Future Market Insights
Lathe is a tool that rotates any workpiece on its axis in order to carry out numerous operations such as cutting, deformation or drilling, knurling and so on with tools applied on that workpiece to create a symmetrical object about an axis of rotation. In short, a lathe machine is used to shape various work pieces. Lathe machines have many applications; lathe machines are used in woodturning, metalworking, metal spinning, glass working and thermal spraying. The main purpose of a lathe machine is to facilitate unfinished to finished metal product transformation.
There are different types of lathe machines depending on the material being worked upon. Generally, there are three types of lathe machines - engine lathes, special purpose lathes and turret lathes. Each of these types have their respective characteristics and applications. Engine lathes are the most popular. The best thing about engine lathes is that they can be used to transform different materials other than metal. Turret lathes are used for sequential machining of single workpieces. Sequential machining helps in eliminating errors in the work alignment. With turret lathes, machining is done with better efficiency thereby reducing errors, increasing speed and correspondingly reducing working time. Special purpose lathes are used for carrying out special procedures and processes (e.g. heavy duty production of identical parts), and hence the name special purpose lathes.
The global lathe machines market is expected to grow steadily over the next decade and is likely to incur massive revenues during the forecast period. This growth can be attributed to an impressive development in the global automotive industry. The rise in demand for new, fuel efficient, advanced automobiles with enhanced safety features is one of the main reasons for the global automotive boom, which in turn has increased the demand for lathe machines in the automotive industry.
Global Lathe Machines Market: Drivers
The major factor likely to drive the growth of the global lathe machines market is automation. With a growing awareness of quality, manufacturers have started automating their production processes. The increased need to provide superior products has pushed manufacturers to use advanced automated systems. The integration of the Internet of Things (IoT) in manufacturing (Smart Manufacturing) is one of the new trends in the global lathe machines market that will gain sufficient traction in the coming years. To add to this, manufacturing industries in advanced and developing countries are focussing on replacing manually controlled lathe machines with computer numerical controlled (CNC) lathe machines to enhance industrial productivity and efficiency.
Growing urbanisation has fuelled market demand in the automotive, general machinery and transport industry. The growth in these three main sectors have led to an augmented demand for metal machine tools and in turn are the growth accelerators of the global lathe machines market.
Global Lathe Machines Market: Restraints
One of the main factors likely to inhibit the growth of the global lathe machines market during the forecast period is the relatively high costs associated with deploying lathe machines. Significant U.S import restraints is another aspect likely to affect the growth of the global lathe machines market.
Global Lathe Machines Market: Key Regions
Asia Pacific is expected to be the most dominant market in the global lathe machines market and is predicted to be the fast growing regional market in the coming years. Many initiatives such as “Make in India” along with rising automotive production have made APAC the focal point in global manufacturing, which is the main reason for the fast upsurge of the lathe machines market in this region. The highest growth is anticipated to be witnessed in India followed by Japan. After APAC, the Europe lathe machines market will likely gain speed in the global lathe machines market. Effective measures and initiatives are driving the growth of the lathe machines market in developed regions such as UK, France, Germany, Italy and rest of Europe.
Global Lathe machines market: Key Market Players
The key players in this market strive to remain competitive by focusing on collaborations, new product developments (NPD) and partnerships. Some of the key players operating in the global lathe machines market include Dalian Machine Tool Group Corporation, DMG Mori Co., JTEJT Corporation, Yamazaki Mazak Corporation, HMT Machine Tools, Samsung Machine Tools, Haas Automation, Okuma Corporation, Ace Micromatic and Benzinger.
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