Machining Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Machining market reached a value of about USD 367 billion in 2021. The industry is projected to grow at a CAGR of around 4% in the forecast period of 2022-2027 to reach a value of about USD 465 billion by 2027.

The global Machining industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The industry is being driven by the increasing demand from sectors like Automotive and Transportation, Electrical/Electronic, among others. China is the highest category spender by region, driving the need for the Machining Industry.

Industry Definition and Segmentation

Machining is a prototype and manufacturing technique that removes undesired material from a larger piece of material to obtain the desired final shape. Subtractive manufacturing refers to the procedures with this typical pattern instead of additive manufacturing, which involves the controlled addition of material. The Machining industry report comprises segments by end-use (Automotive and Transportation, Electrical/Electronics Industry, Aerospace Industry, Construction and Mining Industry) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

China is Driving the Growth of the Industry

China holds the largest share in the industry due to the rising number of building activities in the region and increased government spending on infrastructure development.

The industry is being driven by the growing demand from end-user sectors, including automotive, electrical, etc. Heavy equipment, engineered components, watch industries, sub-assemblies, defence, marine, and medical device machining significantly contribute to the machining market. Furthermore, the rising number of building activities in emerging nations and increased government spending on infrastructure development would aid the expansion of the metal machining market. Growing demand in the oil and gas industry is propelling the market forward.

However, raw material price variations are likely to hamper the market growth.

Best Procurement Practices

The global Machining industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Machining regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.

Category Management Studies

Turning, drilling, and milling are the three most common machining techniques. The primary way of pushing metal against the cutting tool in turning operations is to rotate the workpiece. The most common machine tool used in turning is the lathe. Milling procedures involve rotating the cutting tool to bring the cutting blades into contact with the workpiece. Milling machines are the most common milling machine tool. Drilling activities include getting a revolving cutter with cutting edges at the lower extremities into contact with the workpiece to create or refine holes. Drilling is usually done in drill presses, but it can also be done on lathes or mills.

3D Printing, Further Propelling the Machining Market

The industry is being driven by the Current technology alternatives such as 3D printing and additive manufacturing. Additive manufacturing or 3D technology can be employed to make products of any shape or geometry; this will assist in material properties like strength and quality, reduce cost, etc., which will likely give the market a significant thrust. 5-axis machine tools have made a substantial difference in the machining business by enhancing efficiency, lowering cycle time, and reducing material waste. The machining market is augmenting owing to the following developments.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Machining Industry Report

• Jinbo Precision Mechanical CO., LTD
• SuNPe Inc.
• MESIT Machining, s.r.o.
• Gensun Precision Machining Co., Limited
• SPS Manufacturing PTY Ltd.

Market Landscape

The metal machining market is highly fragmented, and providers plan to differentiate themselves by innovating and customising solutions. This metal machining market prediction research includes a complete study of the market leaders to assist clients in improving their market position.

Key Initiatives by Companies

• Atlas Copco AB: The company provides a comprehensive range of products and services, including assembly, joining, and bolting, material removal, and air motor solutions.
• FANUC Corp.: The company provides sheet metal cutting and handling in a single machine and CNC machining, sheet metal handling, and other services.