Lathe Machines Market Expected to Reach $17.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Lathe Machines Market," The Lathe Machines Market size was valued at $12.9 billion in 2021, and is estimated to reach $17.8 billion by 2031, growing at a CAGR of 3.1% from 2022 to 2031.

The lathe machines can be used for a wide range of operations such as turning, tapered turning, shoulder turning, drilling, boring, counter boring, facing, thread cutting, parting, chamfering, knurling, countersinking, and reaming. Thus, the ability of lathe machines to perform various operations makes it suitable for producing various components for the automotive, and transportation industry.

The automotive industry is witnessing significant growth in emerging economies. The Indian automotive industry has grown by about 10% from about $100 billion in 2021 to about $110 billion in 2022. This fosters the growth of the lathe machines market as lathes are extensively used to manufacture various automotive components such as nuts, bolts, piston, baseball bat, crankshafts, gearbox cases and cylindrical heads. 

Furthermore, the aerospace industry relies majorly on lathe machines for delivering tight tolerance parts. Lathe machines in the aerospace industry help in the manufacture of a variety of complex components. These components are manufactured using different metals such as titanium, and other alloys. Some of the key aerospace components manufactured using lathe machines include couplers, seat frames, fuser rollers, flanges, retainer rings, and others. Thus, growth in the aerospace production activity drives the lathe machines market growth.

Lathe machines can be operated manually as well as with the help of computer numerical control (CNC). Through the adoption of CNC machines, enterprises are gaining significant competitive advantages. CNC manufacturing offers a wide variety of benefits due to the R&D efforts undertaken in the CNC machines market over the last couple of decades. Essentially, CNC cutting enables precise cutting of a metal while considering various design requirements. On the other hand, a conventional lathe machine requires a highly skilled technician to operate the machine. Thus, increase in demand for CNC machines boosts the growth of the lathe machines industry. Lathe machines are also available in a wide range of configurations such as slant bed, flat bed, multi-axes, and multi-spindles. The availability of lathe machines in horizontal and vertical configurations, further enhance its usability.

Moreover, use of equipment such as electric drives and integrated hydraulic systems increase the operational efficiency and capacity. The effective design of such equipment enhances the heat dissipation, thereby reducing the cooling requirements. Integrating automation systems with energy intelligent systems help users monitor the performance of the machines and provide them with key data on energy consumption. Thereby, providing lucrative lathe machines market opportunities. 

CNC lathes are automatic machine tools that allow for precise operation of stored programmable commands. In conventional machines, an operator decides and adjusts various machines parameters like feed and depth of cut depending on the type of job and controls the slide movements by hand. In a CNC machine, computer programs control various functions of a lather machine such as sliding and rotating. The demand for CNC lathe machines is experiencing increase by the rise in adoption of CNC cutting, which reduces the production time and element of human error to a great extent. Enterprises are gaining significant competitive advantages through the adoption of CNC machines. On the other hand, a conventional lathe machine requires a highly skilled technician to operate the machine. Thus, increase in demand for CNC machines boosts the growth of the lathe machines industry

However, various businesses in the lathe machines market had to stop their business in countries such as India, China, Vietnam, Germany, and the U.S., during the pandemic. This break directly impacted the sales of lathe machines manufacturers. In addition, the lack of workforce and raw materials constricted the supply of raw materials for manufacturing various lathe machines components; and negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global lathe machines market trends and dynamics.
• By type, the horizontal segment has dominated the lathe machines market, in terms of revenue in 2021 and vertical segment is projected to grow at a significant CAGR during the forecast period.
• By operation, the CNC segment has registered the highest revenue in 2021 and it is anticipated to grow at a significant CAGR during the forecast period.
• By region, Asia-Pacific is expected to hold the largest lathe machines market share.
• The key players within the global lathe machines market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the lathe machines industry.
• The lathe machines market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global lathe machines market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.