The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global metal cutting machine market is expected to reach USD 9.79 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand from automotive industry has been a key factor driving market growth, globally. In addition, robust growth in various application industries such as electronics, defense, marine, construction and aerospace is also fueling the demand.
Automotive segment held the largest market share in 2016 owing to a wide-scale usage of the product in wide range of exterior and interior components of automotive such as passenger cars, SUV’s, and HUV’s. The robust growth in automotive industry across the world is further driving the segment growth. MCMs are witnessing an increasing demand, which is anticipated to spur at a faster pace on account of the rising need for advanced automatic machines to increase production efficiency and avoid operator’s hazardous issues.
Laser machine accounted as the largest product segment in 2016 and is anticipated to grow significantly over the upcoming years. Laser machines are extensively used for industrial manufacturing applications to produce high-quality surface finish objects. It is widely used in the shipbuilding and aerospace manufacturing process.
In marine industry, these machines are extensively used by the industry players for ship repair and fabrication of equipment. It consists of patrol boats, aircraft carriers, tankers, luxury liners, tugs, barges, large seagoing vessels for containers, and other cargo ships. Cutting machines are used to cut parts for hatches, skin of the vessel, block parts, stiffener plates, drains, the skeleton, and pipes.
Further key findings from the report suggest:
- The global metal cutting machine demand was USD 5.99 billion in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025. Automotive emerged as the largest application segment in 2016 and is expected to grow at a predicted CAGR of 6.5% between 2017 and 2025.
- Global demand for flame cutting machine was USD 333.7 million in 2016 and is anticipated to witness staggered growth over the next eight years. The U.S. market in defense & aerospace segment was USD 511.1 million in 2016 and is projected to grow at rate of 4.2% from 2017 to 2025
- The market in Asia Pacific is projected to experience substantial growth over the next eight years owing to robust growth in various application industries, especially in the automotive and defense & aerospace market. In terms of revenue, the APAC market is expected to grow at a CAGR of 6.7% between 2017 and 2025
- Key players including Lincoln Electric Holdings, Inc., TRUMPF GmbH + Co. KG, Nissan Tanaka Corporation, Bystronic Laser AG, and Koike Aronson, Inc., dominated the global market.