Milling machine is a standard-based machine in which the cutters spin to remove work pieces in the direction of the tool axis. Milling machines are used to conduct a wide range of operations and activities, from small to large objects.
Milling machining is a standard manufacturing method used in machine shops and industries to produce high-precision products and parts in a variety of forms and sizes. There are two types of milling machines available on the market, which include vertical and horizontal milling machines. Milling machines are referred to as multi-tasking machines (MTMs), as they are multi-purpose machines that are able to mill and turn materials. They are equipped with cutters, which aid in the removal of material from the surface of metals. The material is removed from the milling machine once it has cooled down.
Market Scope and Structure Analysis
The milling machine market is segmented by type, which includes vertical mills and horizontal mills and others. The vertical mill rotates on the same axis and features a vertically positioned spindle axis. The spindle is extended, allowing the operator to perform drilling and cutting operations. Two major types of mills, such as turret mill and bed mill are prevailing in the market. Vertical mills are similar to horizontal mills machine, except that the cutters in horizontal mill are mounted on a horizontal axis. Many horizontal mills include rotary tables, known as “universal tables,” that help in milling at different angles. Furthermore, all of the tools used in a vertical mill may be utilized in a horizontal mill as well.
COVID-19 Impact analysis
- The COVID-19 pandemic ceased the production of various products in the milling machine industry, which is attributed to the global lockdown. This hampered the growth of milling machine market from the last few months and is likely to continue during 2021.
- COVID-19 affected the sales of milling machine in the end quarter of 2021 and is anticipated to have a negative impact on the market growth throughout the year.
- The major demand for milling machine was previously noticed in giant manufacturing regions, such as North America, Europe, Asia- Pacific, and South America, which are negatively affected by the spread of the coronavirus, thereby declining the demand for milling machines.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Milling machine manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- Milling machine manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Increase in demand from end users is forcing companies to expand their manufacturing processes. Companies are aiming for lower operational costs given by these machines as the production process becomes more complex, which supports the milling machine market growth. Milling machines produce high-quality goods in a shorter amount of time, allowing businesses to save money and reduce wastage. In addition, the desire for devices that are simple to install and have several functionalities will drive market demand. Furthermore, milling machines are used in industrial manufacturing since they perform a variety of roles when used for various applications and purposes. Milling machines produces huge quantities of customized products.
Consumers are searching for solutions that stand out and are up-to-date in terms of hardware and technology. As a result, production processes for numerous sectors, such as automobiles, electronics, and general manufacturing, have expanded and become more consistent. Furthermore, Industry 4.0, automation, and robots are pressuring firms to implement automated processes. Therefore, such factors are expected to create a demand opportunity for milling machines in the forecast period.
- In January 2022, Yamazaki Mazak introduced CV5-500 5-axis machining center and QTE Series turning machine. Furthermore, in March 2022, the company is expected to launch couple of vertical machines, which include CVE-600 and VCN-700. These machines offer high accuracy, high performance, and reduced time consumption.
- In January 2020, FANUC Corporation, a manufacturer of CNC machines and industrial solutions, introduced RoboNano a-NTiA ultra-precision machine tools. It offers better finishing quality for optical surfaces and high-performance machining solution with greater mass production quality and reliability to manufacturer.
- In November 2020, Hurco Companies introduced 3-axis vertical milling machine that is compact and is capable of producing prismatic parts weight up to 1,500 kg. It offers greater productivity and has remarkable capacity.
Key Benefits of the Report
- This study presents the analytical depiction of the milling machine industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, opportunities, and market share of milling machine.
- A quantitative analysis highlights the milling machine growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed milling machine analysis based on competitive intensity and how the competition will take shape in coming years.
Milling Machine Market Report Highlights