United States Machine Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The US machine tools market is expected to witness a CAGR of 2.67% during the forecast period (2020-2025). The major reason for this growth is stable spending in the industry. Additionally, the aerospace, automobile, and defense sectors in the United States have been the major driving factors of the demand for metal forming machine tools.

Market Snapshot

US Machine Tools Market Overview
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 2.67 %
US Machine Tools Market Key Players

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Market Overview

The US machine tools market is expected to witness a CAGR of 2.6% during the forecast period. The overall machine tool production has been following a pattern similar to consumption. In 2018, the overall machine tool production increased by 4.7%. The increase was more than the median increase since 1961, which was 3.4%, but less than the increase in 2017, which was 7.7%.

  • The aerospace, automobile, and defense sectors in the United States have been the major driving factors of the demand for metal forming machine tools, as the requirement for fabricated metal products is high in these sectors.
  • As the Industry 4.0 trend has been gaining momentum across the manufacturing sector, it is also affecting the machine tools market, in order to become a part of the smart systems. Industry 4.0 has the ability to improve the utilization of machine tools in manufacturing operations by cutting idle time.

Scope of the Report

The machine tools industry can be classified into metal cutting machines and metal forming machines.

Metal cutting machine tools consist of electro-discharge machines, machining centers, lathe and automates, boring and milling machines, drilling machines, threading/tapping machines, grinding machines, planning, shaping, slotting, and broaching machines, and gear-cutting machines.

Metal forming machines consist of bending folding machines, straightening, flattening machines, including press breaks, punching and/or shearing machines, presses, and die-casting.

The market size of machine tools indicates the revenue generated by the companies from the sales of the equipment, parts, and accessories of machine tools.

By Type
Metalworking Machines
Metal Cutting
Metal Forming
Parts and Accessories
Installation, Repair, and Maintenance
By End User
Automotive
Fabrication and Industrial Machinery Manufacturing
Marine, Aerospace, and Defense
Precision Engineering
Other End Users

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Key Market Trends

Market Observes Above Average Spending

The US-China trade deal, which may significantly increase Chinese imports of US agricultural products, may lead to increased investment for agricultural equipment. Anticipated approval of the USMCA is likely to increase trade throughout North America and lead to new investment in the key capital-intensive industries.

The 2020 Capital Spending Survey projects the next year’s machine tool consumption to decline by 5% compared to 2019, to USD 6.993 billion. However, this level of machine tool buying is still above the historical average for the country’s annual machine tool purchases.

The current spending projection versus its previous five-year average gives a clear idea of the parts of the market that are projected to see higher than usual spending. One of these is job shops.

As there are more than 20,000 job shops in the United States, they are always the largest spending industry. In the coming year, job shops plan to spend more than twice as much on machine tools as any other end market, and the projection for job shops is approximately 10% above its five-year average. Out of the top seven projected industry categories for 2020, six plan to spend anywhere from 3% to 15% more than their five-year average. Aerospace is the only one of the top seven industries with projected spending below its five-year average.

US Machine Tools Market Key Trends

Machinery Manufacturing is the Largest Sector in the United States

Machinery manufacturing is one of the largest and most competitive sectors of the US manufacturing economy. Exports of capital equipment totaled USD 141 billion in 2018, indicating that the US machinery manufacturing industry is one of the largest in the world.

Leading markets for the US machinery exports include Canada, Mexico, China, Germany, and Australia. The United Kingdom, Brazil, Japan, Singapore, and Belgium round out the top 10 export markets.

The European Union was the US machinery manufacturers’ third-largest market in 2018, after Canada and Mexico. Among the wide range of machinery manufactured in the United States, construction machinery, engine equipment, industrial process controls, agricultural equipment, and turbines and turbine generator sets led the US exports in 2018. Major competitors in the worldwide machinery market include China, Germany, Japan, and Italy. The majority of the agricultural and food machinery and equipment is used to grow, process, package, transport, and distribute food and beverages. The agricultural and food machinery and equipment include agricultural equipment, food processing and packaging machinery, commercial and industrial refrigeration equipment, and commercial food service equipment.

Aerospace machinery includes machine tools, material handling equipment, welding equipment, and process control technology.

In automotive machinery and related systems, machine tools, material handling equipment, welding equipment, and process control technology make up the subsector.

Construction and mining equipment and related systems include self-propelled equipment, implements, accessories, and components for use in construction, forestry, mining, and utilities. Off-road diesel engines and fluid power technology are also important components of off-road equipment.

US Machine Tools Market Growth by Region

Competitive Landscape

The market for machine tools in the United States is moderately fragmented, with the presence of many domestic and international players.

Foreign players have a good presence in the country, such as Trumpf and Amada, with their manufacturing facilities. Moreover, there are some major domestic players, such as Haas and Lincoln Electric, which are small and medium in size and are involved in the manufacturing of parts and components for machine tools. Thus, these factors make the industry highly competitive.

The industry is also witnessing the trend of consolidation with mergers and acquisitions. These strategies help the companies enter new market areas and gain new customers.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. OVERVIEW OF THE US MACHINE TOOLS MARKET

    1. 4.1 Current Market Scenario

    2. 4.2 Porter's Five Forces Analysis

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Key Government Regulations and Initiatives for the Manufacturing Sector

    5. 4.5 Manufacturing Sector Snapshot (Overview, Trends, R&D, and Key Statistics)

    6. 4.6 Metalworking Industry Snapshot (Overview, Key Metrics, and Developments)

    7. 4.7 Technology Snapshot

      1. 4.7.1 Connected and Automated Machines

      2. 4.7.2 Advanced Controls/Motion Control Systems

      3. 4.7.3 Digitalization and Industry 4.0

      4. 4.7.4 Artificial Intelligence (AI)

  5. 5. MARKET DYNAMICS

    1. 5.1 Drivers

    2. 5.2 Restraints

    3. 5.3 Opportunities

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type

      1. 6.1.1 Metalworking Machines

      2. 6.1.2 Metal Cutting

      3. 6.1.3 Metal Forming

      4. 6.1.4 Parts and Accessories

      5. 6.1.5 Installation, Repair, and Maintenance

    2. 6.2 By End User

      1. 6.2.1 Automotive

      2. 6.2.2 Fabrication and Industrial Machinery Manufacturing

      3. 6.2.3 Marine, Aerospace, and Defense

      4. 6.2.4 Precision Engineering

      5. 6.2.5 Other End Users

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Overview (Market Concentration and Major Players)

    2. 7.2 Company Profiles

      1. 7.2.1 TRUMPF Inc.

      2. 7.2.2 Haas Automation Inc.

      3. 7.2.3 Amada Co. Ltd

      4. 7.2.4 Lincoln Electric Holdings Inc.

      5. 7.2.5 Multipress Inc.

      6. 7.2.6 MITUSA Inc.

      7. 7.2.7 MC Machinery Systems Inc.

      8. 7.2.8 Mate Precision Tooling Inc.

      9. 7.2.9 Bystronic Inc.

      10. 7.2.10 Laser Mechanisms Inc.

      11. 7.2.11 Koike Aronson Inc./Ransome

      12. 7.2.12 FENN Metal Forming Machinery Solutions

      13. 7.2.13 Cincinnati Inc.

  8. 8. APPENDIX

    1. 8.1 GDP Distribution, by Activity and Region

    2. 8.2 Insights into Capital Flows

    3. 8.3 Exports and Imports Statistics of Machine Tools

  9. 9. FUTURE OF THE US MACHINE TOOLS MARKET

  10. 10. DISCLAIMER

**Subject to Availability

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Frequently Asked Questions

The United States Machine Tools Market market is studied from 2016 - 2026.

The United States Machine Tools Market is growing at a CAGR of 2.67% over the next 5 years.

TRUMPF Inc., Haas Automation Inc., Amada Co. Ltd, Lincoln Electric Holdings Inc., MC Machinery Systems Inc. are the major companies operating in United States Machine Tools Market.

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