The manufacturing industry has undergone many improvements over the last few years. This includes the development of revolutionary new materials that bring gains in strength, rigidity, toughness, weight reduction, longevity, and cost-reduction. This has also resulted in a revolution in manufacturing technologies to bring these materials to the form that would enable them to fulfil their function. Precision manufacturing technologies have been able to bring to life designs and help mechanisms perform at a level never thought possible.
Metal cutting machines, as we all know, are stationary power-driven machines used for handling or machining metal or other rigid materials, usually by cutting, boring, grinding, shearing, or other forms of metal removal. Turning, milling, EDM, and laser cutting comprise the major precision cutting technologies that have been widely adopted throughout different industries across the globe.
CNC technology on the rise
Metal cutting is a vital manufacturing process and is used almost all industries to some degree or another. As a result, the global machine tools market stands at 7.1 billion as of 2020, with metal cutting tools accounting for a 60% share. Metal forming tools made up around 15%, with machine tool accessories making up the remaining 25%. The global metal cutting tools market stands at 4.2 million as of 2020 and is expected to grow at a CAGR of 3% between 2022-25, with almost 90% of revenue contributed by CNC-based metal cutting tools. With mass customisation and precision engineering on the rise, CNC-based metal cutting tools will see an increase in market share.
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