Authored By: Sarah
17 Oct 2024

Latest News: Machining Services Market is expected to grow by a CAGR of 4.5% during 2024-2028; Trends and Forecasts to 2018

The Machining Services Market is expected to grow at a CAGR of 4.5% to reach USD 17.4 billion by 2028. Additive manufacturing (AM), also known as 3D printing, is a cutting-edge technology that constructs three-dimensional objects by adding successive layers of material. Unlike traditional machining processes, which involve removing material from a stock to create a part, AM builds components from digital model data, such as CAD models or additive manufacturing files (AMF). The process is analogous to a laser printer, but instead of creating a 2D representation, it produces solid objects layer by layer. This technology offers significant advantages, including the ability to manufacture complex geometries and shapes that are difficult or impossible to produce through conventional methods.

APAC dominates the regional market because of The APAC machining services market is poised for steady growth due to the surge in construction activities and infrastructure development projects in emerging economies. With a burgeoning urban population, there is a significant demand for new residential and commercial infrastructure, leading to an increased need for machining services to fabricate steel structures, such as beams, columns, and steel members. China, as the global leader in machining services production and consumption, is driving market growth. Advanced manufacturing activities have fueled China's economic progress, making it a key player in the global machining services landscape. Key components of machining services include milling, shaping, multitasking, G-code programming, feed rate, speed coordination, and high-speed movements, ensuring customization and precision in manufacturing processes.

There are various factors that drive the Machining Services Market market which are as following: In the capital-intensive oil and gas industry, the focus on asset maintenance and employee safety is paramount due to the harsh operating conditions. With the surge in offshore exploration, particularly deepwater projects, the demand for machining services has escalated. These services are essential for the fabrication and installation of critical infrastructure such as pipelines and oil rigs. Machining plays a pivotal role in delivering oil and gas from the extraction site to refineries by ensuring precision engineering and durability. The machining process involves the use of advanced technologies to manufacture complex components, ensuring optimal performance and longevity of the equipment.

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Machining Services Market Segmentation

  • Service
    • Automotive
    • General machinery
    • Precision engineering
    • Others
  • Geography
    • APAC
    • Europe
    • North America
    • South America
    • Middle East and Africa

The market witnesses several challenges, which are as follows In the machining services market, the volatility of raw material prices poses a significant challenge to providers, particularly for those relying on large quantities of iron, steel, aluminum, magnesium, copper, and brass. To mitigate this risk, many key players engage in long-term contracts with suppliers. However, small and mid-size enterprises (SMEs) and metal fabricators, who often lack the purchasing power and order predictability, face difficulties in securing such agreements. Consequently, substantial price fluctuations in these raw materials can significantly impact market growth.

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Some of the key companies that have been profiled in the report include: 

  • Amada Co. Ltd.
  • Chiron Group SE
  • DMG MORI Co. Ltd.
  • DN Solutions Co. Ltd.
  • Electronica Hitech Engineering Pvt. Ltd.
  • General Technology Group Dalian Machine Tool Corp.
  • Georg Fischer Ltd.
  • Gleason Corp.
  • GROB WERKE GmbH and Co. KG
  • Haas Automation Inc.
  • HOMAG Group
  • Hyundai Wia Corp.
  • JTEKT Corp.
  • karkhana.io
  • Komatsu Ltd.
  • Makino Inc.
  • Micromatic Machine Tools Pvt. Ltd.
  • Okuma Corp
  • Spinner Werkzeugmaschinenfabrik GmbH

Market Research Overview 

The Machining Services Market is a segment of the larger Global Industrial Machinery and Supplies and Components Market, encompassing businesses specializing in the production of machining services, including automation and robotics solutions. This market's size is determined by the consolidated revenue generated from the manufacturing of robotic systems, machine tools, and other related components used in industrial settings. Key growth drivers include the increasing demand for efficiency, errors reduction, and production capacity in industries such as Aerospace and Medical Devices, as well as the ability to handle complex designs and shortened turnaround times. The expanding output in process and discrete industries, particularly in developing countries, will continue to fuel the demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages, consequently driving market growth. - The Machining Services Market is experiencing significant growth, fueled by the Growing demand in oil and gas industry. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Market Research Analysis

The Machining Services Market is experiencing significant growth due to the integration of automation and robotics, including robotic systems, in manufacturing processes. This leads to increased efficiency, errors reduction, and higher production capacity for complex designs. Industries like Aerospace and Medical Devices benefit from turnaround times, exact specifications, and tight tolerances. Advanced technologies such as AI and machine learning, high-performance materials like composites, titanium, and lightweight metals, are used in extreme conditions. Electric vehicles (EVs) and their components, such as electric powertrains, batteries, and sustainable technologies, also drive the market demand. Customized components for sectors like medical device manufacturing, surgical tools, and EVs are also in high demand.


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