USD 5.86 billion
Metal Cutting Machine Market Size, Share, Growth Analysis, By Product(Laser Cutting Machine, Water jet Cutting Machine, Plasma Cutting Machine, and Flame Cutting Machine), By Application(Automobile, Aerospace & Defense, Construction, Marine), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2161 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
67
|Figures:
75
Metal Cutting Machine Market Insights
Global Metal Cutting Machine Market size was valued at USD 5.86 billion in 2022 and is poised to grow from USD 6.18 billion in 2023 to USD 9.48 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
The global metal cutting machine market is a vital segment of the manufacturing industry, catering to various sectors such as automotive, aerospace, electronics, and construction. Metal cutting machines are essential for shaping and fabricating metal components with precision and efficiency.
As the demand for high-quality metal products continues to rise across diverse industries, the market for metal cutting machines has experienced steady growth. Key factors driving the growth of the metal cutting machine market include technological advancements, increasing automation in manufacturing processes, and the growing adoption of Computer Numerical Control (CNC) machines. CNC machines offer greater precision, speed, and flexibility compared to traditional manual machines, thereby enhancing productivity and reducing production costs for manufacturers.
Moreover, the expansion of industries such as automotive and aerospace, coupled with the need for customized metal components, has fueled the demand for advanced metal cutting solutions. Manufacturers are investing in innovative cutting technologies such as laser cutting, waterjet cutting, plasma cutting, and abrasive machining to meet the evolving requirements of end-users.
Geographically, Asia Pacific dominates the metal cutting machine market due to the presence of a large manufacturing base, especially in countries like China, Japan, and South Korea. These countries are hubs for automotive, electronics, and machinery manufacturing, driving the demand for metal cutting machines. Additionally, rapid industrialization, infrastructure development, and the adoption of advanced manufacturing technologies contribute to the region's market growth. North America and Europe also hold significant market shares, driven by the presence of established manufacturing industries and a focus on technological innovation.
These regions are characterized by a high demand for precision engineering and advanced manufacturing solutions, further propelling the adoption of metal cutting machines. In terms of product types, CNC machines dominate the market, owing to their superior performance, accuracy, and versatility.
However, there is also a growing demand for specialized cutting machines tailored to specific applications, such as laser cutting machines for sheet metal fabrication or wire EDM (Electrical Discharge Machining) machines for intricate part production.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Laser Cutting Machine
Fastest Growth
Water jet Cutting Machine
Growth Rate
5.5% CAGR
Global Metal Cutting Machine Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Metal Cutting Machine Market Segmental Analysis
Based on Product the market is segmented as, Laser Cutting Machine, Water jet Cutting Machine, Plasma Cutting Machine, and Flame Cutting Machine. Based on Application the market is segmented as, Automobile, Aerospace & Defense, Construction, Marine, Electronics & Electrical, Others. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).
Analysis By Product
As of 2022, The “Laser Cutting Machine” segment has established the top position in the global metal cutting machine market. Laser cutting machines have become quite famous as a result of their excellent capabilities to cut a wide range of materials with precision with minimal heat-affected zones and their versatility. In order to execute complex shapes and intricate cuts, the fabrication, electronics, automotive, and aerospace industries have widely adopted laser cutting machines into the manufacturing process.
On the other hand, the global metal cutting machine market’s fastest-growing segment was “Waterjet Cutting Machine”. Waterjet cutting machines make use of high-pressure water jets that are integrated with abrasive particles to slash through metal and other materials. This technology is suitable for a variety of metals and industries due to its cold cutting process that negates the possibility of any heat-related distortion. This segment has seen such explosive growth due to waterjet cutting machine's capability to cut thick materials while maintaining an eco-friendly approach, particularly in industries with an emphasis on versatile cutting capabilities and sustainability.
Analysis By Application
Historically, the automobile sector has maintained its leading position in the global metal cutting machine market. The expansive use of metal cutting machines in this sector is owed to its demand for precision-cut metal components, ranging from chassis components to engine parts. This segment has retained its position in the market due to its large scale production and the rising need for high-quality components.
However, the global metal cutting machine market’s fastest-growing segment has to be the defense and aerospace sector. The need for intricate parts with accurate specifications and dimensions in the manufacturing of aircraft and defense equipment fuels the market growth in this industry. The boosted demand for advanced metal cutting processes is a direct result of the further developments in aviation and defense technologies. Precision cutting is a vital part of component manufacturing based on the need for durable and lightweight materials, which leads to the growth of the aerospace and defense segment's growth. The segment’s crucial role in innovation and national security is the key to its expansion.
Global Metal Cutting Machine Market By Component
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Metal Cutting Machine Market Regional Insights
As of 2022, the APAC region was the largest region of the global metal cutting machine market, especially owing this position to China's powerful manufacturing industry. The region's thriving industrial sector, which includes construction plants, automotive industries, and electronics, can be credited for the substantial demand for metal cutting machines. China has made its mark on the market and cemented its large market share due to serving as a global manufacturing hub and its constant targeting of furthering technological advancements and exports.
Following closely behind Asia-Pacific, Europe comes in at a close second in the regional segment of the metal cutting machine market. The well-established manufacturing and precision engineering industries of this region, particularly Europe, has contributed to the market growth in Europe. The steady demand for high-quality metal components has been maintained by the region's aerospace and automotive industries, thus resulting in the expansive use of advanced metal cutting machines. Moreover, Europe's prominence in the market is sustained due to its emphasis on high-value manufacturing, innovation, and R&D.
Global Metal Cutting Machine Market By Region
- Largest
- Fastest
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Metal Cutting Machine Market Dynamics
Drivers
Industrial Automation and Industry 4.0:
- The demand for advanced metal cutting machines was boosted due to the improved manufacturing efficiency across industries thanks to the incorporation of Industry 4.0 concepts and automation. As a result of these advancements, producers could maintain real-time monitoring of operations, improve precision, and reduce downtime.
Demand for Precision Components:
- In order to meet performance requirements and quality standards, the aerospace, automotive, and electronics industries felt the need for high-precision metal components. Metal cutting machines can provide the precision these industries need to manufacture intricate parts.
Restraints
High Initial Investment:
- The initial investment made for the purchase and installation of metal cutting machines, particularly those made with advanced technologies, can be significantly high. This can become a challenge for small and medium-sized enterprises (SMEs) that are thinking of integrating these technologies into their production process.
Skilled Labor Shortage:
- The shortage of skilled operators who have a good grip on the technology of these advanced metal cutting machines and the specific industries they serve can hinder adoption of these products, harming market growth.
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Metal Cutting Machine Market Competitive Landscape
The competitive landscape of the global metal cutting machine market is characterized by intense competition among a diverse range of global and regional players. Established manufacturers with a strong history of engineering excellence and technological innovation hold significant market share. These companies leverage their experience to offer a comprehensive portfolio of metal cutting machines catering to various industries and applications. Their focus on research and development aims to introduce cutting-edge technologies, enhance precision, and improve overall operational efficiency.
Top Player’s Company Profile
- Haas Automation, Inc.
- DMG Mori Co., Ltd.
- Mitsubishi Electric Corporation
- Trumpf Group
- Chiron Group
- Bystronic Laser AG
- Hurco Companies, Inc.
- OMAX Corporation
- Okuma Corporation
- JTEKT Corporation
- Doosan Machine Tools Co., Ltd.
- Gleason Corporation
- TRUMPF Laser- und Systemtechnik GmbH
- FANUC Corporation
- Mazak Corporation
- Flow International Corporation
- Komatsu Ltd.
Recent Developments
- In January 2023, Trumpf GmbH + Co. KG, a high-tech company that provides manufacturing solutions in the fields of machine tools, laser technology, electronics, and Industry 4.0, announced its development of an automated, high-speed laser cutting machine that not only improves productivity but also reduces lead times. The machine is specifically designed to be used in the aerospace and automotive industries, among others.
- In February 2023, Amada Co. Ltd.,a large Japanese manufacturer of metal processing equipment & machinery, announced a strategic merger with Hitachi High-Tech Corporation, manufactures and markets electronic and electrical equipment and systems, to develop a next-generation laser processing technology specifically designed for the manufacturing industry.
- In March 2023, Mazak Corporation, a leading global manufacturer of machine tools, laser machines and automation solutions, reported about the launch of a new line of multi-tasking machines that combine turning operations and high-speed milling.
Metal Cutting Machine Key Market Trends
- Industry 4.0 Integration: The metal cutting machine market was being transformed on a large scale as a result of the adoption of Industry 4.0 principles. Real-time data collection and analysis and monitoring were made possible with connected machines integrated with IoT sensors. Industries achieved optimized production schedules, improved overall efficiency and, improved predictive maintenance thanks to this data-driven approach.
- Automation and Robotics: The incorporation of robotics and automation in metal cutting processes is a direct result of the steady demand for increased productivity and precision. Automated loading and unloading systems, robotic arms, and collaborative robots (cobots) were becoming more common to streamline operations and reduce manual labor.
Metal Cutting Machine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global metal cutting machine market analysis the metal cutting machine market is a vital sector within manufacturing, catering to diverse industries globally. It encompasses cutting-edge technologies like laser, plasma, and waterjet cutting, facilitating precision and efficiency in metal fabrication. Key regions like Asia-Pacific, driven by China's manufacturing prowess, and Europe, with its focus on precision engineering, dominate the market. Segments span automobile, aerospace, construction, electronics, and more, with the automobile sector's demand for precise components and the aerospace sector's need for intricate parts driving the market. Industry drivers include industrial automation, demand for precision, and the growth of manufacturing sectors. While technological advancements and customization trends shape the landscape, challenges like skilled labor shortage and initial costs influence the market's trajectory.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.86 billion |
| Market size value in 2031 | USD 9.48 billion |
| Growth Rate | 5.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metal Cutting Machine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metal Cutting Machine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metal Cutting Machine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metal Cutting Machine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metal Cutting Machine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metal Cutting Machine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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