Global Material Removal Tools Market Projected to Grow at a CAGR of 6.04% During the Period 2017-2021

Albany, US, 2017-Sep-02 — /EPR Network/ — Material removal tools are extensively used in the shaping and cutting of metals and other materials to obtain the desired product specifications. These tools are primarily used in the manufacturing of critical components with great accuracy and ease. Based on the mode of operation, material removal tools can either be conventional or numerically controlled. Material removal tools include products such as power tools, machining centers, grinding machines, and turning machines, which are widely used in many end-user industries.

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Technavios analysts forecast the global material removal tools market to grow at a CAGR of 6.04% during the period 2017-2021.

The rising demand in both air freight movement and passenger traffic will drive the need for power tools from the aerospace industry. Aircraft manufacturing needs high precision power tools and demands quality finishing. Moreover, power tools play a vital role in the aircraft manufacture in applications such as surface finishing and drilling. The demand for aircraft is likely to increase during the forecast period with high demand from APAC.

The utilization of 3D printing is one of the latest trends that will gain traction in the material removal tools market. The additive nature of 3D printing enhances the use of material and reduces the wastage of material. Substituting the traditional manufacturing techniques with 3D printing is likely to lower the capital costs, raw material costs, and costs to reclaim scrap. Though the initial cost of 3D printers is high, the use of this technology can gradually result in reduction of unit costs for manufacturers. Also, the use of 3D printing can lead to the manufacture of parts that are significantly cheaper than those manufactured manually which counterbalances the high initial costs.

Competitive landscape and key vendors 

Due to the presence of many established players, the material removal tools market appears fragmented. Apart from top vendors, numerous local and regional vendors are manufacturing customized, energy-efficient equipment at a lower price than their international counterparts. Currently, the market vendors are adapting to the shifting market dynamics in terms of required cost-effectiveness and are trying to keep up to the rising demand from customers for high precision and cost-effective equipment.

The leading vendors in the market are –

DMG MORI
Dalian Machine Tool Group (DMTG)
Makita
Robert Bosch
SMTCL

The other prominent vendors in the market are Allied Machine & Engineering, Amada, Atlas Copco, BAIER, Beijing No.1 Machine Tool, Casals, Craftsman, Doosan Infracore, Fair Friend Group, FANUC, Freudenberg, GF Machining Solutions, Haas Automation, Hardinge, Hilti, JTEKT, Kennametal, Komatsu, MAKINO, and Sandvik.

Segmentation by machine type and analysis of the material removal tools market

Machine tools
Power tools

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During 2016, the machine tools segment accounted for the major shares of the material removal tools market. Factors such as the increasing use of machine tools in automotive, aerospace and defense, industrial machinery, and telecommunications and growth of these industries will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the material removal tools market

Americas
APAC
EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the material removal tools market throughout the forecast period. The utilization of material removal tools in the automotive and marine industry and the increase in the geopolitical tensions in this region will drive the growth of the market.

Key questions answered in the report include

What will the market size and the growth rate be in 2021?
What are the key factors driving the global material removal tools market?
What are the key market trends impacting the growth of the global material removal tools market?
What are the challenges to market growth?
Who are the key vendors in the global material removal tools market?
What are the market opportunities and threats faced by the vendors in the global material removal tools market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global material removal tools market?

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