Growing Oil & Gas Industry to Provide Growth Opportunities for Conventional Lathe Machine Market During 2023–2028
According to our latest study on "Conventional Lathe Machine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Spindle Orientation, Number of Axis, End-User, and Lathe Type," the market is expected to grow from US$ 0.949 billion in 2023 to US$ 1.473 billion by 2028; it is estimated to register a CAGR of 9.2% from 2023 to 2028.
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 the refining of approximately 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 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.
Conventional Lathe Machine Market Share – by Region, 2022
Conventional Lathe Machine Market 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)
Conventional Lathe Machine Market Report | 2023-2028
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Source: The Insight Partners Analysis
In North America, the US was the most affected country due to the COVID-19 pandemic. All human activities were restricted due to the strict regulations imposed by the US government in Q2 of 2020. Also, there was a temporary suspension of all production activities in the automotive, electronics, and aerospace industries, which negatively affected the conventional lathe machine market growth during the pandemic. Before the pandemic, the production of motor vehicles was 16.82 million units in 2019, which decreased to 13.37 million units in 2020, as per the International Organization of Motor Vehicle Manufacturers (OICA). However, in Q4 of 2020, the lockdown restriction was lifted, and the manufacturing activities restarted, which led to the recovery of the market. According to the OICA, in 2021, North America produced ~13.47 million units of motor vehicles. Out of this, the US produced 9.16 million units of motor vehicles, which increased by 10% compared to 2020. Thus, an increase in automobile production in North America will further propel the conventional lathe machine market growth during the forecast period
The conventional lathe machine market is segmented into spindle orientation, number of axis, end-user, and lathe type. Based on spindle orientation, the conventional lathe machine market is divided into horizontal and vertical. Based on number of axis, the conventional lathe machine market is divided into 2 and 3. Based on end-user, the conventional lathe machine market is segmented into automotive, general machinery, aerospace, electronics, oil & gas, and others. Based on lathe type, the conventional lathe machine market is bifurcated into universal lathes and oil country lathes.
By geography, the conventional lathe machine market is segmented into five key regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is expected to dominate the market during the forecast period, followed by North America and Europe. Europe consists of many market players such as Colchester Machine Tool Solutions Ltd, Metalurgica Torrent SA, Knuth Werkzeugmaschinen GmbH, Optimum Maschinen GmbH, Comev SpA, ITAMA Srl, and GDW Werkzeugmaschinen Herzogenaurach GMBH. These market players are continuously working on providing conventional lathe machines to their customers for turning and cutting purposes. These players offer conventional lathe machines to aircraft manufacturers for producing plane surfaces, screw threads, airplane engines, and other parts. With the growing presence of aircraft manufacturers and manufacturing plants, the need for conventional lathe machines is also increasing, thereby fueling the market growth.
Major conventional lathe machine market players include Knuth Werkzeugmaschinen GmbH, Colchester Machine Tool Solutions Ltd, Summit Machine Tool LLC, L&L Machinery Industry Co Ltd, and Metalurgica Torrent SA.
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