May 07, 2021Metal cutting machines are used to cut metal frames in various sizes and shape. They are extensively used in various application industries to cut different types of ferrous and non-ferrous metals to produce a finished product of desired geometry. It provides multiple advantages to the finished products, including surface texture or finish, closer dimensional accuracy, complex shaping, and required size.
MARKET SIZE
The global metal cutting machines market size was USD 77.24 billion in 2019 and is projected to reach USD 101.48 billion by 2027, thus by exhibiting a CAGR of 4.2% during the forecast period. Rising demand for highly-efficient metal cutting machines from various application industries, including automotive, aerospace and defence, electronics, and marine, is expected to be the key driving factor over this time span. Mainly 3 things are driving the growth – Industry 4.0, increasing demand in the automotive sector and the growing popularity of CNC metal cutting tools attributing to high efficiency, transparency, cost-saving and time efficiency. Moreover, the advent of 3D printing methods has enabled significant growth of the market in recent years.
PRODUCT INSIGHTS
There are primarily 4 different types of metal cutting machines used in the world.
REGIONAL INSIGHTS
Asia Pacific dominated the market and accounted for 41.8% share of global revenue in 2019, on account of rapid industrialization coupled with improving economic conditions, most notably in India, China, and South Korea are anticipated to drive the product demand in the region. Europe and North America are expected to exhibit lucrative growth during the forecast period as a result of the increasing demand for prefabricated metals. The Middle East and Africa is expected to grow owing to increasing investment in the non-oil business. The metal cutting tools market in Latin America is expected to grow due to increasing demand from the automotive sector.
KEY INDUSTRY PLAYERS
The competitive environment is quite intense, with several players providing energy-efficient and customized metal cutting machines at competitive prices. Some of the prominent players in the metal cutting machine market include:
Bystronic Laser AG (Switzerland), Colfax Corporation (the U.S.), Nissan Tanaka Corporation (Japan), TRUMPF GmbH + Co. KG (Germany), Danobat Group (India), Lincoln Electric Holdings, Inc. (the U.S.), Koike Aronson, Inc. (the U.S.), Dalian Machine Tool Group Corporation (China), Water Jet Sweden AB (Sweden), and Mass Cutting Systems (India). These players compete with each other with respect to their product portfolio in order to strive in the market.
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