Global CNC Metal Cutting Machine Tools Market Size was valued at USD 68.9 Billion in 2022. The CNC Metal Cutting Machine Tools market industry is projected to grow from USD 73.2 Billion in 2023 to USD 118.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.20% during the forecast period (2024 - 2032). Defence and aerospace industries are using CNC metal cutting machines more frequently, and industrialisation has resulted in extensive use of metals, are the key market drivers enhancing the market growth.
Product Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
The number of businesses producing defence and aerospace goods has expanded as a result of the shifting balance of power in the world, which has greatly raised worldwide spending on defence equipment. Due to this, the market for precise manufacturing equipment has grown and the use of CNC metal cutting machines has surged in the aerospace and defence industries. Additionally, as a result of growing industrialization, the consumption of metals has expanded dramatically, creating a need for the industry. Additionally, the growing spending power of the general public has greatly raised demand for electronics and autos. This rise in demand helps the industry that produces CNC metal cutting machines even more.
Over the past few years, there has been a noticeable rise in defence spending worldwide. For instance, the U.S. Government Accountability Office estimates that defence spending in the United States was $714 billion in fiscal year 2020 and is projected to reach $733 billion in fiscal year 2021. Asia-Pacific nations like China and India have become significant defence makers and markets. Due to the fast expansion of the automotive sector in nations like China and India, the Asia-Pacific region has become a significant centre for the automobile industry. India had about 25 vehicles per thousand people as of 2020, and by the year 2040, that number is anticipated to reach 150 vehicles per thousand people, making China the largest automotive market in the world in terms of both manufacturing capacity and yearly sales. It is expected that the use of CNC metal cutting machines would increase as a result of the defence and automotive industries' rapid growth.
Increased demand for electronics and other goods, driven by rising population and rising spending power of the general public, is projected to strengthen the global manufacturing sector. Additionally, it is anticipated that a growing number of Free Trade Agreements worldwide and encouraging government actions will boost the manufacturing sector. These elements are projected to have a favourable impact on the global market share for CNC metal cutting machines. Thus, driving the CNC Metal Cutting Machine Tools market revenue.
The global CNC Metal Cutting Machine Tools market segmentation, based on product type, includes vertical machine centers, horizontal machine centers, and CNC grinder. Vertical machine centers segment accounted for the largest revenue share in 2022. The advantages provided by vertical machine centres include high productivity, the ability to produce intricate devices, effective mass production, and inexpensive maintenance, all of which are resulting in an increase in the global market share. Additionally, this is a result of different businesses, such the automotive industry, having a greater requirement for mass production. The need for milling and boring equipment has increased as a result of improvements in precision cutting technologies. Because more surface grinders, tools, cylindrical machine grinders, and cutter grinders are being used, grinding machines are becoming more and more common in the machine tool business.
The global CNC Metal Cutting Machine Tools market segmentation, based on application, includes aerospace and defense, shipbuilding, construction, and automotive. Automotive segment dominated the global CNC Metal Cutting Machine Tools market in 2022. In terms of recent market revenue generation, the applications category has been led by the automobile industry. One of the key elements influencing the market's growth is the development and production of numerous automotive components for contemporary and high-end automobiles. The demand for efficient metal cutting tools is rising as a result of automotive components such gearboxes, contemporary disc brakes, and clutch plates. In addition, strong demand from a variety of industries, including aerospace, construction, and food & beverage, is a contributing factor to increased demand for industrial machinery.
Figure 1: Global CNC Metal Cutting Machine Tools Market, by Application, 2024 & 2032 (USD Billion)
Product Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific CNC Metal Cutting Machine Tools market dominated this market in 2022 (45.80%). The Asian economy has grown as a result of quick urbanisation, increasing public investment, and rising consumer expenditure, which has fueled infrastructure growth in the building sector. The main nations propelling the growth of the oil & gas, automotive, aviation, and building & construction industries in this area are emerging economies like China, India, and Japan. There are profitable growth potential for sectors as a result of the competition between the Chinese capital markets and a few other Asian economies, which has in turn improved the market environment for investments. Moreover, China’s CNC Metal Cutting Machine Tools market held the largest market share, and the Indian CNC Metal Cutting Machine Tools market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL CNC METAL CUTTING MACHINE TOOLS MARKET SHARE BY REGION 2022 (USD Billion)
Product Type: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America CNC Metal Cutting Machine Tools Market is expected to register significant growth from 2023 to 2032. In North America, the information technology (IT), building, and mining industries are all experiencing significant expansion. The largest and most powerful economy in the world, North America is expanding significantly as a result of the industrial dynamics and commodities availability in its nations. Further, the U.S. CNC Metal Cutting Machine Tools market held the largest market share, and the Canada CNC Metal Cutting Machine Tools market was the fastest growing market in the North America region.
Europe CNC Metal Cutting Machine Tools market accounted for the healthy market share in 2022. Over the course of the projection period, the automotive sector is anticipated to rise due to process innovation, enhanced R&D, and increased manufacture of automobiles in nations like France, Germany, and the United Kingdom. Further, the German CNC Metal Cutting Machine Tools market held the largest market share, and the U.K CNC Metal Cutting Machine Tools market was the fastest growing market in the European region
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the CNC Metal Cutting Machine Tools market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, CNC Metal Cutting Machine Tools industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global CNC Metal Cutting Machine Tools industry to benefit clients and increase the market sector. In recent years, the CNC Metal Cutting Machine Tools industry has offered some of the most significant advantages to medicine. Major players in the CNC Metal Cutting Machine Tools market, including DMG MORI CO. LTD, FANUC CORPORATION, JTEKT CORPORATION, Dalian Machine Tool Group Corporation, Yamazaki Mazak Corporation, Hurco Companies Inc., Okuma Corporation, Makino Milling Machine Co. Ltd., Haas Automation Inc., EMAG GmbH & Co. KG, Komatsu Ltd., and AMADA MACHINE TOOLS CO. LTD, are attempting to increase market demand by investing in research and development operations.
A high-tech engineering firm with a focus on industrial processes and material technologies is called Sandvik AB (Sandvik). The company's main goods and services include furnace products and heating systems, stainless steel and titanium, mining and rock extraction equipment, cutting tools and tooling systems, and digital manufacturing solutions. The company serves a number of industries, including nuclear power generation, oil and gas, process industry, renewable energy, mining, aerospace, automotive, construction, general engineering, and mining. Through a network of direct sales representatives and distributors in the Americas, Europe, Africa, the Middle East, and Asia-Pacific, the corporation offers its products. The headquarters of Sandvik are in Stockholm, Sweden. Preziss, a provider of solutions for composite and aluminium machining, was purchased by Sandvik AB in May 2022.
In Brookfield, Wisconsin, Milwaukee Electric Tool produces heavy-duty power tools, accessories, and hand tools. The company's products are industry leaders in terms of performance and durability, offering professional users across the globe with cutting-edge and time-saving accessories. Milwaukee Tools introduced their cutting-edge wrecker equipped with an NITRUS CARBIDE SAWZALL Blad in June 2022. This tool is suitable for use in demolition and remodelling projects on building sites since it can function more successfully on a variety of metals.
August 2022: Sandvik purchased P. Rieger Werkzeugfabrik AG and Sphinx Tools Ltd, a producer of precision solid round tools based in Switzerland. Sandvik aims to improve its position in the market for round cutting tools with this acquisition.
March 2022: CoroDrill 860-PM, which was recently introduced by Sandvik Coromant, offers greater drilling performance as well as superior tool durability, extending tool life.
April 2022: The Metalworking Solutions Company of Mitsubishi Materials Corporation added two double-sided inserts of the precision grade M class type and wiper type, expanding its line of products.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 68.9 Billion |
| Market Size 2023 | USD 73.2 Billion |
| Market Size 2032 | USD 118.4 Billion |
| Compound Annual Growth Rate (CAGR) | 6.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | DMG MORI CO. LTD, FANUC CORPORATION, JTEKT CORPORATION, Dalian Machine Tool Group Corporation, Yamazaki Mazak Corporation, Hurco Companies Inc., Okuma Corporation, Makino Milling Machine Co. Ltd., Haas Automation Inc., EMAG GmbH & Co. KG, Komatsu Ltd., and AMADA MACHINE TOOLS CO. LTD |
| Key Market Opportunities | Increased the demand for automobiles and electronic products |
| Key Market Dynamics | Increased use of CNC metal cutting machine tools in defense & aerospace sector and significant use of metals due to surgeon industrialization |
CNC Metal Cutting Machine Tools Market Highlights:
Frequently Asked Questions (FAQ) :
The global CNC Metal Cutting Machine Tools market size was valued at USD 68.9 Billion in 2022.
The global market is projected to grow at a CAGR of 6.20% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the global market
The key players in the market are DMG MORI CO. LTD, FANUC CORPORATION, JTEKT CORPORATION, Dalian Machine Tool Group Corporation, Yamazaki Mazak Corporation, Hurco Companies Inc., Okuma Corporation, Makino Milling Machine Co. Ltd., Haas Automation Inc., EMAG GmbH & Co. KG, Komatsu Ltd., and AMADA MACHINE TOOLS CO. LTD
The Vertical Machine Centers Product Type dominated the market in 2022.
The Automotive Application had the largest share in the global market.
Research Analyst Experienced business professional with a demonstrated history of working in the cfnb industry. skilled in market research, and market estimation. strong professional with a masters focused in marketing management.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
