Global milling machines market to reach US$8.5B by 2026

A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Milling Machines - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Milling machine is one of the most commonly used metal cutting machines. These machines are indispensable for metal cutting applications in a diverse spectrum of industries and commonly employed for drilling, slot cutting, gear cutting, fillet making, turning and chamfering functions. Milling machines are used to remove metal by moving a workpiece through the periphery of a rotating cutting tool such as a drill, tap or mill, across a metal block. These machines can simultaneously perform different cuts using multiple cutters. Activity in various end-use sectors of machine tools likely to surge in the post-Covid-19 scenario, especially in developing regions of China, Asia-Pacific, Latin America, and the Middle East. Resurgence in automotive, aerospace & defense, shipbuilding and electrical/electronics would enhance the demand for sophisticated machine tools for use in the manufacture of machine components and in assembly of finished products. Likewise, increased level of electronics, electrical machinery, non-electric machinery and equipment manufacturing would benefit the machine tools market. Further, the projected rise in crude oil & natural gas exploration and drilling activities globally are likely to extend new opportunities. Alongside, the shale gas revolution, which pushed manufacturing activity in the US in the latter half of the previous decade is poised to benefit the market in the near to mid-term.

Amid the COVID-19 crisis, the global market for Milling Machines estimated at US$6.8 Billion in the year 2022, is projected to reach a revised size of US$8.5 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Horizontal Milling Machines, one of the segments analyzed in the report, is projected to record 5.3% CAGR and reach US$6.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vertical Milling Machines segment is readjusted to a revised 3.9% CAGR for the next 7-year period. Horizontal milling machines lead the market led by rising popularity of these machines on account of their ability to offer enhanced chip evacuation that leads to superior surface finish along with long tool life. These machines perform complicated parts with relatively few operations, while the horizontal direction of the spindle ensures higher spindle time. Horizontal milling machines are capable of performing the job of multiple vertical mills.

The U.S. Market is Estimated at $261.3 Million in 2022, While China is Forecast to Reach $3.8 Billion by 2026
The Milling Machines market in the U.S. is estimated at US$261.3 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.8 Billion by the year 2026 trailing a CAGR of 5.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR. Growth in these markets will be driven by the growing focus on automation, five-sided machining, and multi-axis machining. Expensive nature of advanced milling machines and shortage of skilled labor are driving manufacturers to invest in R&D to develop automated diagnostic solutions and reduce the overall maintenance cost.