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Research analysis on the global material removal tools market identifies that the rising demand for power tools from aerospace industry will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this market will grow at a CAGR of about 6% by 2021. The rising demand in both air freight movement and passenger traffic will drive the need for power tools from the aerospace industry. Aircraft manufacturing needs high precision power tools and demands quality finishing. Moreover, power tools play a vital role in the aircraft manufacture in applications such as surface finishing and drilling. The demand for aircraft is likely to increase during the forecast period with high demand from APAC.
The utilization of 3D printing is one of the latest trends that will gain traction in the material removal tools market. The additive nature of 3D printing enhances the use of material and reduces the wastage of material. Substituting the traditional manufacturing techniques with 3D printing is likely to lower the capital costs, raw material costs, and costs to reclaim scrap. Though the initial cost of 3D printers is high, the use of this technology can gradually result in reduction of unit costs for manufacturers. Also, the use of 3D printing can lead to the manufacture of parts that are significantly cheaper than those manufactured manually which counterbalances the high initial costs.
Due to the presence of many established players, the material removal tools market appears fragmented. Apart from top vendors, numerous local and regional vendors are manufacturing customized, energy-efficient equipment at a lower price than their international counterparts. Currently, the material removal vendors in the maximum cutting tools market are adapting to the shifting market dynamics in terms of required cost-effectiveness and are trying to keep up to the rising demand from customers for high precision and cost-effective equipment.
The leading vendors in the market are -
The other prominent vendors in the market are Allied Machine & Engineering, Amada, Atlas Copco, BAIER, Beijing No.1 Machine Tool, Casals, Craftsman, Doosan Infracore, Fair Friend Group, FANUC, Freudenberg, GF Machining Solutions, Haas Automation, Hardinge, Hilti, JTEKT, Kennametal, Komatsu, MAKINO, and Sandvik.
During 2016, the machine tools segment accounted for the major shares of the material removal tools market. Factors such as the increasing use of machine tools in automotive, aerospace and defense, industrial machinery, and telecommunications and growth of these industries will contribute to the growth of this industry segment in the maximum cutting tools market coming years.
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the material removal tools market throughout the forecast period. The utilization of material removal tools in the automotive and marine industry and the increase in the geopolitical tensions in this region will drive the growth of the maximum cutting tools market.
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