Lathe Machine Chucks Market: Introduction
Lathe machine chucks are job holding attachments that rotate any work-piece on its axis in order to carry out numerous operations such as cutting, deforming or drilling, knurling and so on with tools applied on that work-piece to create a symmetrical object about an axis of rotation. In short, lathe machine chucks are used to shape various work pieces. They find many applications and are used in woodturning, metalworking, metal spinning, glass working and thermal spraying. The main purpose of lathe machine chucks is to facilitate unfinished to finished metal product transformation.
Depending on the material being worked upon, there are three different types of lathe machines, namely engine lathes, special purpose lathes and turret lathes. While each of these types has its respective characteristics and applications, engine lathes are the most popular. The unique advantage offered by engine lathes is that they can be used to transform different materials apart from metal. Turret lathes are used for sequential machining of single work-pieces. Sequential machining helps in eliminating errors in the work alignment. With turret lathes, machining is done with better efficiency, thereby reducing errors, increasing speed and correspondingly reducing working time. Special purpose lathes are used for carrying out special procedures and processes (e.g. heavy duty production of identical parts) and hence the name special purpose lathes. Growth in the lathe machine market is estimated to propel the demand for lathe machine chucks in the global market in the coming years.
The global lathe machine chucks market is expected to grow steadily over the next decade and is likely to incur massive revenues during the forecast period. This growth can be attributed to impressive developments in the global automotive industry. The rise in the demand for new, fuel-efficient and advanced automobiles with enhanced safety features is one of the main reasons for the global automotive boom, which in turn has surged the demand for lathe machine chucks in the automotive industry.
Lathe machine chucks give a degree of freedom to perform various manufacturing material removing & finishing processes. They are used to enhance part quality, improve machine productivity and considerably reduce the machine operator’ setup time.
Lathe Machine Chucks Market: Dynamics
Many advantages are associated with lathe machine chucks, such as augmented automation – low direct labor costs and unproductive machine downtime, low capital costs – surge in throughput without investment in new capacity, rework & concessions and less scrap – less disparity, higher process capability at first time and reduced human error – repeatable measurement and superior work-piece holding capacity. Additionally, new approaches and technologies towards the manufacturing of upright and reliable lathe machine chucks, which can be mounted and demounted with perfection on any lathe machine, are expected to be prominent drivers for the global lathe machine chucks market growth. Contemporary manufacturing technologies, such as additive manufacturing and CNC heavy duty lathe machines ease the process as well as enhance the quality of products. This, together with the manufacturing of intelligent lathe machine chucks in various designs and complex shapes, and different sizes are noteworthy achievements that are expected bolster market growth over the forecast period. Also, the market for lathe machine chucks has witnessed rapid growth due to development in the manufacturing sector in all end-use industries globally. Furthermore, growth in the production and manufacturing of various end-use components, which have high surface finish and good quality, will propel the growth of the global lathe machine chucks market during the forecast period.
Lathe Machine Chucks Market: Segmentation
The lathe machine chucks market can be segmented on the basis of the type of product, capacity, machine type, operation and end use.
Lathe Machine Chucks Market: Regional Outlook
The global market for lathe machine chucks is expected to grow at a healthy CAGR during the forecast period. Europe and North America have a high standard of living, luxurious lifestyles, coupled with high disposable income, and thus, can afford using super finished products machined by lathe machine chucks. This has led to growth of the lathe machine chucks market in the aforementioned regions. Additionally, manufacturing industries in all developed regions have been doing well in the recent decade, and research and development to produce parts and components that are manufactured in less time and effort will be a prominent driver for the lathe machine chucks market in these regions over the forecast period. Developing nations in the Asian region, particularly India and China, will play a vital role in the growth of the lathe machine chucks market in the near future.
Lathe Machine Chucks Market: Market Participants
Examples of some of the market participants in the global lathe machine chucks market, identified across the value chain, include:
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