June 18, 2013
New analysis from London-based Frost & Sullivan, "Global Machine Tools and Cutting Tools Market," finds that the machine tool market earned revenues of $15.72 billion in 2012 and estimates this to reach $21.18 billion in 2017. The research covers metal cutting, metal forming, and metal finishing segments across North America, Europe (includes Russia and other CIS countries), the Middle East, Africa (EMEA), Asia-Pacific (APAC), and Latin America.
"Despite the economic downturn, the demand for machine tools and cutting tools is expected to grow in emerging economies such as China, India, Brazil, and Russia," noted Frost & Sullivan Industrial Automation & Process Control Research Analyst Guru Mahesh. "Increased investments in the automobile, aerospace, and defense industries that incorporate these tools in their production process will boost uptake levels."
The heightened demand for advanced materials such as nickel alloys and titanium alloys by the aerospace industry is set to further promote the use of machine tools and cutting tools.
"The biggest challenge tool manufacturers face is that these advanced materials are very difficult to machine and tend to increase tool deformation," stated Mahesh. "Investments in R&D are likely to address this challenge, aiding market growth."
Tool manufacturers are investing in R&D to develop tools that are coated with materials such as titanium carbide, titanium nitride, and aluminum oxide. The coating process is done either by chemical vapor deposition (CVD) or by physical vapor deposition (PVD). Such tools can withstand the high amount of heat produced, preventing tool deformation.