Parts with intricate shapes and geometries can be precisely manufactured using CNC milling services. These services are utilized by numerous businesses, including those that deal with general machinery, precision engineering, and transportation equipment. Shorter lead times, cheaper prices, and improved precision are just a few benefits that CNC milling services have over conventional machining techniques.
COVID-19 Impact and Market Status
The market for CNC milling services has been significantly impacted by the COVID-19 epidemic. The pandemic has had a severe influence on the end-use sectors for automotive, general machinery, precision engineering, and transportation machinery. There has been a decline in demand for CNC milling services as a result of the production decline brought on by the lockdowns imposed by various governments throughout the world. By 2022, the market is anticipated to have recovered from the pandemic's effects and be back to where it was before.
The Metal Cutting Type to Emerge as the Most Lucrative Segment
The markets for CNC milling services are split into two categories: metal cutting and metal shaping. The metal-cutting segment is likely to grow at a quicker CAGR throughout the projected timeline. This industry's expansion can be attributable to the rising demand for CNC milling services from end-use sectors including precision engineering and transportation machinery.
The Most Popular Application Segment in the Automotive
Four segments make up the market for CNC milling services: general machinery, precision engineering, automotive, and transportation machinery. During the projection period, the automotive market segment is projected to have the maximum CAGR. The rising popularity of cars with cutting-edge features like ABS (anti-lock braking system), airbags, and cruise control is responsible for the expansion of this market segment.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
Six geographical areas make up the global market for CNC milling services: Africa, Asia Pacific, North America, Europe, the Middle East, and South America. The Asia Pacific area is predicted to have the greatest CAGR during the forecast timeframe. This market is expanding as a result of the rising demand for CNC milling services among end-use industries in nations like China, Japan, as well as India.
Global demand for CNC milling services is growing as a result of this increase in end-use industry demand. The sector with the highest CAGR throughout the forecast is expected to be transportation machinery. This can be attributable to the industry's rising demand for CNC milling services for uses including engine parts, transmission parts, and driveline components.
CNC milling is a type of machining where milling machines are controlled by computer numerical control (CNC). Parts with intricate shapes and characteristics, such as those used in precision engineering, automotive, and general machinery, can be produced using CNC milling services. Prototypes and small-run production can also be made using CNC milling services.
The market for CNC milling services consists of products and services for the manufacture of CNC-milled parts and components. Prototyping, mass production, and low-volume production are among the services provided by market participants. Additionally, the CNC milling service market participants provide additional services like design and engineering, assembling, as well as completion.
Some of the main industries where CNC milling services are used include transportation machinery, automobiles, general machinery, and precision engineering. Transport equipment is one of these applications, and throughout the forecast period, it is anticipated that this application would account for the biggest market share for CNC milling services. The rising need for CNC-milled parts and components in the transportation sector is to blame for this.
At a CAGR of 6.9% over the forecast period, the market for CNC milling services is anticipated to increase from USD 78.82 billion in 2019 to USD 138.88 billion by 2029. The rising demand for CNC milling services from end-use industries such as transportation machinery, precision engineering, automotive, and general machinery is responsible for the expansion of this marketplace.
The expansion of this market may be hampered by a few restraints. Two of these are the high price of CNC milling machines and the scarcity of skilled workers. The expensive nature of CNC milling equipment is a major impediment to the growth of the global market for CNC milling services. Companies wishing to establish a CNC milling company must spend heavily on this equipment due to its high cost. Furthermore, the training necessary to use these devices can be expensive and time-consuming. Due to this, many businesses hesitate to invest in CNC milling services and instead choose conventional machining techniques. Meanwhile, businesses are anticipated to make the necessary investments in CNC milling equipment and services given the rising demand for these services from end-use sectors.
Haas Automation Inc., DATRON AG, EMAG GmbH & Co. KG, Mitsubishi Electric Corporation, FANUC CORPORATION, Hurco Companies, Inc., JTEKT Corporation, Okuma Corporation, Yamazaki Mazak Corporation, DMG MORI SEIKI CO., LTD. are the key companies active in the CNC milling service industry. In addition to information on their financial standings, product portfolios, business overviews, recent breakthroughs, and company biographies, this report also provides a complete analysis of the leading market rivals.
Recent Developments of the CNC Milling Service Market
- The SLX 200 and CLX 600 Vario are two new CNC machine models that DMG MORI introduced in January 2019. For customers, these two devices provide greater flexibility and productivity.
- The VANGUARD series of CNC end mills were introduced in September 2019 by NTK Cutting Tools (Japan). This series provides improved performance and durability and is intended for high-speed machining.
- The solid carbide X-Speed Black Line end mills were introduced in October 2019 by YG-1 Co., Ltd. of South Korea. This line provides improved performance and longevity and is intended for heavy-duty machining applications.
CNC Milling Service Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 138.88 billion|
|Growth Rate||CAGR of 6.9 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Haas Automation Inc., DATRON AG, EMAG GmbH & Co. KG, Mitsubishi Electric Corporation, FANUC CORPORATION, Hurco Companies, Inc., JTEKT Corporation, Okuma Corporation, Yamazaki Mazak Corporation, DMG MORI SEIKI CO., LTD.|
Key Segments of the Global CNC Milling Service Market
Type Overview, 2019-2029 (USD Billion)
- Metal Forming
- Metal Cutting
Application Overview, 2019-2029 (USD Billion)
- Transport Machinery
- Precision Engineering
- General Machinery
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa