Precision tools offer many advantages such as high quality products and great precision. It is therefore not surprising that the sector is expected to grow even further. The various types of precision tools are for example used in the medical, aeroplane, automobile and defence sector, especially in the US and Europe.
The precision tool market is expected to witness a decent growth over the forecast period 2017-2026, according to an industry report by Future Market Insights. Precision tools are meant to boost precision or accuracy while machining products. The technology is used for manufacturing superior quality and highly accurate industrial automation equipment, automotive parts, medical implant accessories and consumer goods. There are various types of precision tools such as drilling and boring machines, grinders, gear cutters, milling machines and so on.
Boring machines are equipped with a cutting tool that enables to enlarge a hole in a workpiece that has already been drilled or cast. It is used to achieve greater accuracy of the diameter of the inner hole. The grinding machine makes use of an abrasive wheel as its cutting tool and is used to finish workpieces. Once the process is complete, the piece offers high surface quality and high accuracy of shape and dimension.
Gear cutting processes are – as the name suggests – used for creating a gear. The most common processes include hobbing, broaching, milling, and grinding. Milling machines make use of rotary cutters to remove material from a workpiece by inserting the cutter into the workpiece in a specific direction. The machines can be used to machine large, small as well as customized parts at precise tolerances.
A constant temperature is required in a room where machining of workpieces takes place with the assistance of precision tools. In addition to this, the rotating parts of precision machine tools are held in dynamic balance in order to eliminate vibrations especially those that occur at high spindle-rotation frequencies.
Nowadays, most of the precision tools are equipped with CNC (Computer numerical control) functions. CNC refers to the automation of any machine tool, where the predefined functions and motions of that machine are fed and controlled by the prepared program. The contemporary technology can administer the functioning of any workpiece including the depth of cut, and the drill and speed of the rotation of the workpiece. The most advanced machines are equipped with precision counting and measuring devices and with self-adjusting control systems.
Insight into the Precision Machine Tool Market
The core markets for this industry are the US and Europe as the OEMs (Original Equipment Manufacturers) possess all necessary infrastructures along with technical know-how. The Future Market Insights report also predicts that the end user markets such as automotive, defence, consumer goods and healthcare in the above mentioned regions as well as Asia-Pacific will witness a significant growth rate, which in turn will prove beneficial for the growth of the precision tool market.
In terms of market players, this industry comprises large as well as small scale manufacturers. In order to expand their respective businesses, the market has also witnessed mergers and acquisitions, joint ventures or collaborations and periodic strategic alliances.