Lathe machine is a machine that rotates on its axis over a work piece so as to cut, deform, drill, knurl & etc. There applications of metalworking, metal spinning, glass working & etc. makes unfinished products to fully finished product display. In layman's term, a lathe machine shapes different material work pieces. The types of lathe machines generally are engine lathes, special purpose lathes and turret lathes. Each with their respective characteristics and applications are popular everywhere around.
Now talking about the lathe machine market, it is expected to grow steadily over the next 10 years as forecasted. The reason is due to the growing global automotive industry. As demand for advanced fuel efficient automobiles increases it makes the case for the demand of lathes in this sector as well. And manufacturers being aware of this sign have started improving their already high quality production processes. With some of them using advanced automated systems in their facility.
Now this kind of smart manufacturing sure will aid the global lathe machines market in the coming years. Also manufacturers of the developing countries are increasing their production of (CNC) controlled lathe machines in comparison to manual ones so to increase productivity and efficiency. Another reason is urbanization which demands more auto-motives & machinery. This in turn accelerates the growth of lathe machines market.
Continent wise, the fastest growing regional lathe machine market in the coming years is expected to be Asia Pacific. Ex. "Make in India" initiatives have made APAC the focal point in global manufacturing. So expectations are high from India in the lathe segment. And in European lathe markets, it is expected to gain speed due to the effective measures and initiatives being developed in countries of UK, Germany, France, Italy and rest.
Market will be competitive over new product developments and company collaborations. But as there are growth expectations, there also are facts that limit the growth of this market. Ex. developed countries import restraints which likely will harm this growth.