"Catapult Your Business to Fore, Gain Competitive Advantage "
The global milling machine market size stood at USD 13.22 billion in 2018 and is projected to reach USD 16.01 billion by 2026 exhibiting a CAGR of 2.4% during the forecast period.
Milling machines are expected to exhibit a moderate growth rate owing to their functional versatility in operations across several industries. Some of the functions that they can perform are drilling, chamfering, turning, slot cutting, fillet making, and others. Milling machines are very essential tools used in metal cutting applications. Their ability to perform various tasks efficiently and effectively make them the most critical machines required by multiple industries for different operations.
Growing Demand for Reduced Operation Cost & Increased Productivity to Boost the Market Growth
Growing demand from the end-users is making the industries to augment their manufacturing process. With the increase in the manufacturing process, companies are looking for reduced operational costs provided by these machines, further fueling the milling machine market growth. Milling machines provide high-quality products along with less production time, which aid the companies in reducing the cost and minimizing wastage. Additionally, the demand for easy-to-install and multi-functions provided by the machines would also propel the market demand. Moreover, the primary application of milling machines into industrial manufacturing as they provide different functions when required for multiple purposes.
Request a Free sample to learn more about this report.
Increasing Demand for Customized Mass Production will Aid the Growth of the Market
Milling machines produces customized products in bulk quantity. The consumer market is looking for products with differentiation and with the latest updates in the hardware and technology. This has resulted in an increased and continuous production process for various industries such as electronics, automobiles, general manufacturing, etc. Furthermore, companies are looking for seizing every opportunity in order to have increased market share; hence they are looking for continuous improvement in their manufacturing facility for increased output. Moreover, the connected industry, industry 4.0, automation, and robotics are emphasizing the companies to have an automated production process resulting in the demand for milling machines.
Single-Function and Cost Associated with Installation and Maintenance to Limit the Growth
Milling machines are an important aspect of the machine tools market but provide limited milling functions as drill, lathe, etc. Due to this limitation, the industries are required to install other machines as well, which increases the capital investment required. Moreover, multiple machines have different wear and tear schedules thereby resulting in increased maintenance costs to the company. On the other hand other types of machine tools such as machining centers provide multiple functions in which milling is also included; hence, the customers tend to opt for machining centers instead of milling machines. These factors are anticipated to restrict the growth of the market.
To know how our report can help streamline your business, Speak to Analyst
Vertical Mills Segment to have Moderate Growth Fueled by their Multiple Functions
Based on type, the market is divided into vertical mills, horizontal mills, & others. The vertical mills segment is expected to grow moderately over the anticipated period, owing to its multiple functions in various industries. Furthermore, this type of mills can be installed quickly and have high energy efficiency and superior performance as compared to horizontal mills. Moreover, horizontal mills provide a more refined surface finish, thus limiting its use at precision engineering and automotive industries. Horizontal mills are used for systematic purposes and complicated parts; hence, they have comparatively extended tool life. Additionally, other types of mills that are included in the scope are mills with different axis options, gantry mills, etc.. These types of mills are comparably compact in sizes, hence are installed and operated by small and medium scale industries.
Precision Engineering to Exhibit High CAGR Backed by Rising Demand from Emerging Economies
Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, & others. The precision engineering application segment is expected to grow with substantial CAGR during the forecast period compared to the other applications. This is owed to the function of both horizontal as well as vertical types of mills in the industry. Moreover, the increasing demand from the emerging economies for consumer goods and tools is also expected to fuel the growth. Transport machinery & general machinery segments are expected to have a slow growth rate during the forecast period. Both applications have constant requirements of the milling machine, but due to the slow growth rate of the industry, it is impacting the growth of the market. The automotive application of milling machines is expected to grow at a slow but steady pace. The automotive industry is going through a change that will also impact the demand for the milling machine. Other applications include electrical, construction equipment, and power & energy, which constitute a minor part of the market.
Europe Milling Machine Market, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Regionally, the market is segmented across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Europe milling machine market is anticipated to showcase significant growth in the market as compared to North America, MEA, and LATAM. The region is focused on developing energy-efficient milling machines and a technologically equipped product line. Moreover, increased demand in the manufacturing and processing operations is also fueling the demand in the European market. Furthermore, North America is expected to showcase stagnant growth in the forecast period, owing to the adoption of this machine for industrial applications where these machines are being installed for manufacturing components efficiently. Manufacturers are expanding the business lines in the developing regions by focusing on having their manufacturing facilities along with mergers and acquisitions.
Asia Pacific is anticipated to have a dominant market share during the forecast period, owing to the presence of various manufacturing industries in countries such as China, Japan, India, South Korea, etc. Factors such as increased awareness about the energy-efficient production process, rise in economically developing countries, and rapid industrialization are fueling the milling machine market growth. Additionally, key manufacturers are focusing on establishing their manufacturing facilities in Asia Pacific as the region provides low-cost labor, land, and expenses. Countries, such as India, Japan, & South Korea, are expected to have the highest milling machine market revenue, owing to the rise in demand for high output products with less downtime.
The Middle East & Africa and Latin America are expected to grow at a slower rate during the forecast period. This is owed to the slow growth of the manufacturing sector. Moreover, the companies are focusing on shifting their manufacturing facilities in either Asia Pacific or in Europe.
Prominent Manufacturers are Aiming to Strengthen Their Existing Market with Comprehensive Product Portfolio
Players such as, DATRON Dynamics, Inc., Haas Automation, Inc., YAMAZAKI MAZAK CORPORATION, & FANUC CORPORATION are dominating the market. The growth of these companies is attributable to their strong regional presence along with their comprehensive product portfolio. Approximately, these machine manufacturers account for 27% of market share around the globe.
Moreover, these companies are focusing on investing in new technologies and delivering unique functions of the machines, such as installing multiple cutting blades for swift output and higher production rates.
Companies are engaging in strategic mergers and acquisitions for expanding their distribution network across the globe. For instance,
The global milling machine market is expected to have a slow yet steady growth over the time period, owing to the reliable performance, enhanced finishing, serviceability, and increased production capacity.
Milling machines have substantial functions across various industries, thus making them a critical aspect during the production process. Moreover, they use multiple technologies such as manual, semi-automatic, and CNC, thereby making them an ideal solution for various industries. With the increased installation by various industries the milling machine market is expected to show steady growth during the forecast period. In the near future, this machine can be an ideal solution in the pharmaceutical industry, food & beverage industry, and others.
An Infographic Representation of Milling Machine Market
To get information on various segments, share your queries with us
The global milling machine market report offers qualitative and quantitative insights on solutions and services and the detailed analysis of market size & growth rate for all possible segments in the market.
Along with this, the market report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trends of milling machines solutions by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key milling machine industry trends.
Value (USD billion)
Fortune Business Insights says that the market stood at USD 13.22 billion in 2018.
In 2026, the market is expected to be valued at USD 16.01 billion
The market is set to exhibit a compound annual growth rate (CAGR) of 2.4% in the forecast period (2019-2026).
Europe is anticipated to be the dominant region in the market, and it stood at USD 4.09 billion in 2018.
In the application criterion, the precision engineering segment is expected to lead the market during the forecast period.
Increasing demand for customized mass production will aid the growth of the market.
DATRON Dynamics, Inc., Haas Automation, Inc., Yamazaki Mazak Corporation, & FANUC Corporation are the top players in the market.
Growing demand for reduced operation costs and increased productivity of machines will create lucrative opportunities in the market
Single functionality and costs associated with the installation and maintenance of milling machines will limit market growth
Horizontal mills held 31.4% of the market share in 2018.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry