Demand from Automobile, Aerospace and Defence industries in Emerging Economies to Fuel Global Machine Tools and Cutting Tools Market, says Frost & Sullivan
Focus is on developing innovative, technologically advanced, high-quality products
LONDON, June 14, 2013 /PRNewswire/ -- Machine tools and cutting tools are used in a wide range of applications that span multiple industries. Market growth is expected to be driven by demand from aerospace and defence, mining, power generation and automobile industries.
New analysis from Frost & Sullivan (http://www.industrialautomation.frost.com), Global Machine Tools and Cutting Tools Market, finds that the market earned revenues of $15.72 billion in 2012 and estimates this to reach $21.18 billion in 2017. The research covers metal cutting, metal forming and metal finishing segments across North America, Europe (Includes Russia and other CIS countries), Middle East, Africa (EMEA), Asia-Pacific (APAC) and Latin America.
"Despite the economic downturn, the demand for machine tools and cutting tools is expected to grow in emerging economies such as China, India, Brazil and Russia," noted Frost & Sullivan Industrial Automation & Process Control Research Analyst Guru Mahesh. "Increased investments in the automobile, aerospace and defence industries that incorporate these tools in their production process will boost uptake levels."
The growth of the aerospace and defence industry – with its widespread use of high-precision cutting tools, super abrasives and metal forming and fabrication tools – in Europe, Russia, China and India spells good news for market prospects.
The heightened demand for advanced materials, like nickel alloys and titanium alloys, by the aerospace industry is set to further promote the use of machine tools and cutting tools.
"The biggest challenge tool manufacturers face is that these advanced materials are very difficult to machine and tend to increase tool deformation," stated Mahesh. "Investments in R&D are likely to address this challenge, aiding market growth."
Tool manufacturers are investing in R&D to develop tools that are coated with materials like titanium carbide, titanium nitride and aluminium oxide etc. The coating process is done either by chemical vapour deposition (CVD) or by physical vapour deposition (PVD). Such tools are capable of withstanding the high amount of heat produced, preventing tool deformation.
Despite being the leading manufacturers of machine tools and cutting tools, China and India have been unable to address the spiralling demand for technologically advanced, high-quality products. This has been due to the lack of local expertise. Instead, this need has been met by German manufacturers.
"Focused R&D strategies by manufacturers, not just in China and India, but across all potentially high-growth emerging country markets, will support the development of innovative, high-quality products," advised Mahesh. "Providing technical training is also crucial in leveraging the market's growth potential."
If you are interested in more information on this research, please send an email to Julia Nikishkina, Corporate Communications, at email@example.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
Global Machine Tools and Cutting Tools Market is part of the Automation & Process Control Growth Partnership Service programme. Frost & Sullivan's related research services include: Global Industrial Valves and Actuators Market, European Pumps Market for Commercial and Industrial Buildings, Industrial Valves and Actuators Market in Russia and CIS, and European Hydraulic Equipment Market for Industrial and Mobile Applications. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Global Machine Tools and Cutting Tools Market
Corporate Communications – Europe
P: +7 (499) 918 6146
SOURCE Frost & Sullivan
More by this Source
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.