Metalworking machinery market expects a 7.5% growth rate

March 18, 2024 - 07:30am

The metalworking machinery market has demonstrated robust growth, escalating from $266.84 billion in 2023 to an anticipated $286.8 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.5%.

According to data from The Business Research Company, further, projections indicate a continued strong trajectory, with expectations of reaching $375.27 billion by 2028, maintaining a CAGR of 7.0%. This growth is significantly influenced by stable economic conditions and the burgeoning automotive industry.

Economic stability as a catalyst:

The metalworking machinery manufacturing market is bolstered by stable economic growth projected in various developed and developing nations.

As reported by the International Monetary Fund (IMF), China's gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. Emerging markets and developing economies witnessed a growth surge from 3.9% in 2020 to 6.1% in 2022. Stable economic growth is anticipated to spur investments in end-user markets, driving the metalworking machinery market during the forecast period.

Automotive industry's amplified demand:

The rising demand from the automotive industry is a pivotal factor propelling the metalworking machinery market. This industry relies heavily on metalworking machinery, encompassing machine tools, welding equipment, and cutting tools.

Precision and efficiency requirements in automotive component manufacturing drive the demand for metalworking machinery. Notably, car sales in China increased by 2.2% in August 2023, contributing to the overall growth of the metalworking machinery market.

Technological advancements in CNC milling machines:

Innovations in 6-axis CNC milling machines have revolutionized precision component fabrication. Manufacturers like Yamazaki Mazak and DMG MORI are at the forefront, offering advanced machines that efficiently fabricate complex components.

CNC milling, a form of computer numerical controlled (CNC) machining, is employed for short-run production of intricate parts, showcasing the industry's commitment to technological advancements.

Automation and efficiency with robotics:

Key players in the metalworking machinery market are concentrating on automation and efficiency through robotics solutions. Robotics is deployed for automating processes such as welding, cutting, and polishing in the metalworking industry.

For instance, Pro Spot International introduced the world's first cobot spot welder, enhancing safety and efficiency. This spotlight on automation positions companies for sustained success.

Regional dynamics and market segmentation:

As of 2023, the Asia-Pacific region leads the metalworking machinery market, with Western Europe following closely. The metalworking machinery market covered in this report is segmented: 

  1. By Type: Special Die And Tool, Die Set, Jig, And Fixture, Machine Tool, Industrial Mold, Rolling Mill And Other Metalworking Machinery, Cutting Tool And Machine Tool Accessory
  2. By Capacity: Small, Medium, Large
  3. By Application: Automotive, Manufacturing, Other Applications


Related Glossary Terms

  • computer numerical control ( CNC)

    computer numerical control ( CNC)

    Microprocessor-based controller dedicated to a machine tool that permits the creation or modification of parts. Programmed numerical control activates the machine’s servos and spindle drives and controls the various machining operations. See DNC, direct numerical control; NC, numerical control.

  • fixture


    Device, often made in-house, that holds a specific workpiece. See jig; modular fixturing.

  • gang cutting ( milling)

    gang cutting ( milling)

    Machining with several cutters mounted on a single arbor, generally for simultaneous cutting.

  • jig


    Tooling usually considered to be a stationary apparatus. A jig assists in the assembly or manufacture of a part or device. It holds the workpiece while guiding the cutting tool with a bushing. A jig used in subassembly or final assembly might provide assembly aids such as alignments and adjustments. See fixture.

  • metalworking


    Any manufacturing process in which metal is processed or machined such that the workpiece is given a new shape. Broadly defined, the term includes processes such as design and layout, heat-treating, material handling and inspection.

  • milling


    Machining operation in which metal or other material is removed by applying power to a rotating cutter. In vertical milling, the cutting tool is mounted vertically on the spindle. In horizontal milling, the cutting tool is mounted horizontally, either directly on the spindle or on an arbor. Horizontal milling is further broken down into conventional milling, where the cutter rotates opposite the direction of feed, or “up” into the workpiece; and climb milling, where the cutter rotates in the direction of feed, or “down” into the workpiece. Milling operations include plane or surface milling, endmilling, facemilling, angle milling, form milling and profiling.

  • milling machine ( mill)

    milling machine ( mill)

    Runs endmills and arbor-mounted milling cutters. Features include a head with a spindle that drives the cutters; a column, knee and table that provide motion in the three Cartesian axes; and a base that supports the components and houses the cutting-fluid pump and reservoir. The work is mounted on the table and fed into the rotating cutter or endmill to accomplish the milling steps; vertical milling machines also feed endmills into the work by means of a spindle-mounted quill. Models range from small manual machines to big bed-type and duplex mills. All take one of three basic forms: vertical, horizontal or convertible horizontal/vertical. Vertical machines may be knee-type (the table is mounted on a knee that can be elevated) or bed-type (the table is securely supported and only moves horizontally). In general, horizontal machines are bigger and more powerful, while vertical machines are lighter but more versatile and easier to set up and operate.

  • polishing


    Abrasive process that improves surface finish and blends contours. Abrasive particles attached to a flexible backing abrade the workpiece.

  • robotics


    Discipline involving self-actuating and self-operating devices. Robots frequently imitate human capabilities, including the ability to manipulate physical objects while evaluating and reacting appropriately to various stimuli. See industrial robot; robot.


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