According to the latest market research study released by Technavio, the global metal cutting machine tools market is expected to grow at a CAGR of more than 7% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global metal cutting machine tools market based on product type:
Global metal cutting machine tools share by end-user types 2015
|
Automotive |
28.68% |
|
Aerospace & Defense |
26.42% |
|
Shipbuilding |
23.32% |
|
Other |
21.58% |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
Global metal cutting machine tools for market the automotive industry
In 2015, the automotive industry accounted for the largest share of the revenue generated by the global metal cutting machine tools market with a market value of over $16 billion. In the automotive industry, metal cutting is employed in applications like the cutting of carriage components, hydro-formed parts, and composite materials. The growth of the automotive sector, especially in the US and China, is anticipated to the drive the demand for metal cutting machine tools during the forecast period. Furthermore, the growth of production of lightweight vehicles globally is creating an increase in the demand for precisely cut metal sheets and components, leading to the growth of the global metal cutting machine tools market for the automotive industry.
“There is a projected rise in the demand for lightweight vehicles in every region except Japan and South East Asia. Currently, China dominates the global lightweight vehicles market in terms of production. In South East Asia, the lack of major automobile manufacturers and the absence of appropriate government policies is expected to slow down the growth of the lightweight vehicle market,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
Global metal cutting machine tools for market the aerospace and defense industry
The aerospace and defense sector accounted for more than 26% of the overall market revenue during 2015. The growth of this segment of the market is driven fundamentally by the rise in regional tensions and the need for advanced weaponry. Increased defense spending in the BRICS nations (Brazil, Russia, India, China, South Africa) due to escalating economic and territorial rivalries with neighboring countries is expected to contribute to the demand for metal cutting machine tools in the aerospace and defense sector. The need for modernization of aging fleets, especially in India, is also an incentive for market growth.
Global metal cutting machine tools for market the shipbuilding industry
Shipbuilding accounted for more than 23% of the overall market share of the global metal cutting machine tools market during 2015. The use of thin steel and aluminum alloys for the construction of ships is becoming increasingly preferred across the globe. These metals are required to be cut precisely for it to meet the needs of shipbuilding. This creates the need for the use metal cutting machine tools in shipyards. Valued at more than $13 billion during 2015, the global metal cutting machine tools market for the shipbuilding industry is expected to showcase substantial growth during the forecast period with a CAGR of more than 7%.
APAC is the key revenue generating region in the global market for metal cutting machine tools for shipbuilding. Shipping lines and maritime cargo operators are increasingly seeking ultra-large vessels that offer fuel efficiency and economies of scale. The massive shipyards and the deep ports in APAC countries ensure that shipbuilders in this region are well-positioned to supply such vessels. Such advantages put APAC countries in a position to manufacture and supply ultra-large vessels that fuel efficient to meet the upsurge in demand. This rise in shipbuilding orders, in turn, is expected to fuel the demand for metal cutting machine tools over the next four years.
The top leading vendors operating in the global metal cutting machine tools market are:
- Bystronic
- Coherent
- Colfax
- Komatsu
- Nissan Tanaka
- Trumpf
The other prominent vendors in the market include Amada, Baileigh International, Denobat Group, Eagle Bending Machines, Epilog Laser, ESAB, Eurolaser, Hypertherm, IPG Photonics, Jenoptik, JTEKT, KMT Waterjets, Koike, Lincoln Electric (Torchmate), Lumentum, LVD, Messer Cutting Systems, Omax Waterjets, Rofin, Romi Machine Tools, Semyx, Shenyang All-Powerful Science & Technology Stock, and Water Jet Sweden.
A more detailed analysis is available in the Technavio report titled, ‘Global Metal Cutting Machine Tools Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Machine Tools Market 2016-2020
- Global Laser Cutting Machine Market 2016-2020
- Global Waterjet Cutting Machine Market 2016-2020
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