The vertical mill market is poised for growth, with sales projected to reach US$ 1,367.2 million by the end of 2023, reflecting a slight increase from US$ 1,298.4 million in 2022. Anticipated to expand at a moderate 5.3% CAGR during the forecast period from 2023 to 2033, the market is expected to reach a valuation of US$ 2,291.5 million by 2033. Year-on-year (Y-o-Y) growth in 2023 is predicted to rise by 4.7%.
Vertical milling machines serve as precision tools for fabricating and shaping workpieces, primarily metals but also compatible with plastics and other materials depending on tooling. Their operation can be computer numerical controlled (CNC), manual, or a hybrid of both.
In addition to milling, these machines are utilized for boring, drilling, and slotting. Their streamlined design, featuring one-piece tool heads, makes them less complex than horizontal mills, eliminating the need for intricate gearing inside the vertical column. This simplicity has been a key driver of market growth in recent years.
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Growth Drivers
The demand for vertical CNC milling machines is expected to outpace that of manual counterparts significantly. This trend is attributed to the superior accuracy and efficiency of CNC machines, driven by their computing power. CNC mills excel in producing parts with intricate geometries like brackets, fittings, gearboxes, and engine components.
Vertical CNC mills offer enhanced ease of use compared to manual mills and can operate multiple sets simultaneously, boosting processing efficiency. However, the market for vertical CNC mills may face challenges in the forecast period due to their higher costs. While manual mills are more affordable, they may lack the precision and efficiency of CNC counterparts.
Vertical milling machines are gaining traction across multiple industries, including aerospace, aviation, construction, automotive, and more, thanks to their versatile functionality and broad range of applications.
Key Companies
- Doosan Heavy Industries & Machinery Ltd.
- Pfeiffer SE
- Mitsubishi Heavy Industries Ltd.
- FLSmidth & Co. A/S
- CITIC Heavy Industries Co. Ltd.
- Lincoln Electric
- Haas Automation.
- Hurco
- Okuma Corporation
- Datron AG
- Maschinenfabrik Berthold Hermle AG
- FANUC CORPORATION
- Dalian Machine Tool Group Corporation
- AMADA CO., LTD.
- Yamazaki Mazak Corporation
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Segmentation by Category
By Type:
- Bed Milling
- Turret Milling
- Mill Drills
By Material:
- Plastic
- Wood
- Others
By Application:
- Food & Beverage
- Drilling/Boring
- Milling
- Slotting/Keyways
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa