Frost & Sullivan's new report analysis found that global machine tool and cutting tool revenue in 2012 reached 15.72 billion US dollars, and is expected to reach 21.18 billion US dollars in 2017. The research covers the areas of metal cutting, metal forming and metal surface treatment in North America, Europe (Russia and other CIS countries), the Middle East, Africa, Asia Pacific and Latin America.
Machine tools and cutting tools are used in a wide range of applications across multiple industries. Demand from the aerospace and defense, coal, power generation and automotive industries is expected to drive market growth.
Guru Mahesh, research analyst for industrial automation and process control at Frost & Sullivan, points out that “although the economic downturn, demand for machine tools and cutting tools in emerging economies such as China, India, Brazil and Russia is expected to grow. The increasing investment in the aerospace and defense industry, coupled with the application of machine tools and cutting tools in these industry processes, will boost the absorption capacity of their industry markets."
In Europe, Russia, China and India, the growth of the aerospace and defense industry, as well as the wide application of high-precision cutting tools, special abrasives, metal forming and machining tools, provide a good market prospect for the machine tool and cutting tool industry.
Aerospace's growing demand for advanced materials, such as nickel alloys and titanium alloys, further facilitates the use of machine tools and cutting tools.
Mahesh said: "The biggest challenge for tool manufacturers now is that these advanced materials are difficult to machine and are prone to tool distortion. Investment in R&D may solve this problem to help the market grow."
Manufacturers are investing in tools that are coated with tantalum carbide, titanium nitride and alumina. The coater is completed by chemical vapor deposition or physical vapor deposition. Such tools can withstand more heat and prevent tool deformation.
Mahesh suggested: “Not only Chinese and Indian manufacturers should pay attention to product development strategies, but the entire potential high-growth emerging countries must support the development of innovative, high-quality products. It is also crucial to provide technical training by using the market's growth potential. (Excerpt from: Emerging Economies to Fuel Global Machine Tools and Cutting Tools Market, translation: Ma Yanping)
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