Machining Market Report 2025 (Global Edition)

Global Machining Market Report 2024 Market Size Split by Type (Lathe Machines, Laser Machines, Milling Machines, Grinding Machines, Winding Machines, Welding Machines, Others), by End-Use (Automotive,...

Machining Market Report Description

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Machining Market Insights Video

Competitive Landscape of the Machining Market

The competitive landscape of the machining market is characterized by intense rivalry among key players striving for technological advancement and market share. Companies focus on innovation, offering high-precision and efficient machining solutions. Strategic partnerships, mergers, and acquisitions are common to expand capabilities and global reach. Emphasis on after-sales service, customization, and cost-effective solutions is crucial for maintaining a competitive edge. The market is also witnessing increased competition from emerging players in developing regions, further intensifying the competitive dynamics.

For instance, In November 2023, Bystronic introduced the new ByCut Star 3015, featuring cutting-edge technology and boasting a power capacity of up to 30 kilowatts. This advancement promises enhanced cutting precision, increased production flexibility, and improved overall productivity, leveraging higher laser power and intelligent functionalities. The leap to 30 kilowatts represents a significant technological advancement from previous 3-to-20-kilowatt levels, offering new opportunities to optimize production processes and maintain competitiveness in a challenging market environment. (Source: https://www.bystronic.com/ind/en/news/bycut-star-3015)

Top Companies Market Share in Machining Industry: (In no particular order of Rank)

• AMADA Co. Ltd.
• Bystronic Laser AG
• Atlas Copco AB
• DMG MORI Co Ltd
• Guangzhou Komaspec Mechanical and Electrical Products Manufacturing Co. Ltd.
• FANUC Corp.
• IPG Photonics Corp.
• Jet Edge Inc.
• Jenoptik AG
• JTEKT Corp.
• Mayville Engineering Co. Inc.
• Messer Cutting Systems Inc
• Matcor Matsu Group Inc.
• Okuma Corp.
• Otter Tail Corp.
• Shenyang Yiji Machine Tool Sales Co. Ltd.
• Sandvik AB
• Yamazaki Mazak Corp.
• TRUMPF GmbH Co. KG
• DN Solutions Co. Ltd.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Machining Market

Which Region Dominates the Machining Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 due to several factors. First, the region boasts a strong manufacturing base, particularly in automotive, aerospace, and defense industries, which are major consumers of machining technologies. Second, high investments in research and development drive technological innovation, enhancing demand for advanced machining solutions. Third, stringent quality standards and regulatory requirements necessitate reliable and precise machining capabilities, boosting market growth. Lastly, robust infrastructure and favorable economic conditions support continuous market expansion in North America.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Machining market because of rapid industrialization and infrastructure development in countries like China, India, and Japan. Increasing foreign direct investments (FDI) in manufacturing sectors, coupled with rising urbanization, fuel demand for machined components. Moreover, cost-effective labor and operational expenses attract global manufacturers to establish production facilities in the region. Government initiatives promoting industrial automation and technological advancements further accelerate market growth. Additionally, expanding automotive and electronics sectors drive the adoption of advanced machining technologies, positioning Asia-Pacific as a key growth hub in the global machining market.

The current report Scope analyzes Machining Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Machining Market

According to Cognitive Market Research, the global machining market size was estimated at USD 355847.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 142338.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.

• According to Cognitive Market Research, The United States machining market had a market size of USD 112,305.38 million in 2024 and is projected to grow at a CAGR of 3.2% during the forecast period. In the U.S., sales of machining will increase due to robust demand from automotive and aerospace industries, driven by technological advancements and the need for precision-engineered components.
• Canada had a market size of USD 17,080.67 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. In Canada, growth in machining sales is supported by investments in renewable energy and infrastructure projects, increasing the demand for high-precision machining solutions. Mexico had a market size of USD 12,952.84 million in 2024 and is projected to grow at a CAGR of 3.9% during the forecast period.

Europe Machining Market

According to Cognitive Market Research, the global Machining market size was estimated at USD 355847.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 106754.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

• The United Kingdom machining market had a market size of USD 17,934.70 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. The UK will see increased machining sales as industries focus on upgrading manufacturing capabilities to meet stringent quality standards and enhance productivity.
• France had a market size of USD 9,821.38 million in 2024 and is projected to grow at a CAGR of 2.9% during the forecast period. Germany had a market size of USD 21,137.32 million in 2024 and is projected to grow at a CAGR of 3.9% during the forecast period. Germany's machining sales growth is driven by its leadership in automotive manufacturing, requiring advanced machining technologies for efficient production. Italy had a market size of USD 9,180.86 million in 2024 and is projected to grow at a CAGR of 3.1% during the forecast period. Russia had a market size of USD 16,546.89 million in 2024 and is projected to grow at a CAGR of 2.7% during the forecast period. Spain had a market size of USD 8,753.84 million in 2024 and is projected to grow at a CAGR of 2.8% during the forecast period. Luxembourg had a market size of USD 3,309.38 million in 2024 and is projected to grow at a CAGR of 3.8% during the forecast period. Portugal had a market size of USD 2,241.84 million in 2024 and is projected to grow at a CAGR of 3.5% during the forecast period. Greece had a market size of USD 1,281.05 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Rest of Europe had a market size of USD 16,546.89 million in 2024 and is projected to grow at a CAGR of 2.4% during the forecast period.

Asia Pacific Machining Market

According to Cognitive Market Research, the global Machining market size was estimated at USD 355847.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 81844.86 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

• According to Cognitive Market Research, China had a market size of USD 36,830.19 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. China's machining sales are poised for growth due to rapid industrialization, government support for high-tech manufacturing, and expansion in sectors like electronics and automotive.
• Japan had a market size of USD 11,294.59 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. India had a market size of USD 9,821.38 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. India's machining sales will rise with increasing industrial automation, infrastructure development, and demand for precision machining in automotive and aerospace sectors. South Korea had a market size of USD 8,184.49 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Australia had a market size of USD 4,255.93 million in 2024 and is projected to grow at a CAGR of 6.9% during the forecast period. South East Asia had a market size of USD 5,647.30 million in 2024 and is projected to grow at a CAGR of 8.2% during the forecast period. Rest of Asia Pacific had a market size of USD 5,810.98 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period.

South America Machining Market

According to Cognitive Market Research, the global Machining market size was estimated at USD 355847.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 17792.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.

• According to Cognitive Market Research, Brazil had a market size of USD 7,615.13 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Brazil's machining sales growth is fueled by its expanding aerospace and defense sectors, driving demand for advanced machining technologies.
• Argentina had a market size of USD 2,989.12 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Argentina's machining sales will increase due to investments in mining and agricultural machinery, requiring precision machining for equipment components. Colombia had a market size of USD 1,583.52 million in 2024 and is projected to grow at a CAGR of 4.4% during the forecast period. Peru had a market size of USD 1,458.97 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. Chile had a market size of USD 1,281.05 million in 2024 and is projected to grow at a CAGR of 4.9% during the forecast period. Rest of Latin America had a market size of USD 2,864.57 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period.

Middle East and Africa Machining Market

According to Cognitive Market Research, the global machining market size was estimated at USD 355847.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 7116.94 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.

• GCC Countries had a market size of USD 3,046.05 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. GCC Countries' machining sales growth is driven by infrastructure development, particularly in construction and oil & gas sectors, necessitating advanced machining solutions.
• Egypt had a market size of USD 747.28 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. South Africa had a market size of USD 1,124.48 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period. South Africa will see increased machining sales with growing mining and automotive industries, requiring high-precision machining for component manufacturing. Turkey had a market size of USD 612.06 million in 2024 and is projected to grow at a CAGR of 4.4% during the forecast period. Nigeria had a market size of USD 747.28 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Rest of MEA had a market size of USD 839.80 million in 2024 and is projected to grow at a CAGR of 3.9% during the forecast period.

Machining Market Analysis

Machining Market Type Segment Analysis

According to Cognitive Market Research, lathe machines stands out as the dominating category due to their versatility across various industries, including automotive, aerospace, and general manufacturing. The continuous demand for precision turning and shaping of components drives sales. Additionally, advancements in CNC technology and automation enhance efficiency and production rates, further boosting market growth.

Laser machines emerges as the fastest-growing category in the machining market owing to their capability for high-precision cutting, welding, and marking. Increasing adoption in industries like electronics, medical devices, and automotive for complex and delicate operations propels demand. Moreover, advancements in laser technology, such as fiber lasers and ultrafast lasers, improve speed and accuracy, making them indispensable in modern manufacturing processes.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Machining Industry. Request a Free Sample PDF!

Machining Market End-Use Segment Analysis

According to Cognitive Market Research, the dominating category is automotive due to consistent demand for machined parts in vehicle production worldwide. Factors driving sales include technological advancements requiring precision machining for components like engine parts and chassis. Additionally, the shift towards electric vehicles and hybrid models increases the complexity and volume of machined components needed.

The fastest-growing category in the machining market is aerospace & defence driven by increasing global defense spending and commercial aerospace activities. Demand for high-precision and complex machined parts, such as turbine blades and structural components, is rising. Moreover, advancements in materials and manufacturing techniques necessitate advanced machining capabilities, fueling market expansion in this sector.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Machining Sales Channel Segment Analysis

Machining Market Sales Channel Segment Analysis

According to Cognitive Market Research, the dominating category is OEM as manufacturers prioritize purchasing new machining equipment to enhance production capabilities and meet increasing demand. OEMs offer comprehensive solutions and warranties, ensuring reliability and efficiency in manufacturing processes. Additionally, investments in advanced technologies like automation and digitalization drive OEM sales as industries seek to stay competitive.

The fastest-growing category in the machining market is aftermarket due to the rising demand for maintenance, repair, and overhaul (MRO) services. Companies focus on extending the lifespan of existing machinery to optimize operational costs. Moreover, technological advancements in predictive maintenance and remote monitoring enhance aftermarket service offerings, attracting industries looking to improve equipment reliability and minimize downtime.

• OEM
• Aftermarket

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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