The global machining market size was valued at USD 354.92 billion in 2022 and it is expected to be worth around USD 666.23 billion by 2032, growing at a CAGR of 6.5% during the forecast period from 2023 to 2032.
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The machining market refers to the industry that involves the manufacturing of various components and parts through the use of machine tools. Machining is a process that involves removing material from a workpiece to create the desired shape and size. It is commonly used in industries such as automotive, aerospace, electronics, and general manufacturing.
Machining is utilized to produce multiple products made of metal, it may also be used to process materials, including plastic, wood, ceramic, and composites. A specialist in machining is known as a machinist. "machine shop" describes a location, building, or establishment where machining is done. Modern machining is primarily done using computer numerical control, which employs computers to control the movement and usage of mills, lathes, and other cutting tools. As the CNC machine doesn't require a human operator to run it, efficiency improves, and labor costs for the machine are reduced.
The global machining market is accelerated by factors such as industrial expansion, rising demand for precise components, improving economies and technological advancements. The growing oil and gas sector needs will majorly propel the metal machining market's expansion. The requirement for oil and gas increased due to the quick industrialization and urbanization of developing nations like China and India and rising energy consumption. Major oil and gas firms are emphasizing expanding their exploration and production (E&P) activities to meet the growing energy demand. In the oil and gas business, metal machining is frequently utilized to construct pipelines, oil rigs, and other infrastructure. Additionally, it is used to set up compression stations and inspection gauges, which keep an eye on flow rate and pressure to guarantee that materials are transported without incident. The need for metal machining operations will increase along with the growth of E&P activities.
The automotive industry category was the primary source of market growth for metal machining. Given the extensive use of metal parts in the automobile industry, it is one of the most significant end-user segments of the worldwide metal machining market. The fastest-growing market for machining is in the Asia Pacific region, which will provide market vendors with several chances for expansion over the estimated time frame.
| Report Coverage | Details |
| Market Size in 2023 | USD 377.99 Billion |
| Market Size by 2032 | USD 666.23 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.5% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Type and By End-Use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver:
Rising penetration of automation and integration
The use of automation and integration is another trend in the machining market. CNC machining is typically one stage of a multi-step, multi-machine, multi-operation process in manufacturing facilities. Many businesses are now integrating and connecting their CNC machining operations with other systems to speed up this procedure and increase efficiency.
The rise of Industry 4.0 technologies, like the Internet of Things (IoT) and big data analytics, is a wonderful illustration of the future of CNC machining. These technologies enable real-time communication between CNC machines and other systems, allowing them to share information and plan actions. This will assist in increasing the production process's effectiveness and speed while lowering the likelihood of mistakes and failures. For instance, a CNC machine can use IoT technology to alert a maintenance worker when a tool has to be replaced or when it has to be serviced. This might decrease downtime and raise the general dependability of the machining operation.
Restraint:
Size Limitations
One of the benefits of hand production is the machinist's ability to manipulate a large part. The dimensions of the machined item may be restricted for some CNC machining tasks. The most significant amount a shop can manufacture depends on the enclosure's size and the tool's travel distance. The accuracy of the tools used to work on the part may be impacted by its size. The likelihood of distortion rises because the material is under more stress. The machine could need extra setup or operator training to ensure the machining tools are in the right starting positions in relation to the design and part size before the manufacturing process is finished. Extra-large or heavy pieces might not work well with CNC machining, depending on what needs to be made.
Opportunity:
The use of alternative materials
Aluminum, steel, and brass have all traditionally been the metals on which machining has been utilized. But a significant trend in CNC machining over the past several years has been using alternative materials. This covers the utilization of composites, polymers, and other unusual materials. The rising demand for lightweight, high-strength materials in sectors like aerospace and automotive contributes to this trend. These materials can offer a variety of advantages, such as higher performance, decreased emissions, and improved fuel efficiency. For instance, using carbon fiber-reinforced polymers (CFRPs) in the aerospace sector can aid in lowering aircraft weight, which can enhance fuel economy and lower emissions.
For instance, using carbon fiber-reinforced polymers (CFRPs) in the aerospace sector can aid in lowering aircraft weight, which can enhance fuel economy and lower emissions. Similarly, using advanced composites in the automotive industry can help in lightening the load on vehicles, increase fuel efficiency, and lower pollutants. The growing desire for individualized and customized products contributes to the push toward alternative materials. For instance, the ability to create personalized products on demand due to 3D printing and other additive manufacturing processes has led to many businesses adopting CNC machining to complete and perfect these products. This includes using materials that, when used using typical machining techniques, might be challenging or impossible, such as resins, ceramics, and other unconventional materials.
The segment for CNC lathes is expected to grow at a notable rate during the forecast period. CNC lathes are widely used to clamp the materials and to move them in multiple axes. The technological advancements in the CNC lathes operations are observed to offer a lucrative growth opportunity for the segment during the forecast period. One of the significant technological advancements in the market is the penetration of Computer Numerical Control to command exact design-related instructions.
The CNC laser machine market is also expected to expand significantly. The segment is anticipated to grow over the forecast period due to the rising demand for CNC laser-cutting machines from multiple manufacturing businesses to address the shortage of semiconductors in such industries.
The industrial segment holds the largest share of the machining market; the segment is expected to sustain its dominance during the forecast period. Industries such as electronics, packaging, and medicine have enormous demand for automated machines for manufacturing purposes. The massive demand for machines and tools in the industrial sector is to boost the productivity and capacity of manufacturing units by implementing cost-cutting strategies.
On the other hand, the automotive segment is expected to grow at a robust rate during the forecast period. The rising development of electric vehicles, along with the increasing demand for customized parts such as motor pumps and cylinder heads, will promote the growth of the segment.
The Asia-Pacific region held the largest share of the market share and is expected to continue expanding throughout the projection period. During the anticipated time, sales of CNC machines are expected to treble, reaching 800 thousand units in 2022. Manufacturing outsourcing is becoming increasingly necessary due to the rise in industrial equipment sales, the accessibility of cheap raw materials, and the low cost of operations. As a result, CNC machine sales will increase over the coming years. With the presence of potential manufacturing industries in the countries of Asia Pacific, the demand for machine tools with increased productivity and reduced costs is expected to grow. Moreover, the booming automotive industry in countries such as China, Japan, and India will promote the growth of the market in the upcoming period.
The market in Europe will likewise experience significant growth in the upcoming years. Germany, Italy, France, and the nations of Central and Eastern Europe are the countries that are driving the growth. The rising industrialization and rapid adoption of advanced technologies are held as a significant factor for the growth of the market in Europe. Moreover, the rising emphasis on new-generation tools and machines in the region with the presence of potential key players in the industry plays a significant role in the market’s development in Europe.
Segment Covered in the Report:
By Type
By End-Use
By Geography
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