- The rising need to increase efficiency of manufacturing processes is driving market growth.
- High initial cost is one of the main factors restraining growth.
- The metalworking machines market has become lucrative in recent years.
Metalworking machines comprise manufacturing machinery and machine tools which are used to cut or shape metals and other hard materials to produce industrial tools. Metalworking machines use a combination of techniques including forming, cutting and physio-chemical processing to design and manufacture specific components or goods.
Such machines are heavy, non-portable, power-driven equipment enabling manufacturers to mass produce numerous metal components or finished products. Such components produced using metalworking machines can be assembled into heavy machinery, automobiles and other machinery equipment. Metalworking machines are categorized into two categories namely, metal forming and metal cutting. Metal forming machines are used to squeeze metals into specific shapes by applying processes including cold-heading, bending, coil slitting, shearing, pressing and stamping. Such metal forming machines enable manufacturers to design metal components as per specific requirements which can used for specific tasks or incorporate into larger machinery. Metal cutting machines are used to cut away swarf or chips of metals to shape metal work piece into desired product. Metal cutting machines comprise drilling machines, broaching machines, gear cutting machines, electrical-discharge machines and machining centers. Other metal cutting machines include grinders, transfer machines, milling machines and turning machines.
Metalworking machines offer higher accuracy and efficiency to several manufacturing processes in production of metal components and products. Moreover, metalworking machines help in overcoming limitations of humans in metalworking processes. With the ability to operate on heavy work piece with greater speed and productivity, metalworking machines are widely accepted in manufacturing sector across the world.
One of the major factors driving the growth of metalworking machines market is the rising need to increase efficiency of manufacturing processes. In addition, increasing need for lowering manufacturing costs has led to adoption of metalworking machines in several industries including processing, automobiles and other heavy metal industries. Metalworking machines ensure optimum use of raw metals and minimizes wastage of raw metals due to errors. In addition, with the rising costs of labor across the world, metalworking machines offer a viable solution to the manufacturing sector to reduce production costs. Moreover, metalworking machines are also used in hostile working environment including high temperature, pressure and processes involving hazardous chemicals. Despite its immense benefits and applications, growth of the metalworking machines market faces a few restraints owing to its high initial costs. Companies in manufacturing sector find it difficult to switch from traditional methods and bearing such high initial investment.
On account of its immense capabilities, metalworking machines market has become lucrative in recent years. With increasing demand for machining centers and machining tools, numerous players in the metalworking machines market have invested heavily to design and develop such machinery. Moreover, there has been an increasing demand for customized machinery equipment which is further driving the growth of metalworking machines market. Companies in this market conduct research and development activities to identify and cater to various unique manufacturing processes. With immense growth opportunities in countries including China, Germany, Canada, France, Italy, India, South Korea, Japan, United States and Thailand, numerous players seek to develop and manufacture innovative metalworking machinery. Some of the key players in the metalworking machines market include Hurco Companies, Inc., Hardinge, Inc., Fives Machining Systems, Inc., Kennametal, Inc., DMG Mori Seiki AG, Amada Co., Ltd. and Shenyang Machine Tool Co. Ltd.