Increase in industrialization across developing nations and surge in necessity for sustainable development in the industrial sector drive the market growth.
WILMINGTON, Del., Aug. 27, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Bandsaw Machines Market by Machine Type (Vertical and Horizontal), Technology Type (Automatic, Semi-Automatic and Manual), End User (Wood Processing Industry, Glass, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the bandsaw machines market was valued at $2.2 billion in 2023, and is estimated to reach $3.4 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
Prime determinants of growth
Increase in construction activities and urbanization globally, rise in industrialization, and surge in popularity of sustainability in industrial sector drive the market growth. However, high initial investment costs restrain the market growth. On the other hand, technological advancements and innovations in bandsaw machines market are anticipated to positively affect the market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2022 | $2.2 billion |
Market Size in 2032 | $3.4 billion |
CAGR | 4.3 % |
No. of Pages in Report | 207 |
Segments Covered | Machine Type, Technology Type, End-User, and Region. |
Drivers | • Increasing construction activities and urbanization globally. • Rising industrialization. • Growing popularity of sustainability in industrial sector |
Opportunities | • Technological advancements, innovations, and integration of industry 4.0 technology in machinery. |
Restraint | • High initial investment costs |
Segmental Overview
By machine type, the horizontal segment held the highest market share in the bandsaw machines market in 2023. The horizontal bandsaw machine segment held the highest market share in terms of revenue. This dominance is attributed to the extensive use of horizontal bandsaws in various industries, including metalworking, woodworking, and automotive. Horizontal bandsaws are particularly popular for their efficiency in cutting metal bars, pipes, and profiles, making them a staple in fabrication shops, machine shops, and manufacturing plants involved in metal processing. However, the vertical segment is expected to grow with a higher CAGR during the forecast period. Vertical bandsaws offer greater versatility and flexibility, capable of handling intricate shapes and angles, which is beneficial across various industries like woodworking and metalworking.
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By technology type, the automatic bandsaw segment is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period. This is anticipated to growth driven by the increasing adoption of automation across various industries, which aims to enhance productivity, reduce labor costs, and improve cutting precision. As industries continue to shift towards more automated and efficient processes, the demand for automatic bandsaw machines is set to rise significantly.
By End Use, the automotive and transportation sector held the highest market share in the bandsaw machine market in 2023. This dominance is driven by the increasing demand for precision cutting and high-quality finish required for manufacturing automotive components. Additionally, the rise in global automotive production, particularly in emerging economies like China, India, and Japan, significantly contributes to this sector's substantial market share. However, the wood processing industry is expected to grow at the highest CAGR. This growth is fueled by the expanding construction industry and the increasing demand for furniture and wood-based products. The rise in urbanization and infrastructural development projects further propels the demand for bandsaw machines in wood processing.
Asia-Pacific to maintain its dominance by 2033.
Asia-Pacific is expected to maintain its dominance in the bandsaw machines market by 2033 due to several key factors. The region's robust industrial growth, particularly in countries like China, India, Japan, and South Korea, drives significant demand for bandsaw machines across various industries, including automotive, electronics, and construction.
China, being a global manufacturing hub, contributes heavily to this demand due to its extensive industrial base and continuous investments in manufacturing technologies. India also plays a crucial role with its expanding industrial sector and increasing investments in infrastructure and manufacturing capabilities. Additionally, Japan and South Korea, known for their advanced manufacturing technologies, further boost the market through high-tech innovations and extensive industrial activities.
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Players
- Amada Machine Tools Co., Ltd.
- BANDSAW MACHINE WORKS, Inc.
- Baileigh Industrial, Inc.
- Columbus McKinnon Corporation
- DoAll Sawing Products
- HE&M Saw
- JET Tools
- Laguna Tools, Inc.
- Metallkraft
- Starrett.
The report provides a detailed analysis of these key players in the global bandsaw machines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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