Metal Machining Market by End-user and Geography - Forecast and Analysis 2020-2024
- Published: Jul 2020
- Pages: 120
- SKU: IRTNTR44659
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The metal machining market size has the potential to grow by USD 13.32 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (automotive, construction, aerospace, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AMADA HOLDINGS Co. Ltd., Atlas Copco AB, Colfax Corp., DMG MORI AKTIENGESELLSCHAFT, FANUC Corp., Messer Cutting Systems Inc., Okuma Corp., Sandvik AB, Shenyang Machine Tools Co. Ltd., and TRUMPF GmbH + Co. KG.
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Market Competitive Analysis
The metal machining market is fragmented with the presence of several regional and international players that compete on parameters such as new product launches. The presence of numerous vendors is intensifying the competition among them and leading to price wars in the market. AMADA HOLDINGS Co. Ltd., Atlas Copco AB, and Colfax Corp. are some of the major market participants. Although the growing demand from the oil and gas industry will offer immense growth opportunities, the shortage of skilled workforce will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this metal machining market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this metal machining market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- AMADA HOLDINGS Co. Ltd.
- Atlas Copco AB
- Colfax Corp.
- DMG MORI AKTIENGESELLSCHAFT
- FANUC Corp.
- Messer Cutting Systems Inc.
- Okuma Corp.
- Sandvik AB
- Shenyang Machine Tools Co. Ltd.
- TRUMPF GmbH + Co. KG
Metal Machining Market: Segmentation by Geography
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APAC was the largest metal machining market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of construction activities in emerging countries and the rising government spending on the development of infrastructure will significantly drive metal machining market growth in this region over the forecast period.
36% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for metal machining in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America.
Metal Machining Market: Segmentation by End-user
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The automotive industry is one of the leading end-user segments of the global metal machining market, as a significant number of metal parts are used in the automotive industry. These metal parts, which include bus bars, electrical contacts, terminals, lead frames, and shields and clips, have applications in a wide range of vehicle components, including chassis of vehicles and the fuel delivery systems. The increasing demand for vehicles and subsequent efforts of manufacturers toward enhancing their businesses will, therefore, fuel the demand for metal machining products required for the production of vehicle parts and components. This report provides an accurate prediction of the contribution of all the segments to the growth of the metal machining market size.
Metal Machining Market: Key Drivers and Trends
The growing demand from the oil and gas industry will be a significant factor in driving the growth of the metal machining market. Rapid industrialization and urbanization in developing countries such as India and China and the rising consumption of energy have increased demand for oil and gas. Major oil and gas companies are focusing on increasing their E&P activities to cater to the rising demand for energy. Metal machining is widely used to fabricate pipelines, oil rigs, and other infrastructure in the oil and gas industry. It is also used for installing compression stations and inspection gauges that monitor pressure and flow rate and ensure the smooth transportation of materials. With the increasing E&P activities, the demand for metal machining operations will also grow.
- Additive manufacturing (AM) or 3D printing can be used to produce objects of any shape or geometry from a 3D model or electronic data sources such as additive manufacturing file (AMF).
- Unlike the conventional machining process, where external materials are removed from the stock, AM builds a 3D object by successively adding material layer by layer.
- The use of 3D printing in manufacturing will help in enhancing part strength and quality in terms of accuracy and surface finish and reducing manufacturing costs, support volume, support contact area, and build time.
- The automotive industry is increasingly adopting 3D printing to manufacture engines, transmission, and other automotive parts.
- Engineers are combining 3D printing with CNC machining to make their timelines flexible and suggest design improvements. It will help them in minimizing costs and avoiding major delays in production involved in making changes to an injection molding tool.
- The emergence of 3D printing in manufacturing, which is one of the critical metal machining market trends will fuel the growth of the market during the forecast period.
- During 2020-2024, the metal machining market will grow at a CAGR of over 3%.
Metal Machining Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive metal machining market growth during the next five years
- Precise estimation of the metal machining market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the metal machining industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of metal machining market vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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