Multi-Tasking Machine Tools Market Research Report: Information by Product Type (CNC Machines, Turret Machines, Milling, and Friction Stir Welding (FSW) Machines), Application (Automotive, Construction, and Aerospace), and Region (North America, Asia-Pacific, Europe, and Rest of the World) —Forecast till 2028

The Global  Multi-Tasking Machine Tools Market is projected to register a CAGR of 2.98% and reach a value of USD 1,332.59 million by 2028.

Multi-Tasking Machine Tools Market Overview

Multi-tasking machines add operations beyond turning, milling, and drilling. These machines are almost unique and customizable according to the operations. The machining operations that have been incorporated into these machines include honing, shoving, grinding, polishing, and cutting gears. Additionally, multitasking machines reduce the set-up time and positioning of fixtures.

The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to multi-tasking machine tools business. There are numerous risks related to the outbreak of the COVID-19 pandemic. COVID-19 spread across the globe during 2020 and continues to impact economic activity worldwide. It caused disruption and volatility in the global capital markets and authored an economic slowdown during 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the multi-tasking machine tools market in most geographies and across a variety of customers. Concerning COVID-19, governments around the world have introduced certain measures, such as travel prohibitions, shutdowns of certain businesses, bans on group events and gatherings, shelter-in-place orders, curfews and recommendations of practicing social distancing. These restrictions have resulted in weakening activity and temporary closures of manufacturing facilities. COVID-19 has affected the multi-tasking machine tools market in many ways.

Multi-Tasking Machine Tools Market Dynamics

The global multi-tasking machine tools market is projected to record a CAGR of 2.98% during the forecast period. Multi-tasking machine tools consist functionality of two or more traditional standalone machine tools. They combine several cutting processes like turning, milling, drilling, tapping, and deep-hole boring on one machine as opposed to having those same processes handled by multiple machines. Multi-tasking machines are used for different applications such as automobile, aerospace & defense, and general machinery. The growth of the automotive industry globally and the development of aerospace & defense infrastructure in emerging markets are driving the market growth. Growth in the number of industrial activities is also driving the growth of the global market. The global multi-tasking machine tools market is dynamic and expected to witness phenomenal growth over the forecast period. This is mainly because multi-tasking machine tools are highly efficient for various major manufacturing processes. However, the growth of the market can be hindered due to the high initial investment cost.

Market Drivers:

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  Increasing Demand From The Manufacturing Sector

  
  

The global manufacturing sector boom has resulted in high demand for multi-tasking machine tools. The construction, automotive, and aerospace sectors have been the key supporters of the multi-tasking machine tools market. The global industrial output is currently witnessing significant growth due to the economic uprise across major economies. In the upcoming year, the pace of expansion is anticipated to further augment industrial growth due to rising demand from end users. Moreover, many emerging economies have witnessed the prevalence of new manufacturers because of industrial growth. The US, Canada, Germany, France, Brazil, China, Japan, India, and Southeast Asian countries are anticipated to witness high growth propelled by the rapidly expanding manufacturing base and increasing investment in high-performance multi-tasking machine tools. With the growth in infrastructure-related industries, including energy, railway, and road construction, the automotive industry is also expanding. This will boost the overall multi-tasking machine tools market. On the basis of these factors, it is anticipated that the market for multi-tasking machine tools will continue to evolve at a noteworthy pace in emerging economies.

Market Restraint:

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  High Initial Investment

  
  

The manufacturing of multi-tasking machine tools is time-consuming and requires roughing finishing, and spark-out operations. The manufacturing process costs comprise three types of cost components: machining cost, operator wages, and production cost. Multi-tasking machine tools cost includes the cost of various components in a single machine. In addition, stringent government norms regarding sustainability to reduce carbon footprints encourage manufacturers to increase their investment in the overall production cost. Moreover, the R&D work involved in the production of multi-tasking machine tools is high as every sector seeks advancement in technology. Thus, the high initial investment restricts the new entrants in the market, affecting the overall growth of the global multi-tasking machine tools market.

Market Opportunities:

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  Growth In The Number Of Industrial Activities

  
  

Increasing infrastructure activities have historically led to periods of economic growth. With the advent of technologies, manufacturers are escalating their production rate and increasing profits. For instance, in December 2020, global industrial production, excluding the US, grew by 2.8%. Additionally, extensive construction activities due to the increasing per capita income and the improving living standards are boosting the spending on construction in developing nations, driving the construction market over the forecast timespan. For instance, in China, the expansion project of Beijing airport that is expected to be completed by 2025 will surely surpass Dubai's Al Maktoum Airport in total square miles, cost, and plane & passenger capacity. Similarly, in India, the Versova-Bandra sea link project has been approved. This bridge will be located about 900 to 1,800 m from the coast of Mumbai. The stretch is approximately 17.7km, linking Versova and Bandra. Several other ongoing and future construction projects would increase the product demand, directly propelling the multi-tasking machine tools market.

Multi-Tasking Machine Tools Market Segment Overview

Insights By Product Type

Based on product type the global multi-tasking machine tools market has been segmented into CNC machines, turret machines, milling, friction stir welding (FSW) machines, and others. The turret machine segment accounted for the largest market share of 65.15% in 2020 whereas, the milling segment is projected to record the highest CAGR of 4.62% during the forecast period.

Insights By Application

Based on application, the global multi-tasking machine tools market has been segmented into automotive, construction, and aerospace. The automotive segment accounted for the largest market share of 52.47% in 2020 whereas, the aerospace segment is estimated to register the highest growth rate of 4.86% during the forecast period.

Global  Multi-Tasking Machine Tools Market Share, by Region, 2020 (%)
Sources: MRFR Analysis

Multi-Tasking Machine Tools Market Regional Analysis

By region, the Global  Multi-Tasking Machine Tools Market has been divided into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific accounted for the largest market share of 50.45% in 2020, and the market is expected to register a CAGR of 1.28%. Europe was the second-largest market in 2020, and the market is projected to exhibit a CAGR of 2.74%. However, the market in Rest of the World is expected to register the highest CAGR of 6.87% during the forecast period.

Asia-Pacific

Asia-Pacific dominated the global multi-tasking machine tools market in 2020. Rapid growth in construction and manufacturing in countries such as China and India is expected to increase the demand for multitasking machine tools in the coming years. Moreover, the region is home to one of the largest manufacturing industries globally for machine tools, automotive, electronics, and others. China is one of the leading markets in the Asia-Pacific. The government in China supports and encourages industrial and construction development. This helped the recovery of the commercial housing market in the country. Moreover, many major manufacturers across the globe are shifting their manufacturing base into China, mainly due to the availability of ample raw materials and the low cost of establishing new manufacturing plants. This boosts the growth of the multitasking machine tools market in China over the forecast period. Japan is another major market in the region for multitasking machine tools. Government support, growing standardization efforts, and convergence of technologies are the major factors driving market growth. Additionally, the country is also witnessing growth in the automotive industry, further projected to drive the market.

Europe

The multitasking machine tools market in Europe is expected to grow at a significant pace during the forecast period, mainly due to the increase in the adoption of advanced technology and the increase in import and export activities in the region. Europe is the hub of major automobile manufacturers such as Audi, BMW, and Volvo, fueling the market growth. The UK, Germany, and Italy are the major contributors to the growth of the multitasking machine tools market in Europe. In 2020, Germany dominated the regional multitasking machine tools market. This can be attributed to the growing construction industry. Many other industries are linked to the construction industry, making it an important economic growth driver. Moreover, improved efficiency, time effectiveness, and precision & accuracy provided across metalworking industries, including automobile and manufacturing, are expected to drive the multitasking machine tools market.

Competitive Landscape

The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Yamazaki Mazak Corporation (Japan), Nakamura-Tome CO., LTD (Japan), Tongtai Machine & Tool Co., Ltd (China), Okuma Corporation (Japan), Tsugami Corporation (Japan), dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.

Prominent players in the Global  Multi-Tasking Machine Tools Market include Yamazaki Mazak Corporation (Japan), Nakamura-Tome CO., LTD (Japan), Tongtai Machine & Tool Co., Ltd (China), Okuma Corporation (Japan), Tsugami Corporation (Japan), Trevisan Machine Tool (US), Doosan Corporation (South Korea), Accuway Machinery Corporation (China), Breton S.p.A. (Italy), DMG Mori (Japan), and Hwacheon Machinery Co. Ltd (South Korea).

Recent Developments

Few developments that occurred in recent times influencing the market growth of Multi-Tasking Machine Tools are listed below:

• In December 2021, Nakamura-Tome Co., Ltd equipped its multitasking machines with the oscillating cutting function as an optional feature. By incorporating this function, it is possible to prevent chips from being tangled around the tool and workpiece. This will reduce the number of scrap parts and reduce machine downtime.

Scope of the Report

Global Multi-Tasking Machine Tools Market, by Product Type

• CNC Machines


• Turret Machines


• Milling


• Friction Stir Welding (FSW) Machines

Global Multi-Tasking Machine Tools Market, by Application

• Automotive


• Construction


• Aerospace

Global Multi-Tasking Machine Tools Market, by Region

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Spain
  
  
  • Italy
  
  
  • Belgium
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • Australia & New Zealand
  
  
  • Malaysia
  
  
  • Indonesia
  
  
  • Thailand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • Middle East
  
  
  • Africa
  
  
  
  

Intended Audience

• Specialty Stores


• National Retailers & Discount Stores


• Hardware Stores


• E-commerce


• Construction Sites