Metal Cutting Tools Market Trends 2022 Registering a CAGR of 6.73% to Reach 110.48 Billion USD by 2028
Research Reports
Jul 05, 2022
Metal Cutting Tools Market Overview
Metal Cutting Tools Market is projected to be worth USD 110.48 Billion by 2028, registering a CAGR of 6.73% during the forecast period (2021 – 2028).
The report covers segmentations and drivers for a better glimpse of the market in the coming years. The cutting tools ensure effective manufacturing of critical and intricate components with ease and utmost precision. These cutting tools form an indispensable aspect of machine tools that are either numerically or conventionally controlled. The cutting tool inserts are used in applications, such as threading, milling & shearing, parting & grooving and drilling & boring. The growth of the cutting tools market is driven by various factors such as growing demand from various industry verticals such as automotive, aviation, and oil and gas and growing market for high-speed steel cutting tools. However, the growth of the market can be hindered due to the lack of skilled labor and high cost of titanium carbide alloy tools and other cutting tools.
Metal Cutting Tools market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Metal Cutting Tools Market are, Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany), Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China), Kennametal Inc. (US), OSG Corporation (Japan), ISCAR LTD (Israel), MAPAL Dr. Kress KG (Germany), Makita Corporation (Japan), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Klein Tools, Inc. (US), ICS Cutting Tools, Inc. (US), Snap-on Incorporated (US), Hilti Corporation (Schaan, Liechtenstein), Sandvik AG (Sweden), Ingersoll Cutting Tools (US), FRAISA SA (Switzerland), KYOCERA Cutting Tools Group (Japan), Asahi Diamond Industrial Co. Ltd. (Japan), J SCHNEEBERGER Maschinen AG (Switzerland), Vollmer (Germany), CERATIZIT Group (Luxembourg), and Koki Co. Ltd. (Japan).
Growth Drivers:
- Growing demand from industries
- Increasing demand for power tools for DIY and households
- Growing market for high-speed steel cutting tools
Most important Segments of Metal Cutting Tools market covered in this report are,
The global metal cutting tools market is segmented based on tool type, material type, application, and region. On the basis of tool type, the global market has been segmented into solid round tools and indexable inserts. On the basis of material type, the global market in this report has been segmented into cemented carbide, high speed steel, stainless steel, ceramics, polycrystalline diamond, cubic boron nitride, and exotic materials. On the basis of application, the global market has been segmented into automotive, aerospace & defence, construction, electronics, oil & gas, power generation, wood cutting, die and mold, and others.
On the basis of tool type, the solid round tool segment is projected to witness significant growth during the forecast period due to the growing adoption of solid round tool for various industrial applications, such as solid carbide drilling, milling, HSS tapping, reaming and threading. Hence, the high versatility and adaptability of the solid round tools are expected to drive the solid round tools segment during the forecast period.
On the basis of material type, the high speed steel segment is experiencing a phenomenal growth over the forecast period. The high-speed steel (HSS) is widely used in cutting tools, such as, drills, taps, milling cutters, tool bits, gear cutters, saw blades, planer and jointer blades, and router bits. High speed steel tools are the most popular for the use in woodturning, as the speed of movement of the work past the edge is relatively high for handheld tools, and HSS holds its edge far longer than high carbon steel tools can. Due to such features, the high-speed steel segment in the global cutting tools market is projected to witness robust growth during the forecast period.
On the basis of application, the aerospace & defense segment was the second largest market in 2018 and is projected to witness a significant growth during the forecast period. The high advancements in the aerospace & defense and the growing budget investment in the major economies are expected to propel the demand of cutting tools in the aerospace & defense applications.
Metal Cutting Tools Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Metal Cutting Tools Market.
- Metal Cutting Tools Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Metal Cutting Tools Market market-leading players.
- Conclusive study about the growth plot of Metal Cutting Tools Market for forthcoming years.
- In-depth understanding of Metal Cutting Tools Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Metal Cutting Tools Market.
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The Metal Cutting Tools market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Metal Cutting Tools market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Metal Cutting Tools Market Regional Analysis
Geographic analysis of the global metal cutting tools market spans across Americas, Europe, Asia Pacific (APAC), and Middle East & Africa
In 2018, Asia-Pacific was the leading market with a market value of USD 6,127.3 million. The regional market value is expected to reach USD 9,730.5 Million by 2024 with an impressive 8.12% CAGR during the forecast period.
In 2018, Asia-Pacific dominated the global cutting tools market with 38.6% market share. Rapid growth in the construction and manufacturing in countries such as China, India, and South Korea is expected to increase the demand for cutting tools in the coming years. Moreover, the region is home to one of the largest manufacturing industries for machine tools, automotive, electronics, consumer products and others, globally. Hence, the region is expected to witness the highest CAGR of 8.12% and retain its leading position in the global market during the forecast period.
South Africa, the UAE, and Saudi Arabia are the major contributors of the cutting tools market in the Middle East & Africa. They account for most of the construction and manufacturing activities in the region. Moreover, there is an increasing scope for the growth of the oil and gas industries, which is among the key factors driving the cutting tools market in the region during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors..
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