The machine tools market is projected to surpass a valuation of US$ 99 Bn, with a steady growth rate through the forecast period (2020-2030). With the widespread impact of the global coronavirus pandemic, manufacturing and machining activity has come close to stalling, following a drop in new orders, closure of factories, and multiple supply chain disruptions. These trends are anticipated to moderately affect the machine tools market through the outbreak.

Despite the fast-growing concerns of a recession, a number of suppliers are now restarting operations. However, demand for machine tools continues to remain uncertain. This will hurt inventories, imports, jobs and order backlogs in the industry in the near term.

"The rising trajectory of COVID-19 cases around the globe will slow economic recovery. Also, companies in Europe and China are going through a decline in sales of machine tools, and international trade. On the other hand, the recovery of the Chinese market will help in recovery of the overall industry in the coming months," says the Fact.MR analyst.

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Machine Tools Market - Key Takeaways

Milling machines will contribute substantially to global revenue streams, owing to applications in multiple verticals.
CNC machine tools, are rapidly gaining traction, on back of high demand for automated metalworking systems.
Applications in the automotive industry remain a key area of market developments.
Asia Pacific will account for a dominant share of the machine tools market, driven by a strong metalworking industry in the region.

Machine Tools Market - Key Driving Factors

CAD/CAM and IoT innovations will play major roles in the development of machine tools.
Extensive applications of machine tools in railways, automotive, defense, and aerospace applications are set to drive growth opportunities.
Rise in the number of metalwork process facilities on a global scale has resulted in increased demand.
Maintenance, repair, and operations of heavy-duty, fixed machine tools will sustain market demand.

Machine Tools Market - Key Constraints

Dependence on operator skill for end-product accuracy and resultant errors, hampers market growth.
Shortage of adequately skilled manpower, is also a challenge for the industry.

The Anticipated Impact of COVID-19

The manufacturing industry has been highly vulnerable to the COVID-19 crisis. The impact of the outbreak has been unprecedented. Demand for machine tools and supply chains are anticipated to be severely impacted. The disruptions in Chinese industry and the overall demand for metalworking products are key concerns.

The shut-down of non-essential services and industry is expected to hit the manufacturers of metal products. The pandemic has also resulted in changed consumer behavior. Further, shortage of cash flow will also impact the market in the coming months. Demand is gradually expected to recover post the pandemic.

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Competition Landscape

The machine tools market is largely fragmented. Top manufacturers in the machine tools market include but are not limited to Chiron Group SE, Doosan Corporation, Schuler AG, AMADA Co, Ltd., Hyundai WIA Corporation, Makino, OKUMA Corporation, Komatsu Ltd., Jtekt Corporation, DMG Mori Aktiengesellschaft, and GF Machining Solutions. Market players are investing in the development of customized offerings alongside standard options to keep up with evolving consumer requirements. Further, mergers, acquisitions, expansions, and product development are high on priority.

For instance, in 2019 OKUMA corporation opened a new high accuracy, double column machining center for press die manufacturing. Similarly, AMADA Co. has invested in next-gen robotics systems for automated and unmanned operations.

More About the Study

The Fact.MR's market research study provides comprehensive insights on machine tools market. The market is broken down in terms of product type (metal cutting and metal forming), end use (automotive & transportation, electrical & electronics, machinery, and general manufacturing), across six key regions (North America, Latin America, Europe, East Asia, South Asia, and MEA).

Press Release: https://www.factmr.com/media-release/1465/global-machine-tools-market