Machinery Tools & Supplies

The global machine tools market size was valued at USD 77.21 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2020 to 2027. The strong emphasis on achieving higher productivity and reducing downtime in the industrial sector is expected to drive growth. The increasing demand for mass production in the aerospace and defense industry, among other industries and industry verticals, is also expected to drive the adoption of machine tools. The growing demand for metal cutting tools in line with the increasing use of metals in various industries also bodes well for market growth. The integration of Computer-Aided Manufacturing (CAM) in machine tools to reduce the time required for manufacturing workpieces and to ensure hassle-free production of micro components is emerging as a major trend in the market. Advertise Here