The demand for metal cutting tools and precision tools is anticipated to surge in the near future. The region of APAC (Asian Pacific) seems to have the most potential and promising markets for the success of this industry.
The global machine tool industry is expected to cross the 120 billion dollar mark by 2020, reports research firm Technavio. The sector comprises of diverse elements including metal cutting tools. The respective market is also anticipated to grow in the coming years owing to the rising demand of vehicles across the world.
Metal cutting tools
The global metal cutting tools market is expected to grow at a CAGR of around 9 % by 2021, states a Technavio report. The core reasons behind the increase are the rise in demand of automobiles, two wheelers and the development of lightweight vehicles. As more and more lightweight vehicles are produced, the demand for unique and innovative welding components will also enhance, thus increasing the demand for machine cutting tools.
The metal cutting tools segment comprises lathes, drilling machines, milling machines, boring machines, grinding machines, machining centers, etc. There are many firms competing in this area, a few of the leading ones comprise Nachi-Fujikoshi, Sandvik , Big Kaiser, Kennametal Foundation, etc.
In terms of geography, the APAC region is expected to hold the foremost position for the metal cutting tools industry by 2021, according to expert analysis. The other economic zones Americas and EMEA (Europe, Middle East, and Africa) are also expected to show a decent growth in the forecast period.
Market research Company, Future Market Insights predicts the precision tool market to grow at a steady pace untill 2026. Precision tools play a significant role to improve or enhance the accuracy and precision while machining products. They are automated with the assistance of CNC functions (Computer numerical control) which enable the machining processes to be carried out smoothly.
The segment caters to a range of sectors including automotive, healthcare, consumer goods and defence. Consisting of large and small companies, some of the major players of this industry are DMG Mori, Yamazaki Mazak, Fanuc, Doosan Infracore, GF Machining Solutions, and many more.
On a global scale, the USA and Europe are the hot spots for the precision machine tool market. Experts have also predicted the Asia-Pacific region to be a growing market which will lead to significant growth of the industry.
Machine tools play a vital role across various industries and with the development in these industries the metal cutting machine tools and precision machine tools sectors are poised for growth!