[Report Research] The conventional lathe machine market size is expected to grow from US$ 0.949 billion in 2023 to US$ 1.473 billion by 2028; it is estimated to grow at a CAGR of 9.2% from 2023 to 2028.
Analyst Perspective
The growing production and sales of automotive vehicles worldwide is raising the demand for conventional lathe machines as they help in the production of automobile parts such as disc brakes and engine parts. In 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA) statistics, 85.01 million units of vehicles were produced worldwide. Further, it is also seen that the demand for electric vehicles is increasing worldwide. According to the International Energy Agency (IEA), in 2022, more than 10 million electric cars were sold worldwide. Thus, the increase in production and sales of vehicles is fueling the market growth. Similarly, the rise in oil exploration activities is boosting the demand for conventional lathe machines as they help in the production of metallic pieces, engine shafts, sucker rods, and other oil exploration components for quick replacement in the oil field. Hence, the growing oil & gas industry is boosting the growth of the conventional lathe machine market. Knuth Werkzeugmaschinen GmbH, Colchester Machine Tool Solutions Ltd, Summit Machine Tool LLC, L&L Machinery Industry Co Ltd, and Metalurgica Torrent SA are some of the key players operating in the conventional lathe machine market. The global conventional lathe machine market is highly fragmented in nature due to presence of large, small, and medium players, at regional and local level for addressing the local demand. Hence, we have derived this listing of “Key Five Players” in the global conventional lathe machine by giving weightage to following key parameters: overall revenue, segmental revenue, brand image & industry experience, current conventional lathe machine portfolio, innovative and advanced technology integration, customer base, geographical reach, new product launches, partnerships, and other market related activities.
Market Overview
The conventional lathe machine is used for holding and turning different types of materials such as metal, wood, plastic, and other composite materials against a cutting tool to give the required shape to an object. The machine consists of workpiece, chuck, tool post, single-point cutting tool, and many other parts which help perform various operations, such as turning and cutting. Conventional lathe machines are used to create several wooden objects such as wooden furniture and sports goods.
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Conventional Lathe Machine Market: Strategic Insights
Market Size Value in US$ 0.949 billion in 2023 Market Size Value by US$ 1.473 billion by 2028 Growth rate CAGR of 9.2% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2023
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Conventional Lathe Machine Market: Strategic Insights
| Market Size Value in | US$ 0.949 billion in 2023 |
| Market Size Value by | US$ 1.473 billion by 2028 |
| Growth rate | CAGR of 9.2% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
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Market Driver
Growing Oil & Gas Industry to Drive Growth of Conventional Lathe Machine Market
In the oil & gas industry, various components such as metallic pieces, engine shafts, sucker rods, stanchions, bolts, and nuts are used in oil drilling and exploration. Here, the lathe machine is used for the production of the above components for quick replacements if there is any equipment damage at the oil field while exploration. In addition, in oil fields, there is often a breakdown of piping systems causing machine tool manufacturers to work strategically to deal with this problem. Here, conventional lathes are used to handle very large diameter pipes as those in the drilling and conveyance sections. The constant need to repair and maintain piping and conveyance systems is increasing the demand for conventional lathe machines across oil fields. Furthermore, the growing oil exploration industry is fueling the market's growth. In May 2022, Abu Dhabi National Oil Company (ADNOC) announced three oil discoveries, including one at Bu Hasa, Abu Dhabi’s largest onshore field. This discovery includes 500 million barrels of oil from an exploration well in the field. The second discovery was in Abu Dhabi’s Onshore Block 3, with ~100 million barrels of oil. The third discovery was made in the Al Dhafra Petroleum Concession. Approximately 50 million barrels of light and sweet Murban-quality crude were found. In addition, various new refineries are being constructed in the Gulf, increasing the need for conventional lathe machines to design oil country tubular goods (OCTG) products, tubing, and piping. For example, Al Zour New Refinery in Kuwait is a US$ 16 billion project by Kuwait Integrated Petroleum Industries Co (KIPIC) and is designed to process heavy crudes and has three crude distillation units (CDU). The operations of the first CDU started in November 2022, and the second CDU is expected to begin its operation in the second quarter of 2023. Another one is Abu Dhabi National Oil Company’s (ADNOC’s) Crude Flexibility Project, for which an investment of US$ 3.5 billion was made to enhance the processing capabilities of ADNOC’s refinery in Ruwais. Once operational, the project will allow to refine up to 420,000 barrels per day (b/d) of heavier and sourer grades of crude. Also, Oman’s Duqm Refinery project, one of the largest refining and petrochemical projects, is expected to start operations by the end of 2023. The project is a 50–50 joint venture between state-owned Oman’s OQ Group and Kuwait Petroleum International (KPI). Once operational, the refinery will increase the country’s refining capacity by refining 230,000 barrels of crude oil products per day. Thus, the growing oil & gas industry is expected to fuel the growth of the conventional lathe machine market.
Segmental Analysis
Based on spindle orientation, the conventional lathe machine market is bifurcated into horizontal and vertical. The horizontal segment is expected to dominate the conventional lathe machine market in 2023. A horizontal lathe is a tool that is designed to cut and shape revolving steel or wood workpieces. The spindle of the horizontal lathe is on the left side of the machine tool and flatbed. Also, the workpiece of the horizontal lathe is clamped on the chuck, helping it to transfer the load to the main shaft, which is borne by the front and rear main bearings. This makes the horizontal lathe more convenient for observation and operation, and a suitable option for processing small and medium-sized wheel discs and shaft parts.
Regional Analysis
The conventional lathe machine market in Asia Pacific was valued at US$ 361.69 million in 2022 and is projected to reach US$ 642.18 million by 2028; it is expected to grow at a CAGR of 10.6% from 2022 to 2028. The conventional lathe machine market in Asia Pacific (APAC) is segmented into China, India, Japan, Australia, South Korea, Taiwan, Vietnam, and the Rest of APAC. Asia Pacific is one of the biggest producers of general machinery, which includes machines such as engines, compressors, fans, pumps, and electric motors, for different industries, including agricultural, industrial, manufacturing, and others. To further expand the production of the above machinery, governments of various countries are taking different initiatives to expand their manufacturing sector. For example, the government of India introduced Goods and Services Tax, interventions to improve ease of doing business, reduction in corporate tax, FDI policy reforms, policy measures to boost domestic manufacturing through public procurement orders, measures for reduction in compliance burden, Phased Manufacturing Program (PMP), and many other initiatives. Thus, such growing initiatives can boost the need for conventional lathe machines as they are used to process different parts of the above general machinery.
Furthermore, Asia Pacific is the biggest producer of automobiles. According to the OICA, in 2022, the region produced ~50.02 million motor vehicles, which account for approximately 60% of the total motor vehicles produced worldwide. Out of this, ~54%, i.e., 27.02 million motor vehicles, are produced in China. In addition, the growing inclination and awareness among the people toward electric vehicles are increasing their production in the region. According to the International Energy Agency (IEA), in 2021, out of the electric vehicle (EV) sales across the world, China accounted for half of the total growth. Furthermore, ~3.3 million EVs were sold in China in 2021, which was more than the total EV sales in the world in 2020. Hence, the growing automotive industry in the region is raising the demand for conventional lathe machines as it is used in the production of different automotive parts, including brakes, engine parts, and other components. Thus, all the above factors are fueling the growth of the conventional lathe machine market in APAC.
Key Player Analysis
The conventional lathe machine market analysis consists of the players such as Myday Machinery Inc.; Romi Machine Tools, Ltd.; Colchester Machine Tools Solutions; Pinacho; KNUTH Werkzeugmaschinen GmbH; OPTIMUM MASCHINEN; WINHO TECHNOLOGY INDUSTRIAL CO., LTD.; COMEV S.P.A.; ITAMA; CNC-TAKANG CO., LTD.; GDW Werkzeugmaschinen GmbH; Summit Machine Tool; L and L Machinery Industry Co., Ltd.; International Machinery, Co; and Annn Yang. Among the players in the conventional lathe machine Romi Machine Tools, Ltd. and ITAMA are the top two players owing to the diversified product portfolio offered.
Recent Developments
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the conventional lathe machine market. A few recent key market developments are listed below:
- In 2022, TJM Capital, a private equity investment firm specializing in lower and middle-market growth businesses, successfully acquired the Machine Tool Solutions Division of the UK's 600 Group. As part of this acquisition, TJM Capital has gained ownership of Colchester Machine Tool Solutions, a company with offices in the UK, Germany, and Australia, and Clausing Industrial, based in Michigan, US. This strategic move by TJM Capital allows it to expand its portfolio and further strengthen its presence in the machine tool industry. The acquisition presents new opportunities for growth and development within the sector.
- In 2021, Romi USA recently formed a strategic partnership with United Precision Services (UPS), based in Cincinnati, Ohio. This exclusive distribution agreement grants UPS the sole rights to distribute Romi's extensive range of heavy-duty horizontal and vertical lathes throughout the United States and Canada. As part of their services, UPS boasts a fully functional showroom and provides comprehensive turn-key machining solutions to their customers. This collaboration is expected to strengthen Romi's presence in the North American market and expand the reach of its high-quality CNC lathe products.
- In 2022, Romi has launched the C 1100H heavy-duty flatbed lathe, designed for machining large parts. It features a monoblock cast iron bed for enhanced rigidity and accuracy. The lathe also includes a cast iron headstock with Timken bearings, a coolant and lubricating system with sensors, and a high torque AC motor for efficient operation.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Spindle Orientation, Number of Axis, End-User, and Lathe Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, Egypt, Ethiopia, France, Germany, India, Italy, Japan, Kenya, Mexico, Morocco, Nigeria, Saudi Arabia, South Africa, South Korea, Spain, Taiwan, Turkey, United Arab Emirates, United Kingdom, United States, Vietnam
Frequently Asked Questions
The conventional lathe machine market is expected to reach US$ 1.47 billion by 2028.
The incremental growth, expected to be recorded for the conventional lathe machine market during the forecast period, is US$ 0.52 billion.
1. Increasing Production of Automotive Vehicles.
2. Growing Oil & Gas Industry
The global conventional lathe machine market was estimated to be US$ 0.94 billion in 2023 and is expected to grow at a CAGR of 9.2 %, during the forecast period 2023 - 2028.
Growing General Machinery Manufacturing Industry
The key players, holding majority shares, in conventional lathe machine market includes Knuth Werkzeugmaschinen GmbH, Colchester Machine Tool Solutions Ltd, Summit Machine Tool LLC, L&L Machinery Industry Co Ltd, and Metalurgica Torrent SA.
The List of Companies - Conventional Lathe Machine Market
- Myday Machinery Inc
- Romi Machine Tools Ltd
- Colchester Machine Tool Solutions Ltd
- Metalurgica Torrent SA
- Knuth Werkzeugmaschinen GmbH
- Optimum Maschinen GmbH
- Win Ho Technology Industrial Co Ltd
- Comev SpA
- ITAMA Srl
- CNC-TAKANG Co Ltd
- GDW Werkzeugmaschinen Herzogenaurach GMBH
- Summit Machine Tool LLC
- L&L Machinery Industry Co Ltd
- International Machinery Co
- Annn Yang Machinery Co Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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Forecast to 2028 - Global Analysis by Spindle Orientation (Horizontal and Vertical), Number of Axis (2 and 3), End-User (Automotive, General Machinery, Aerospace, Electronics, Oil & Gas, Others), and Lathe Type (Universal Lathe and Oil Country Lathe)