Metal Machining Market size to increase by USD 16.6 Billion between 2024 to 2029, Market Segmentation by Application, Type, Geography, Technavio

NEW YORK, Jan. 7, 2025 /PRNewswire/ -- The global metal machining market size is estimated to grow by USD 16.6 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of over 3.7% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Application 
• 1.1 Automotive
• 1.2 Construction
• 1.3 Aerospace
• 1.4 Others
2. Type 
• 2.1 Laser cutting machine
• 2.2 Plasma cutting machine
• 2.3 Flame cutting machine
• 2.4 Waterjet cutting machines
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The automotive industry is a major consumer of metal machining products, accounting for a significant share of the global metal machining market. Metal parts, including bus bars, electrical contacts, terminals, lead frames, shields, and clips, are extensively used in various vehicle components such as chassis, fuel delivery systems, motors, engines, batteries, alternators, and brake systems. The increasing demand for personal mobility solutions, particularly in urban areas, is driving the growth of the automotive industry. Factors like population growth and government initiatives, such as incentives and regulations promoting electric vehicle adoption, are further fueling this demand. For instance, in Europe, new car registrations grew by 17.8% between June 2022 and June 2023. In India, electric vehicle sales increased by around 49.25% year-on-year to 15,29,947 units in 2023. Major automotive manufacturers, like Toyota and Volkswagen, are expanding their manufacturing capacity and introducing new models to cater to this growing demand. These developments will increase the need for metal machining products, thereby driving the growth of the global metal machining market.

Analyst Review

The Metal Machining Market encompasses a comprehensive range of machine tools and equipment used for metal cutting and shaping. Machinists utilize various tools such as CNC lathes, milling machines, saws, grinders, shears, and specialized machines to manufacture metal components. The integration of advanced technologies like E and P systems, Industry 4.0, and automation has significantly increased profitability and production efficiency. The market is witnessing in demand for 3D printing technology, which is revolutionizing metal machining by enabling rapid prototyping and customization. Handheld devices and metal cutting tools are also gaining popularity due to their portability and ease of use. The Metal Machining Market continues to evolve, offering endless opportunities for innovation and growth.

Market Overview

The Metal Machining Market encompasses a comprehensive data analysis of machine tools, including CNC lathes, CNC laser machines, and specialized machines, used for metal cutting and shaping in various sectors such as automotive, aerospace, construction, industrial manufacturing, and metalworking processes. The market is driven by advancements in technology, innovations in CNC technology, and automation, leading to improvements in product quality, efficiency, and productivity. The integration of Industry 4.0, IoT, and big data analytics enables real-time quality assurance and predictive analytics for profitability and performance optimization. Vendor landscape includes key players offering solutions such as HireCNC, NUM, FlexiumPro CNC platform, Codesys V3 PLC, ARM CPU, and more. The market caters to small & medium-sized businesses and large-scale production facilities, with sectors like automotive and aerospace leading in mass production. The market includes various metal cutting tools, handheld devices, saws, grinders, shears, and specialized machines. The market faces challenges such as high initial costs and fluctuating raw material prices. Cross-border trade is a significant factor in the market's growth, with various industrial machinery sectors like food & beverage, aerospace & defense, military equipment, and transport machinery utilizing metal machining technologies.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio