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The Global Computer Numerical Control (CNC) Tool Cutter Grinding Machine Market Was Valued At US$ XX Bn In 2019 And It Is Expected To Reach More Than US$ 5.11 Bn By 2028, Likely To Grow With A CAGR Of 4.8% During The Forecast Period.
CNC tool cutter grinding machine is a versatile machine utilized to perform a variety of grinding processes like cutting, trimming, and sharpening to produce surface, cylindrical, and complex shapes. Moreover, this machine enhances productivity through its automatic tool loading feature and the potential to utilize multiple grinding wheels. Tool and cutter grinding machines find significant industrial applications in various manufacturing sectors such as aerospace and automotive.
CNC tool cutter grinding machine is integrated with platforms such as computer-aided manufacturing (CAM) and computer-aided design (CAD). Advances in cutting technology have augured well for the CNC tool cutter grinding machine market. At the same time, introduction IoT assisted CNC cutting equipment characteristics the efforts that are made towards innovation. Modernization of the manufacturing sector has created significant opportunities for such machines while driving innovation. Rising automation trends and advances in machine learning are expected to influence the CNC tool cutter grinding machine market during the forecast period.
The Growth of the Manufacturing And Automotive Industries Is Expected To Propel The Growth Of The Global CNC Tool Cutter Grinding Machine Market
The manufacturing sector has around 70% share of global trade. As manufacturers move towards automation to streamline the manufacturing processes, CNC tool cutter grinding machines are gaining more prominence. Primary industry users CNC tool cutter grinding machine are automotive, aerospace and defense, railways, capital goods, and consumer durable sectors have a high demand for CNC tool cutter grinding machine. The automotive industry is adopting the integration of technologies such as AI, IoT, robotics, etc., which will serve the demands of the end-users. The growth in different vehicle segments across the globe is expected to drive the demand for CNC tool cutter grinding machine.
Urbanization and general economic progress, particularly in emerging economies, have resulted in increased disposable incomes. The expansion of urban areas has resulted in a high demand for automotive vehicles, thus driving the global automotive market. Growing business opportunities from aerospace and automotive sectors are favoring the CNC tool cutter grinding machine market. These two sectors are expected to remain major consumers of the CNC tool cutter grinding machine.
The high initial capital cost of the CNC tool cutter grinding machine is expected to restrain the market growth. However, the scope in emerging economies is expected to yield opportunities for rapid growth over the forecast period.
The Automotive Segment Is Expected Impressive Growth During The Forecast Period
The global automotive market is expected to grow at a moderate growth rate and expected to reach around US$ 4.0 trillion during the forecast period, as a result, the demand for CNC tool cutter grinding machine in the automotive segment will increase in line with automotive market growth.
Meanwhile, the aerospace segment and defense segment are also expected to witness healthy growth over the next couple of years.
However, the blank and cylindrical grinding machine segment by type will remain highly lucrative during the forecast period. This is owing to the increased usage of blank and cylindrical grinding machines in various manufacturing domains. These machines offer versatility in terms of cutting range, which makes them extremely popular. In addition, they are being increasingly used in bushings, bearing, manufacturing rods, etc.
Asia Pacific Is The Fastest-Growing Market For The CNC Tool Cutter Grinding Machine
APAC is expected to exhibit an above-average CAGR of 4.82% during the forecast period. Asia Pacific is expected to dominate the global CNC tool cutter grinding machine market due to the increase in the number of metal cutting process industries across the region along with rapid industrialization in countries such as China, India, and South Korea has provided a major boost to the region’s CNC tool cutter grinding machine market. The region is home for most of the leading machine tool manufacturers and is anticipated to dominate the market. APAC countries offer cost-benefit, which makes then an attractive business destination. The low cost of labor and raw material has enabled the region to emerge as a mega-manufacturing hub of the world. There has been substantial growth and investment in the automotive industry, oil, and gas, and railways in the Asia Pacific region
The market in Europe is also expected to witness strong growth during the forecast period. The region is home to some of the largest manufacturing sectors such as automotive, aerospace.
Some of the leading market players in the global CNC tool cutter grinding machine market are J.Schneeberger Maschinen AG(Switzerland), JUNKER Group(Germany), Gebr SAACKE GmbH & Co. KG (Germany), ISOG Technology GmbH (Germany), Vollmer (Germany), ANCA (Australia), Rollomatic SA (Switzerland), Körber AG (Germany), Alfred H. Schütte GmbH & Co. KG (Germany), WIDMA Machine Tools (India), Amada Machine Tools Co., Ltd (Japan), Gleason Corporation (US), Danobat Group (US), Junker Group (Germany), Haas Automation, Inc. (US), JTEKT Corporation (Japan) and Makino Milling Machine Co., Ltd (Japan)
CNC Tool Cutter Grinding Machine Market Key Segments:
CNC Tool Cutter Grinding Machine Market, By Type
- Tool & Cutter Grinding Machine
- Universal Grinding Machine
- Blank and Cylindrical Grinding Machines
CNC Tool Cutter Grinding Machine Market, By Application
- Aerospace and Defense
- Electrical and Electronics Manufacturing
CNC Tool Cutter Grinding Machine Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America