Global lathe machines market expected to reach $12,012 Million by 2022: Allied Market Research
According to a new report published by Allied Market Research, titled, “Lathe Machines Market – Global Opportunity Analysis and Industry Forecast, 2015 – 2022”, the lathe machines market was valued at $9,925 million in 2015, and is projected to reach $12,012 million by 2022, growing at a CAGR of 2.6% from 2015 to 2022. Asia-Pacific dominated with 43.8% of the global lathe machines market share in 2015.
Lathe machines are one of the most important machine tools used in the metal-working industry and are considered as powerful metal shaping machine tools. They transform the unfinished metal sheet into a variety of finished metal products, precise machine components, automotive spares, and body parts. Lathe machines include metal cutting tools that create desired product from metal sheets by scraping the unwanted metal.
The global lathe machines market is segmented based on type, mode of operation, end-user industry, and geography. By type, the lathe machine is classified into horizontal lathes and vertical lathes. The horizontal lathes segment was the most dominant type in 2015, and is estimated to grow at the highest rate during the forecast period. Horizontal lathes are machine tools used for glass working, metal working & spinning, and wood turning. The demand for these machines has increased considerably over the years owing to their ability to deform metal for a wide range of materials and constant advancements in technology.
Based on the mode of operation, the global lathe machines market is segmented into conventional or manually operated lathes and CNC (Computer Numerical Controlled) lathes. CNC lathes dominated the market in 2015 accounting for $8,121 million in 2015. CNC lathes have steadily replaced previous production lathes as they are simple to set up and operate, and require minimal supervision
The global lathe machines market based on end-user industry is classified into automotive, general machinery, transport, and others. The automotive segment dominated the market in 2015, accounting for $3,809 million. The lathe machines market for automotive segment is driven by the improvement in the economic conditions and the rise in consumer confidence, which have resulted in higher demand for new, fuel-efficient, and technologically advanced cars equipped with more safety features. This in turn has enhanced production rates for the industry, causing upsurge in demand for lathe machines.
Geographically, the market is studied across four regions, North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the most dominant geographical market in 2015, and is estimated to grow at a CAGR of 3.2% owing to the emergence of Asian countries as global economic powers and their increase in interest in the development of their local manufacturing base.
According to Nikhil Dasyam, Research Analyst, Construction & Manufacturing at Allied Market Research, “Steady recovery in the global Purchasing Managers Index (PMI) together with therapidly growing manufacturing activity in countries such as India, Thailand, Malaysia, and Taiwan drives the market for lathe machines during the forecast period”.
Key findings of the study
- CNC lathe machines market accounted for $8,121 million in 2015, and is expected to grow at a CAGR of 3.4% during the forecast period.
- Lathe machines market for general machinery industry is expected to grow at a CAGR of 2.8%.
- Horizontal lathe machines market was valued at $8,367 million in 2015.
- Asia-Pacific is expected to be the fastest growing regional market, with a CAGR of 3.2%.
The key players in the lathe machines market focus on collaborations, partnerships, and product developments to remain competitive in the market. Some of the key players in the lathe machines market include Dalian Machine Tool Group Corporation, DMG Mori Co., Ltd, Doosan Machine Tools, Haas Automation Inc., Hardinge Inc., HMT Machine Tools, JTEJT Corporation, Okuma Corporation, Samsung Machine Tools, and Yamazaki Mazak Corporation.
