The report forecasts the global drilling machines market to grow at a CAGR of 5.7% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is high-speed steel versus carbide tools. The cutting tool plays a vital role in metal cutting technology. The major materials used for cutting tools are high-speed steel (HSS) and carbide. HSS is a tungsten-containing high-carbon alloys. Although over the last few years carbide tools have steadily taken over HSS tools, the latter remain popular in major segments of tools, including reamers and gear shaping cutters that are not limited to drills. This is mainly due to the advantages of HSS, like its cost-effectiveness and ability to withstand higher cutting forces.
According to the report, one of the primary drivers in the market is integration of CAD/CAM with machine fabrication. The metal fabrication industry is increasingly making use of advances in technology in the development of machine tools. By using new technologies, manufacturers design new machine tools that are easy to operate, consume less time, and are more efficient. Electrical discharge machines, ultrasonic, and electronic beam technologies have revolutionized manufacturing technology.
Further, the report states that one major challenge in the market is setbacks in European machine tools manufacturing. The setbacks that plagued the European machine tools market during the global economic recession of 2008 have not been entirely overcome. Post-crisis, the primary factor affecting the market was weak domestic demand, with the current growth attributed to emerging markets that are outside Europe. The rise in the demand for production machinery can be attributed to rapid industrialization drives undertaken in the developing countries of APAC.