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Metal Cutting Machine Tools Market, Driven by Automation in Automotive Sector
The ongoing advancements in digital and automation technology, especially in embedded systems, have enabled low-cost and human-less cutting machines for real-time applications. The key industry players are engaged in the designing, manufacturing, and implementing advanced automatic metal cutting machines using easily available low-cost technologies.
The rise in demand for low operating cost and high precision, along with technological advancement in production processes, is working as a catalyst for CNC metal cutting machine tools market. Furthermore, the increase in mass production across industries such as automotive and precision engineering is contributing positively to the CNC metal cutting machine tool market growth. In the automotive industry, metal cutting machines are used extensively for a wide range of interior and exterior components.
As per IKONs’ latest metal cutting machine tools market analysis, the global metal cutting machine tools market is estimated to grow from USD 67.6 billion in 2019 to USD 84.0 billion in 2025 at a CAGR of 3.69%. The Asia Pacific (~50% - 55%) and Europe (~25% - 26%) is projected to lead the metal cutting machine tools market over the forecast period. Considering the fact China is the manufacturing hub of the world, China is expected to be the largest (~20% -25%) market for metal cutting machine tool in the world.
As per IKON’s analysis, milling machines (horizontal & vertical milling machines) are expected to hold the largest market over the forecast period (2018 – 2025) and on the other side, Electric Discharge Machines (EDM) is expected to be the fastest-growing market over the forecast period. EDM is a crucial process in the metal working industry and it is widely used due to its benefits like lower cost, good surface finish, and it can create complex shapes among others.
Development in the EDM machines has been possible due to continuous R&D efforts and inorganic developments by major machine tools manufacturers across the globe particularly in China, Japan, and Germany. For example, Makino has announced its merger with EDM consumable supplier global EDM supplies. The merger is expected to expand the company’s SST (Single Source Technology) consumable business which is a single-source solution, providing machine tools, engineering services, tooling, supplies, application support and customer services.
The automotive sector is the largest contributor in global metal cutting machine tool consumption. Global metal cutting machine tool market for the automotive industry is estimated to reach USD 38,080.7 Million in 2025 from USD 29,515.4 Million in 2019. In the automotive industry, metal cutting machine tools are used extensively for a wide range of interior and exterior components. The automotive industry is adopting the integration of technologies such as AI, IoT, robotics, etc., which will serve the demands of the end-users. The growth in different vehicle segments across the globe is expected to drive the demand for metal cutting machine tools.
Related Report: Global Metal Cutting Machine Tools Market 2018-2025
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