CAGR of 6.43% during the assessment period. Vertical machine centers are extremely versatile and can perform a wide range of cutting task.
Based on application, the market has been segmented into aerospace and defense, shipbuilding, construction and automotive. The automotive segment accounted for the largest market share in 2018 and is likely to retain its dominant position throughout the assessment period. The segment is anticipated to reach a valuation in excess of USD 19,000 Mn by the year 2023, reflecting an above-average CAGR. Cutting applications are high in the automotive sector, making it a highly lucrative segment. In addition, growing emphasis on automation for automotive manufacturing is reflecting favorably on the market.
On the basis of region, the market has been segmented into Europe, North America, Asia Pacific (APAC) and Rest of the World (RoW). The market in Asia Pacific has been growth at a significant pace in recent years. In 2017, the region accounted for little under 46% share of the global market. Countries such as China, Japan, India and South Korea are likely to remain at the forefront of the APAC CNC metal cutting machine tools. By the end of the forecast period, the region’s market is expected to surpass a valuation of USD 27,300 Mn. Economic boom as result of rapid industrialization is typically attributed to the emergence of APAC as major CNC metal cutting machine tools market.
Some of the leading companies functioning in the global CNC metal cutting machine tools market are FANUC CORPORATION, DMG MORI CO., LTD, Okuma Corporation, JTEKT CORPORATION, Komatsu Ltd., Hurco Companies, Inc., EMAG GmbH & Co. KG, Haas Automation, Inc., AMADA MACHINE TOOLS CO., LTD., Yamazaki Mazak Corporation, Dalian Machine Tool Group Corporation and Makino Milling Machine Co., Ltd.
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