The global CNC tool and cutter grinding machine market size is set to scale in size owing to rising applications in automotive, gaming, advertisements, and entertainment sectors. Market Research Future (MRFR)’s latest study reveals that the market is predicted to expand at a 4.52% CAGR during the forecast period (2018–2023). The worldwide demand for computer numerical control tool and cutter grinding machines across aerospace and automotive sectors is anticipated to spur market demand during the forecast period.
Adoption of automated processes in industries coupled with technological breakthroughs in computer-aided design (CAD) and computer-aided manufacturing (CAM) software are factors expected to bolster market demand in the coming years. The boom witnessed in the domestic and global manufacturing sectors is projected to induce demand for CNC tools in the coming years. Inflow of capital in the form of foreign direct investment (FDI) and emergence of industrial hubs can provide opportunities for the market.
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Global Market for Tool and Cutter Grinding Machine – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the market based on type, application, and region. By type, the market has been segmented into blank and cylindrical grinding machine, universal grinding machine, and tool and cutter grinding machine. The blank and cylindrical grinding machine segment is expected to dominate the market over the forecast period owing to high demand from engineering, aerospace, and automotive sectors. Cylindrical grinding machines are used in shaping the exterior surface of components such as tubes, rods, etc.
Major market applications include automotive, aerospace & defense, electrical and electronics manufacturing. The automotive segment is projected to reign over the market during the forecast period. CNC tool cutter and grinding machines have been used to create prototypes for new machines as well as produce components on a large scale. Increasing demand for cars by consumers in Japan, China, and India can fuel segment demand in the coming years. Digitization of metal fabrication coupled with reduced production time is expected to augur the segment growth.
The CNC tool and cutter grinding machine market, on the basis of region, is segmented into the North America, Europe, Asia Pacific and the Rest-of-the-World (RoW). The Asia Pacific market is expected to dominate the market with a 37.7% share by 2023. It is expected to experience a CAGR of 5.12% during the forecast period. Presence of subsidiaries of major producers of consumer electronics, automotive, and machine tools is anticipated to propel market demand. The growth rate is facilitated by a stable growth and demand noticed across economies of China, South Korea, Japan, and India.
The North America market possesses enormous potential for growth owing to presence of various heavy industries in the region. Investments in aerospace, defense, and automotive sectors combined with strong distribution channels can spur market growth. For instance, The Boeing Company requires CNC tool and cutter grinding machines for producing components for wider body aircraft. Border tensions, security threats, and expanded defense budgetary spending are ancillary factors anticipated to bolster market demand in the coming years.
Global Market for Tool and Cutter Grinding Machine – Competitive Dashboard
Some of the key players profiled in the report include ANCA Pty Ltd., Vollmer, Haas Automation, Inc., DANOBAT Group , J Schneeberger Maschinen AG, and Makino Milling Machine Co., Ltd. Other notable players include Gleason Corporation, WIDMA Machine Tools, Rollomatic SA, JUNKER Group, Alfred H. Schütte GmbH & Co. KG, ISOG Technology GmbH, Korber AG, Amada Machine Tools Co., Ltd., Gebr. SAACKE GmbH & Co. KG, and JTEKT Corp. Partnerships with regional vendors, collaborations, and launch of new products are strategies employed by these players to gain an edge over the competition.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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