Increasing Demand for Superior-Quality Products and CNC Machines Driving the Growth of Multi -Tasking Machine Tools Market

Market Research Future (MRFR) has published on the “Multi Tasking Machine Tools Market” 

Multi-Tasking Machine Tools Market

Multi-tasking machines add operations beyond turning, milling and drilling. These machines are almost unique and customizable according to the operations. The machining operations that have been incorporated into these machines include honing, shoving, grinding, polishing and cutting gears. Additionally, multitasking machines reduces the set-up time and positioning fixtures.

Market Synopsis  

According to the MRFR analysis, the Global Multi-Tasking Machine Tools Market size is projected to reach USD 1413.2 billion by 2030 at a CAGR of 2.98%.

The global manufacturing sector boom has resulted in high demand for multi-tasking machine tools. The construction, automotive, and aerospace sectors have been the key supporters of the multi-tasking machine tools market. The global industrial output is currently witnessing significant growth due to the economic uprise across major economies. In the upcoming year, the pace of expansion is anticipated to further augment industrial growth due to rising demand from end users.

The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to multi-tasking machine tools business. There are numerous risks related to the outbreak of the COVID-19 pandemic. COVID-19 spread across the globe during 2020 and continues to impact economic activity worldwide. It caused disruption and volatility in the global capital markets and authored an economic slowdown during 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the multi-tasking machine tools market in most geographies and across a variety of customers.

Competitive Landscape

The growth of the market can be attributed to wide range of end-use applications, growth in demand from manufacturing sector, and increasing investments in aerospace & defense in developing countries. Market players are expected to witness profitable growth opportunities in the global market due to rising demand for multi-tasking machine tools in industrial activities. The key players operating in the global multi-tasking machine tools market include Yamazaki Mazak Corporation (Japan), Nakamura-Tome CO., LTD (Japan), Tongtai Machine & Tool Co., Ltd (China), Okuma Corporation (Japan), Tsugami Corporation (Japan), Trevisan Machine Tool (US), Doosan Corporation (South Korea), Accuway Machinery Corporation (China), Breton S.p.A. (Italy), DMG Mori (Japan), and Hwacheon Machinery Co. Ltd (South Korea)..

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Multi-Tasking Machine Tools Market Research Report

Segmentation

By Product Type

• CNC Machine: These are controlled by a computer and help provide efficiency, accuracy, and consistency that would be impossible to achieve through a manual process. There are several types of CNC machines. Each machine differs in construction, operation, and production. CNC machining has pre-programmed computer software which dictates the movement of factory machinery and tools. Owing to this, manufacturers can produce parts in less time, eliminate the risk of human error and reduce waste.


• Turret Machine: Turret punching includes pushing a punch through a metal piece to create a hole. The turret punch can make holes of various diameters and about as many holes in a metal sheet as needed for fabrication. This machine is an extremely fast and affordable way of making holes in metal sheets. It acts as a solution for a quick, economical way of making holes in metal sheets.


• Milling: These are multi-purpose machines used for milling and turning the materials as well. The milling machine has a cutter installed upon it, which helps remove the material from the surface of the workpiece. After the material gets cooled down, it is removed from the milling machine. Milling machining is one of the very common manufacturing processes used in machinery shops and industries for manufacturing high precision products and parts in various shapes and sizes. There are two types of milling machines: vertical mills and horizontal mills.


• Friction stir welding (FSW) Machines: FSW uses a non-consumable tool, which is rotated and plunged into the interface of two workpieces. Later, the tool is moved through the interface, and the frictional heat causes the material to heat and soften. The rotating tool then mechanically mixes the softened material for producing a solid-state bond. FSW is majorly used in industries for joining aluminum alloys of all grades. Other materials have also been successfully joined by FSW, such as copper, titanium, magnesium, and steel alloys.


• Others: xc An automatic tool changer (ATC) machine is used in CNC machine tools to improve the machine's production and tool carrying capacity. A jig boring machine produces jigs, tools, fixtures, and other parts requiring a high degree of accuracy. Double-column CNC machine provides the long travels and heavy cutting capacity required for handling the big parts found in the aerospace, heavy equipment, alternative energy, and oil & gas industries. The vertical machine has the component rotating around the vertical axis. The components are generally larger in diameter than a horizontal multitasking machine and do not support through a steady rest, tailstock, or sub-spindle.

By Application

• Automotive: The automotive industry has various applications in the manufacturing of essential automotive components. Automotive manufacturers prefer CNC machining, as it provides the highest accuracy. The digital and autonomous nature of the process leaves little room for error. The automotive industry requires such fine tolerances since the malfunction of an engine or other critical components can have major consequences for the end user.


• Construction: The construction industry needs accuracy in various trades, including plumbers, pipefitters, and HVAC technicians. The construction industry needs multitasking machines mainly because it offers numerous applications in one tool. These machines can act as a router, jigsaw, drill press, jointer, table saw, and surface planer, all at once.


• Aerospace: Multitasking machines tools has several significant applications in the aerospace industry. It acts as one of the most important factors in manufacturing parts for aircraft, or related systems is safety. Multitasking machines help create aerospace parts, from assembling to maintaining aircraft and space shuttles.


• Others: Multitasking machines have numerous applications in the shipbuilding industry, such as manufacturing high-quality, high-performance boats, which requires precision and efficiency. Rising maritime transport over the years due to export and import activities supports the shipbuilding market growth.

By Region

• North America: North America is home to a majority of the heavy industries. The multitasking machine tools market in the region has enormous potential for growth in the future. The automotive industry expects a huge investment by several major market players due to the rising demand for passenger cars globally. This is expected to drive the multitasking machine tools market in the region. The US is a major contributor to the regional multitasking machine tools market, owing to the increase in the development of commercial and residential infrastructures in the country, which has led to increased demand for multitasking machine tools.


• Europe: The multitasking machine tools market in Europe is expected to grow at a significant pace during the forecast period, mainly due to the increase in adoption of advanced technology and increase in import and export activities in the region. Europe is the hub of major automobile manufacturers such as Audi, BMW, and Volvo, fueling the market growth. The UK, Germany, and Italy are the major contributors to the growth of the multitasking machine tools market in Europe. In 2020, Germany dominated the regional multitasking machine tools market. This can be attributed to the growing construction industry.


• Asia-Pacific: In 2020, Asia-Pacific dominated the global multitasking machine tools market. Rapid growth in construction and manufacturing in countries such as China and India are expected to increase the demand for multitasking machine tools in the coming years. China is one of the leading markets in the Asia-Pacific. The government in China supports and encourages industrial and construction development. This helped the recovery of the commercial housing market in the country. This boosts the growth of the multitasking machine tools market in China over the forecast period.


• Rest of the World(ROW): The Rest of the World includes South America, the Middle East, and Africa. The construction industry in Brazil has witnessed considerable growth mainly due to the increase in infrastructure spending, which consequently increases the demand for multitasking machine tools. Brazil's manufacturing industry is the third biggest industry in South America, which has positively influenced the market growth.