The projected growth of the machine tools market

Machine tools are used in the automotive, defense, and construction sector for various purposes. Machine tools are used to drill holes and shape cylindrical objects. These tools vary in size and application. For instance, grinding machines perform surface finishing and milling objects.

DMG MORI, Ace Micromatic Group, Dalian Machine Tools Group Corporation, CHIRON Group SE, Doosan Machine Tools Co. Ltd., are leading in the global machine tools market. In addition, FFG European & American Holdings GmbH, Georg Fischer Ltd., Gleason Corporation, GROB-WERKE GmbH & Co. KG, Haas Automation Inc., Hyundai WIA are also growing in the market.   

Types of machine tools:

There are hundreds of machine tools varying in size and application. Market players are unveiling innovative strategies and ideas to outgrow competitors and expand their revenue generation.

Milling machine:

• Milling Machine eliminates material from different surfaces (even and irregular).
• Automotive and aerospace industries use milling machines to construct the parts of the engines and vehicles.
• Due to the potential scope of the machinery, various players have been developing innovative solutions to outgrow competitors. 

Lathe machine:

• A lathe machine tool processes cylindrical shapes, such as cylinders and cones. Lathe machine is regarded as the oldest machine tool.
• A lathe machine was primarily used in 1300 BC in Egypt. Nowadays, Lathe Machines are employed for production and repair work. In addition, these machines help in metalworking operations, metal spinning, thermal spraying. Automobile industry use lathe machine in the production of parts. 
• Lathe machines also help in the crankshaft, woodturning, glass turning operation, and for making screw threads. 

Laser machine:

• Laser cutting machines are mostly employed in automotive, ornaments, and medical industries.
• The machine is used to produce parts for computers, medical devices, and electronics. Materials that are difficult or impossible to cut using other methods make excellent candidates for laser cutting.

Drilling machine:

Drilling machines are mainly used by construction,  manufacturing, woodworking, and metalworking industries to perform operations, such as drilling holes, spot facing, reaming, countersinking, tapping, and counterboring.

Grinding machine:

Grinding machines extract metals from rocks, such as the extraction of gold. These machines perform slitting, parting, surface finishing, deburring & descaling, abrasive milling, cutters grinding, and other operations.

Electrical discharging machine:

• Electrical discharging machines perform various activities, including milling, turning, grinding, and hole drilling.
• Automotive and aerospace industries use EDMs for the production of aircraft engines.
• In addition, EDMs applications help in the making of die and mold. EDMs help obtain the desired shape of the object through electrical discharges.

Machining centers:

Machining centers are rapidly gaining popularity, owing to their beneficial applications in the automobile industry and other manufacturing industries.

The applications of machining centers, such as efficient grinding and engine drilling, are a few of the many reasons driving its adoption. 

The projected growth

The advent of automation:

The advent of automation brought up new possibilities for the entire machine tools industry. In October 2019, The Timken Company launched a new range of precision cylindrical roller bearings. These tools influence the speed and efficiency of the task. 

Machine learning and automation has created various opportunities for the development of Computer Numerical Control (CNC) systems. Through CNC systems, operators can perform several operations through the same device. It increases efficiency and saves time. 

Various manufacturers, including Siemens AG, MC Machinery Systems, Inc. Honeywell International, Inc. Robert Bosch LLC, and DynaPath Systems, Inc., are introducing efficient solutions in the market. DynaPath Systems Inc. unveiled a new CNC knee mill in 2019. This automatic tool changer can perform an entire tool changing method within three seconds.

Launches and partnerships

The evolution of Artificial Intelligence has further broadened the potential scope of the machine tools market. In 2017, Siemens AG introduced Sinumerik Edge CNC software. The software allows users to choose options such as compensating unwanted axis-nodding movements.

In addition, favorable government initiatives, such as Blue Competence and Blue Philosophy, aim to produce lightweight structures for machine tools. Such initiatives are creating promising growth opportunities for the players. 

Considering the potential scope of the machine tools industry, various lubricant manufacturers have inked a partnership with market players, such as DMG MORI, and Komatsu, Ltd., etc. In 2017, DMG MORI and FUCHS PETROLUB SE signed a partnership to develop effective lubricant solutions and services for machine tools.

Recently in December 2020, a German technology company Trumpf declared the merger of fibre laser manufacturing subsidiary SPI Lasers into the Trumpf Group. 

According to Astute Analytica, the global machine tools market is forecast to grow at a significant compound annual growth rate (CAGR) of 4.7% during the forecast period from 2021-2027.

Factors Influencing the market growth

The automotive sector is growing rapidly due to advancements and consumers demands. Automotive manufacturing companies employ machine tools to manufacture cars and other vehicles, which would further increase in the coming years. Thus, this sector will hold the largest share in the industry.

In addition, the growing range of innovations in the machine tools industry may become a prominent growth driver.