Machine tools are majorly used for machining and shaping of any metal components which is usually done by shearing, boring, sutting, grinding or any other form of deformation. Modern machine tools are mainly powered either with hydraulically, or via line shaft or electrically. The interchangable parts of the machine tools are providing the major advantages. The growth in Numerical Control machine tool market in APAC is mainly attributed to the rising demand for fabricated metals from the construction and machinery industries. The increase in production of fabricated metals further supported the growth. In addition, the changes in 3D printing technology are expected to have an impact on the machine tools market.
According to the market structure of 2016, 45.3% market is based on horizontal type machine tools market demand in APAC, which holds major share of machine tool by category market. But with growing popularity of vertical machining center category, share of horizontal machine tool is expected to go below 40% through the forecast period. Market of ’Machine tool technology’ is quite at a very mature stage and with a million dollar investments in research and development of applications throughout various industry verticals, market growth has a very high potential.
Major applications of machine tool covered in report are automobile, shipbuilding, general machinery, electronic goods, mold, industrial machinery, aircraft, healthcare, construction equipment and others. Increasing demand of vehicles in APAC further supported the growth of automobile industry in the region. The growth of automotive industry boosted the market development for machine tool.