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Metalworking Machinery Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Metalworking Machinery Global Market
According to The Business Research Company's, The metalworking machinery market size has grown strongly in recent years. It will grow from $266.84 billion in 2023 to $286.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to industrialization, global trade and export, automotive industry growth, infrastructure development.
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Market Drivers and Trends:
The increasing demand from the automotive industry is expected to propel the growth of the metalworking machinery market going forward. The automotive industry is a major consumer of metalworking machinery, including machine tools, welding equipment, and cutting tools. The demand for metalworking machinery is driven by the need for precision and efficiency in the manufacturing process of automotive components. For instance, in February 2023, according to the China Passenger Car Association, a China-based association that provides Automotive Statistics, Car sales jumped 2.2% in August from the same month a year ago to 1.94 million units. Therefore, the increasing demand from the automotive industry contributed to the growth of the metalworking machinery market.
Machinery manufacturers are offering advanced 6-axis CNC milling machines to efficiently fabricate complex components. CNC milling is a specific type of computer numerical controlled (CNC) machining. This involves the use of computers to control machine tools such as lathes, mills, routers, and grinders. The 6-axis CNC machine converts a raw metal bar into the final product by turning from both ends of the fixture. This offers high-quality products while minimizing errors. CNC milling helps in the short-run production of complex parts and the fabrication of unique precision components. Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, and IMSA.
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Major Key Players of the Market:
Sandvik AB; Berkshire Hathaway Inc.; TRUMPF Group; Mitsubishi Heavy Industries Ltd.; Amada Co. Ltd.; Toyota Tsusho; Colfax Corporation; Fanuc Corp; Okuma Corporation; Taiyo Nippon Sanso Corporation; Caterpillar Inc.; Deere & Company; Komatsu Ltd.; Hitachi Construction Machinery Co. Ltd.; Atlas Copco AB; Kennametal Inc.; Hardinge Inc.; DMG Mori Co. Ltd.; Makino Milling Machine Co. Ltd.; Yamazaki Mazak Corporation; Doosan Machine Tools Co. Ltd.; Fives Group; Gleason Corporation; Haas Automation Inc.; Hurco Companies Inc.; Mori Seiki Co. Ltd.; Nakamura-Tome Precision Industry Co. Ltd.; Okamoto Corporation; Schuler AG; Shenyang Machine Tool Co. Ltd.
Metalworking Machinery Market 2024 Key Insights:
• The metalworking machinery market size is expected to grow to $375.27 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• The increasing demand from the automotive industry is expected to propel the growth of the metalworking machinery market going forward. The automotive industry is a major consumer of metalworking machinery, including machine tools, welding equipment, and cutting tools. The demand for metalworking machinery is driven by the need for precision and efficiency in the manufacturing process of automotive components. For instance, in February 2023, according to the China Passenger Car Association, a China-based association that provides Automotive Statistics, Car sales jumped 2.2% in August from the same month a year ago to 1.94 million units. Therefore, the increasing demand from the automotive industry contributed to the growth of the metalworking machinery market.
• Machinery manufacturers are offering advanced 6-axis CNC milling machines to efficiently fabricate complex components. CNC milling is a specific type of computer numerical controlled (CNC) machining. This involves the use of computers to control machine tools such as lathes, mills, routers, and grinders. The 6-axis CNC machine converts a raw metal bar into the final product by turning from both ends of the fixture. This offers high-quality products while minimizing errors. CNC milling helps in the short-run production of complex parts and the fabrication of unique precision components. Major companies manufacturing 6-axis CNC milling are Yamazaki Mazak, DMG MORI, ERLO, Giben International, Haas Automation, Knuth Machine Tools, and IMSA.
• The Asia-Pacific was the largest region in the metalworking machinery market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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