Magnetic Drill Press Market

Market Overview

According to Reed Intelligence the Global Magnetic Drill Press Market Size will approximately grow at a CAGR of 3.4% during the forecast period.

A magnetic drill press is a small drill press that uses a magnet, usually located at the bottom of the tool and is used to drill holes in steel or a similar type of material. They are used when a standard drill press is not an option. It is portable as it is smaller in size. A magnetic drill press is used when the material is large to fit into an area.

They use a magnetic base which is strong to secure themselves firmly to ferromagnetic surfaces. This allows stable operations. The electromagnetic base generates a strong magnetic field that attaches the drill press to the workpiece, which allows drilling in various orientations like vertical, horizontal, and overhead positions. They are ideally made for onsite construction.It is used for professional drilling in metal fabrication, construction, and maintenance tasks as it has adjustable drill heads and controls the depth and speed.

A magnetic drill machine is made up of 4 parts. Magnetic Base, Drill stand, Motor and Arbour. The Magnetic Base is used to swiftly clamp the machine to the workpiece to the be drilled. The drill stand houses the electrical switches for the motor and magnet as well as the magnet indicator and the PCBs and is the primary body of the magnetic drill press. The motor is the most important part of the magnetic drill press whose power ranges from 800 to 2300 watt. On a magnetic drill press the motor is connected to an arbour. It is also known as tool holder or chuck.

Market Dynamics

Market Drivers

• Increasing Demand for Portable Magnetic Drill Machines

The Magnetic drill presses are convenient for the user and portable which makes the drilling operations efficient. The increased demand can lead to higher sales and revenue. The advancements in design, ergonomics, ease of use, and additional features to enhance the productivity. The increasing demand can be an opportunity for the manufacturers to increase the price of the product. This leads to more competitive range of pricing due to which there may be willingness to purchase the drill machine which will increase the demand.

• Product Innovations

The innovative features and capabilities can make magnetic drill presses makes it useful for wider range of applications. For example, a new magnetic drill press that can drill holes in thicker metal or in more difficult-to-reach locations could attract new customers and increase demand for magnetic drill presses. Product innovation can improve the speed, accuracy, and power and the price of the product can be raised which will be beneficial for the manufacturers. In some cases, if a new magnetic drill press is made using more efficient manufacturing processes, the manufacturer may be able to pass the savings to consumers in the form of a lower price. This could make magnetic drill presses more affordable which in future could raise the demand.

Market Restraints

• High Cost

The high cost of magnetic drill presses can make them less affordable for some users, which can lead to a reduction in demand for these machines. This may be in the case of the underdeveloped cities where customers cannot afford buying such expensive machines. This can also lead to competition in cheaper drill machines, such as traditional drill presses or handheld power drills but this drill machines may not have the advanced features as other machine. As magnetic drill machines are mostly used in the construction and infrastructure industries the manufactures may avoid purchasing the machine due to higher prices. This may affect the convenience of the user by using the High cost and advanced drill machines.

• Lack of Skilled Labour

If there are no enough skilled workers to operate magnetic drill presses, productivity can be affected. This is because magnetic drill presses can be complex machines that require specialized training to operate safely without causing any harm to the labour. If workers are not properly trained, they may make mistakes that could damage the machine which will result into loss. The business might need to attract more employees and pay them more to retain them as a skilled and trained worker. This can increase the cost of using magnetic drill presses, which may not be affordable by all the businesses’ lack of skilled labours may also result into delay of the projects. This is because the company may require more time to train the labours who are unskilled.

Market Scope

Segmental Analysis

Segment by Type

• Electric Magnetic Drill Press

Electric powered magnetic drills are the most common types of models that are used. They are lightest weight magnetic drill press and come in many different sizes. These are the most convenient presses and only power supply is needed to operate it. It can use twist drill bits, annular cutters, milling cutters, and other rotary cutters It can also tap threads, ream, and countersink. It is a combination of a stable magnetic base and low RPM help resist or reduce torque forces created by large diameter bits. Electrical magnetic drill presses are mostly used in construction, manufacturing, and maintenance industries. They are used for drilling holes in metal that are difficult to reach with a traditional drill press, such as overhead or vertical holes. They are also useful for drilling holes in large or awkward objects that cannot be easily moved to a stationary drill press.

• Pneumatic Magnetic Drill Press

Pneumatic magnetic drill presses use compressed air, instead of electrical current, which makes them capable of cutting environments where water is an issue. Some pneumatic models can also be used in environments where there may be a flammable or combustible elements. Pneumatic core drilling machines are specially used where there is a danger of fire due to electricity. The motor is driven by pneumatic medium and the magnetic is a permanent magnet instead of an electromagnet. Compressed air can provide substantial power, which allows pneumatic drill presses to handle heavy-duty drilling tasks.

• Hydraulic Magnetic Drill Press

Hydraulic magnetic drill presses are different than electric or pneumatic presses and are mostly used in underwater regions. They use a closed loop system that keeps water from getting into the motor compartment. The drill press also has a column that supports the drill head, and the drill head can be moved up and down using a hydraulic cylinder. They are expensive due to highly specialized components. Hydraulic drill presses are more powerful than the Pneumatic and Electric drills. The drill bit is held in the drill head using a chuck, and the chuck can be tightened or loosened using a handwheel.

• Cordless Magnetic Drill Press

A cordless magnetic drill press is a portable drilling machine. It has a rechargeable battery to power the drill motor and an electromagnet to adhere to a metal workpiece which locks the base to the surface. They have options of various speeds which allows to adjust the rotational speed of the drill motor to fulfil the drilling operations. Higher speeds are used for softer metals, while slower speeds are more suitable for harder metals. The cordless magnetic drill presses are battery-powered and have rechargeable battery and a charger. The capacity of the battery determines the runtime of the drill press, and the battery can be charged when needed.

Segment by Application

• Construction Industry

Magnetic drill presses can be used to drill holes in metal beams and columns, which are often used in the construction of buildings. This can be done in overhead or vertical locations, where a traditional drill press would not be able to reach.Magnetic drill presses can also be used to drill holes in pipes and other structural components, such as I-beams and joists where it is difficult to reach the locations like ceilings. Magnetic drill presses are mostly used in steel fabrication processes for making holes. These holes are essential for connecting steel components, attaching brackets, which would help in assembly of the structures. Magnetic drill presses are also used for drilling holes in metal decking panels used in composite floor systems. These holes make the placement of concrete and the attachment of the decking to the supporting structure. The construction Industry is a major driver of the Magnetic Drill Machines.

• Shipbuilding

Magnetic drill presses are used to drill holes in the steel plates and sections which form the hull of a ship. These holes are essential for joining different sections, attaching brackets, and are responsible for the assembly of the hull structure. Shipbuilding involves the fabrication of various structural components, such as bulkheads, frames, and supports. Magnetic drill presses play an important role in drilling holes in these components, which allows accurate fitting, connection, and alignment during the assembly process. Ships require extensive piping and cabling systems for various functions, including plumbing, electrical systems, and communication networks. Magnetic drill presses are used to drill holes in the structure of the ships for the installation of pipes, conduits, and cable runs, which ensures proper routing and organization of these systems.

• Automotive

Magnetic drill presses are utilized for drilling holes in automotive body panels and frames during repair and restoration of work. These holes are necessary for attaching new panels, repairing damaged sections, and proper alignment of the structure. Magnetic drills play an important role in engine building processes. They are used to drill precise holes in engine blocks, cylinder heads, and other engine components for the installation of various components such as studs, bolts, and fittings. Magnetic drill presses are also used in the automotive market for maki modifications in the suspension systems. They enable drilling of holes in suspension components, such as control arms and sway bars, to make adjustable suspension components or reinforcement braces.

Regional Analysis

North America

The magnetic drill press market in North America has been growing steadily in recent years. The region's strong construction, automotive, manufacturing, and metalworking industries contribute to the demand for magnetic drill presses. Construction is the backbone of the Canadian economy which is responsible for building and maintaining the constructed infrastructure of cities, towns, and communities. The United States residential construction market is driven by the Affordable Housing trend in the country. All these factors lead to the increase in the growth rate of the Magnetic drill press machines market which are required for the purpose of construction and automation.

Europe

France has growing automation and industrial sector. The country's industrial sector contributes nearly 17% to the GDP, in which manufacturing is one of the most important parts. The magnetic drill press machines are important equipment in the automation and industrial sector which drives the demand of the magnetic drill press machines in France. According to information released by the Ministry of Public Works, in March 2022, 10,899 new building licenses were authorized by the Spanish Board of Architects. The number was higher than the 8,603 and 8,366 permits issued in March 2021 and February 2022, respectively. This has resulted into growing market of the Magnetic drill machines which are required in the industry.

Asia Pacific

The Asia Pacific Process Construction Market is expected to witness a CAGR of 14.5% which is increasing the demand of equipment’s like Magnetic drilling press. China is the largest market for construction machinery in the world. Rural construction activities, rapid urbanization, and the growth in public-private partnerships drive the demand for construction equipment. China also has one of the best construction machinery supply chains in the world, which supplies equipment’s like Drill machine, electric excavators etc. The renting or leasing of construction equipment market in India has been on the rise, owing to the equipment cost and the cost of the maintenance process. This leads to demand of the construction equipment’s like magnetic drill machine in the region.

South America

The construction market in Brazil is driven by low-interest rates and the government's housing programs such as Casa Verde e Amarea. The low interest rate environment encourages buyers to return to the market and builders to take on new projects. This leads to rise in the demand of the construction equipment’s in the region. The region like Columbia is developing in the construction industry which may also lead to more demand of the construction equipment’s in the upcoming years. The Magnetic press drill machine market is expected to grow in the region due to rise in the construction industry in various countries in the region.

Middle East and Africa

The African construction industry is the target destination for most large economies because of accruing benefits, such as the availability of natural resources, huge investment opportunities in energy and infrastructure, cheap labour, and a fast-growing consumer market. This can increase the demand of the equipment’s required for the construction in the region in the upcoming years.

Key Players

1. Milwaukee
2. Hougen
3. Metabo
4. C and E Fein GmbH
5. Unibor
6. Evolution Power Tools
7. DEWALT
8. Nitto
9. Euroboor

Recent Developments

16 July 2021- Ultimate Products, Oldham based company has made a significant acquisition by purchasing Salter, the United Kingdom's oldest and well-established scale manufacturer. Ultimate Products invested £32million for this acquisition.