The Spanish machine tool industry is clinging to exports for an incipient recovery in 2026 after the 2025 adjustment

Sectoral Analysis of Solunion

The Spanish machine tool sector closed 2025 with a 4,99% drop in sales, according to an analysis by Solunion. A slight recovery is anticipated for 2026, driven by market diversification and export resilience, although uncertainties remain regarding Chinese competition and geopolitics.

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The Spanish sector of the machine tool It closed the 2025 fiscal year with an adjustment in its sales, reaching 2.208 billion euros, representing a decrease of -4,99% compared to 2024. This data, from a sector report of SolunionThis shows that the industry has consumed the order book accumulated in the 2022-2024 investment supercycle without managing to replenish it at the same rate.

Exporting as a fundamental pillar in a complex global market

Despite the overall adjustment, the export vocation It remains the sector's main distinguishing feature, accounting for 78,8% of total production. Exports remained virtually stable, with a slight decrease of -0,5%, demonstrating the strong competitive position of Spanish companies in international markets. By destination, Estados Unidos y Alemania They are consolidating their position as the main markets. The policy of onshoring The United States has encouraged investment, while AlemaniaDespite its economic situation, it remains a key traditional partner.

The report highlights the emergence of India as a market with enormous potential, albeit highly competitive. On the other hand, a notable drop in sales is observed to Chinawhose share fell from 10% in 2024 to 6% in 2025, impacted by protectionism and lower imports of Western technology. Similarly, México Its investments have been paralyzed, falling from 18% to 10% of the total, due to uncertainty about tariffs and the renewal of the free trade agreement.

Analysis of profitability and operating costs

The sector's profitability has been maintained thanks to the stabilization of raw material prices, such as steel and aluminum, as well as greater fluidity in the supply chain, especially for electronic components. However, significant challenges remain. As explained Joseba EsparzaCredit Analyst of Solunion España"The biggest challenge for the sector lies in absorbing the sharp increase in labor costs in recent years, as well as a financial cost that remains high despite the moderation of interest rates."

Key Indicator	2024	2025	Variation
Total Sales (M€)	2.324	2.208	-4,99%
Export Weight	N / A	78,8 %	Stable
Sales in China (% of total)	10 %	6%	-4 pp
Sales in Mexico (% of total)	18 %	10 %	-8 pp

Outlook for 2026: an incipient and uneven recovery

The order book at the end of 2025 shows a slight rebound of +2,29% Compared to the sharp decline of the previous year (-23%), investment levels remain moderate. The recovery is uneven across subsectors: the deformationThis sector, closely linked to the automotive industry, is suffering from the investment freeze and strong Chinese competition. In contrast, the subsector of BootThe more diversified economy is regaining momentum with double-digit growth thanks to the boost from industries such as aerospace, rail, and energy.

By market, domestic orders have experienced a notable increase of +41%. Although export orders have fallen by -1,65%, growth stands out in Europa (+17,5%) and Estados Unidos (+4%), which becomes the leading market in terms of acquisition with 22% of the total. ChinaMeanwhile, it continues its downward trend with a drop of -1,2%.

China's challenge: from customer to global competitor

The role of China It has changed drastically. From being the largest consumer and one of the main markets for Western technology, it has become the largest manufacturer of equipment, driven by government policies to reduce its technological dependence. Rapid local technological development, coupled with an advantageous price factor—favored by moderate inflation and a devalued renminbi—has positioned Chinese manufacturers as dominant players, especially in standard equipment or “commodity”.

This new reality is forcing European manufacturers to reorient their strategy towards high value-added and innovation nichesSpecialization in custom-made, high-precision equipment for sectors such as aerospace or defense is emerging as the key to competing in the new global landscape.

Financial health: insolvencies fall but caution increases

On the financial front, 2025 ended with a 37% reduction in bankruptcy proceedings...to a total of 109, thanks to the resilience and sound financial structures of many companies. However, weak demand and a foreseeable new cycle of interest rate hikes suggest a stabilization of insolvencies in 2026. Regarding non-performing loans, although the sector shows structurally better performance than the national average, a slight increase is observed in the manufacturing segment, which is more exposed to energy and financing costs.

Key points and frequently asked questions about the machine tool sector

How does competition from China in machine tools affect my company?

Chinese competition is more aggressive in standard and mid-sized equipment, where they compete fiercely on price. For Spanish companies, this means they need to differentiate themselves through... Innovation, specialization, and the development of customized solutions for sectors with high technological demands such as aerospace, energy or defense.

Which foreign markets present the greatest opportunities for Spanish exporters in 2026?

According to order capture data, Estados Unidos It is consolidating its position as the main market of opportunity.with a 4% growth and representing 22% of new orders. The rest of Europa It also shows positive dynamism with an increase of 17,5%. Although difficult, India It represents a market with great long-term potential.

What are the main financial risks facing the sector in Spain?

The main risks identified are the difficulty in absorbing the increase in labor costs or with a financing costs remain highAdded to this is geopolitical uncertainty, such as the war in the Middle East, which slows investment decisions and maintains the "wait and see" premise in the capital markets.