The machining market involves various metal cutting processes to create customized components and parts for industrial, automotive, and other applications. Machining provides precise, repeatable manufacturing of parts which can withstand high stresses and withstand wear and tear.
Key Machining Market processes include turning, milling, drilling, broaching, grinding, and others. Advantages of machining include versatility, high precision and surface finish, strength of parts, and ability to create complex geometries. Machining is widely used across sectors like automotive, aerospace, electronics, and medical devices where strength and precision of parts are critical.
The machining market is estimated to be valued at USD 402.56 Bn in 2024 and is expected to reach USD 625.55 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.
Key Takeaways
Key players operating in the machining market are DMG Mori, Dürr Group, GROB-WERKE GmbH & Co. KG, JTEKT Corporation, Doosan Machine Tools, Georg Fischer Ltd., Komatsu NTC, Okuma Corporation, Hyundai WIA, and Chiron Group SE.
The emergence of new technologies like 3D printing, AI, 3D metrology, big data analytics, and robotics offer opportunities for machining market players to automate processes, reduce costs, improve part quality, and streamline production.
Adoption of smart manufacturing practices and automation solutions are enabling machining companies to expand globally by delivering standardized, high-quality machining services closer to clients worldwide.
Market Drivers
The emergence of Industry 4.0 trends is a major driver for the machining market. Technologies like IoT, digital twin, additive manufacturing, and cobots are enabling enhanced connectivity, predictive maintenance, remote monitoring, automation, and flexible manufacturing in machining shops. This improves productivity, efficiency, and parts quality while reducing costs. The integration of advanced technologies in machining equipment and processes will support continued market growth.
PEST Analysis
Political: Regulations regarding worker safety and environmental standards affect the machininig market. Strict adherence to such norms increases operating costs.
Economic: Economic growth drives demand from end-use industries like automotive and aerospace that positively impacts the machininig market. Recessions adversely impact manufacturing output and demand for machine tools.
Social: Emphasis on vocational training and development of skilled labor force supports the growth of machininig market.
Technological: Adoption of computer-aided manufacturing and computer numerical control machinery has transformed activities in the machininig industry. Advanced manufacturing technologies help reduce costs and improve productivity.
Geographical Regions with High Market Concentration
The machininig market in terms of value is highly concentrated indeveloped regions like North America, Western Europe and Japan due to high demand from well-established manufacturing industries in these regions. Developed East Asian countries like China, South Korea and Taiwan also account for sizeable shares.
Fastest Growing Regional Market
The machininig market is witnessing strong growth in developing regions of Asia Pacific and Central and Eastern Europe led by rapid industrialization and manufacturing sector expansion. China stands out as the fastest growing regional market owing to huge government investments promoting manufacturing as a key economic driver.
Get this Report in Japanese Language: 機械加工市場
Get this Report in Korean Language: 가공 시장
About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
