Machine tools are majorly used for machining and shaping of any metal components which is usually done by shearing, boring, sutting, grinding or any other form of deformation. Modern machine tools are mainly powered either with hydraulically, or via line shaft or electrically. The interchangable parts of the machine tools are providing the major advantages. The growth in Numerical Control machine tool market in South Korea is mainly attributed to the rising demand for fabricated metals from the construction and machinery industries. In addition, the changes in 3D printing technology are expected to have an impact on the machine tools market.
According to the market structure of 2016, 46.5% market is based on horizontal type machine tools market demand in South Korea, which holds major share of machine tool by category market. But with growing popularity of vertical machining center category, share of horizontal machine tool is expected to go below 43% through the forecast period. Market of ‘Machine tool technology’ is quite at a very mature stage and with a million dollar investments in research and development of applications throughout various industry verticals, market growth has a very high potential.
Major applications of machine tool covered in report are automobile, shipbuilding, general machinery, electronic goods, mold, industrial machinery, aircraft, healthcare, construction equipment and others. Increasing demand of vehicles in South Korea further supported the growth of automobile industry in the region. The growth of automotive industry boosted the market development for machine tool.
The turning center machine tool market is further segmented into horizontal type, gang type, alloy wheel, vertical type, front type, hybrid-multi axis, and Y-axis type. The import and export volume of vertical type in the turning center is highest segment followed by horizontal type and front type machine tools. By revenue, the gang type machine tool in the turning center is the fastest growing segment. The turning center machine tool by chuck size C≤24 is the largest segment both in terms of import and export volume and revenue. The vertical type machine tool market is further segmented by C-type, Bridge type, Tapping center and Dual table where C-type is the largest segment in terms of revenue and volume for both import and export as well as demand. In C-type vertical machine center Mold work held the largest segment in terms of revenue and volume for import, export and demand and General work is the fastest growing segment. The 3-axis segment for Bridge type vertical machining center for Mold work dominated the market in revenue and volume where 5-axis is the fastest growing segment. The automobile segment is the largest for vertical machining center machine tool market in South Korea.
The Horizontal Machining center for machine tool market in South Korea is segmented into high speed, heavy cutting and boring as by category. The High-speed is the largest segment followed by heavy cutting. By pallet size in High-speed horizontal machining center, 600<p≤800 is the largest segment. By application, for horizontal machining center, General Machinery dominated the market in terms of revenue.
Some of the major players in the Machine tool market are Hyundai WIA, KOPICO, Mazak Corporation, Doosan Infracore, Okuma, Hwacheon, and others.