Cutting Tools Market Segments Analysis, Demand Status, Regions, Top Players Trends, Growth Drivers, Developments and Global Forecast to 2030
Research Reports
Oct 27, 2022
Cutting Tools Market Research Report and Growth Analysis 2022 By Tool Type (Indexable Inserts(Indexable Turning & Boring, Indexable Milling, Indexable Hole making and Indexable Threading) and Solid Round Tools), By Material Type (Cemented Carbide, High-Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), By Application(Automotive, Aerospace & Defense, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and Others) – Forecast till 2030
The Cutting Tools Market will obtain a value of USD 31 billion and a CAGR of 6.20% between 2020-2030.
Over the projection period, rising industrial product output and considerable expansion in automobile manufacturing are expected to boost cutting tool material sales. Additionally, Original Equipment Manufacturers are spending a significant amount of money on research and development to increase the productivity and efficiency of their instruments. Thus, the demand for cutting tool material across the supply chain is driven by retooling and investments in production facilities. Additionally, the need for cutting tool materials is not specific to any industry; it extends from industrial equipment to consumer goods, government services, and national defense.
Growth in the 3D printing industry is anticipated due to rising demand. With additive manufacturing, three-dimensional objects may be produced from digital images. In the automotive and aerospace sectors, 3D printing enables the manufacture of intricate geometries that would otherwise be challenging to fabricate using traditional manufacturing techniques. As a result, 3D printing will eventually replace conventional manufacturing techniques, resulting in much lower costs for capital, feedstock, and scrap recycling.
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The rapidly changing nature of the tool manufacturing business due to cutting tool technology improvement is also seen as a global constraint on the supply of cutting tool materials globally in the next decades. Additionally, to meet this need, the industry’s top competitors need more funding to increase production to meet future demand. This may be negative for the global cutting tool materials market. Leading producers of cutting tool materials concentrate on creating extremely effective cutting materials with a wide range of applications, such as carbide tools, whose uses extend beyond the automotive industry to include marine, aerospace, and electronic parts.
Key Players
- Kennametal Inc.
- OSG Corporation
- ISCAR LTD
- MAPAL
- Makita Corporation
- Robert Bosch GmbH
- Stanley Black & Decker Inc.
- Klein Tools Inc.
- ICS Cutting Tools Inc.
- Snap-on
- OTTO BAIER GmbH
- Hilti Corporation
- Sandvik AG
- Ingersoll Cutting Tools
- FRAISA SA
- KYOCERA Cutting Tools Group
- Asahi Diamond Industrial Co. Ltd
- J SCHNEEBERGER Maschinen AG
- Vollmer
- CERATIZIT Group
- Hitachi Koki Co. Ltd and Others.
Cutting Tools Market segmentation
The Cutting Tools Market is divided into different segments, tool types, materials, and applications.
The market is divided into applications: Oil & Gas, Automotive, Die and Mold, Construction, Aerospace & Defense, Electronics, Power Generation, Wood, and Others.
Based on the different forms of propulsion, the market is divided into Indexable Inserts and Solid Round Tools.
Report Scope:
|
Report Metrics |
Details |
|
Market Size |
USD 31 Billion |
|
CAGR |
6.20% CAGR (2022-2030) |
|
Base Year |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Data |
2019 & 2020 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Key Market Opportunities |
Scope for growth in developing nations |
|
Key Market Drivers |
Use of cutting tools in manufacturing Demand for high-speed steel cutting tools Growth of the end-use industries Increase in use of power tools in households |
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Recent developments
On May 3, 2021, Wilsonart Engineered Surfaces announced the acquisition of Flagg Incorporated, a renowned wholesale distributor of building and remodeling supplies. Flagg distributes supplies and services for engineering, woodworking, and construction.
The cutting equipment industry is fairly fragmented, with many local and small- to medium-sized firms competing for market share in addition to major international competitors. It can be shown through an analysis of the industrial facilities in key nations that many international corporations have operations there.
Table Of Content
1 EXECUTIVE SUMMARY
2 MARKET INTRODUCTION
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
2.4 LIST OF ASSUMPTIONS
2.5 KEY BUYING CRITERIA
3 RESEARCH METHODOLOGY
4 MARKET INSIGHTS
4.1 MARKET ATTRACTIVENESS ANALYSIS
4.1.1 AMERICAS
4.1.2 EUROPE
4.1.3 ASIA-PACIFIC
4.1.4 MIDDLE EAST & AFRICA
…continue
Cutting Tools Market Regional analysis
The Asia Pacific region controls the majority of the global market for cutting tools which is home to important industrial sectors in various industries, including machine tools, autos, electronics, and retail products. Other significant elements impacting the growth of the cutting tool market are the availability of inexpensive raw materials and skilled labor in the region. In countries like India, China, and South Korea, where construction and industry are developing, cutting instruments are in great demand.
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