Cutting Tools Market Size, Share Data, Segment Analysis, Business Insights, Key Manufacturers, Trends and Economic Outlook 2030

According to MRFR analysis, the global Cutting Tools market is expected to register a CAGR of ~6.20% from 2022 to 2030 and hold a value of over USD 31 Billion by 2030.

Cutting Tools Market Research Outlook

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.

Market Driving Factors

• Scope for growth in developing nations
• 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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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.

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.

Cutting Tools Market Segmentation

The global Cutting Tools market has been segmented into Tool Type, Material Type, and Application.

Based on Tool Type, the market has been segmented into Indexable, Solid.

Based on Material Type, the market has been segmented into Cemented Carbide, High-Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride, and Exotic materials.

Based on Application, the market has been segmented into Automotive, Aerospace & Defense, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and Others.

Cutting Tools Market Key Players

Some of the key market players are,

Kennametal Inc

OSG Corporation

ISCAR LTD

MAPAL

Makita Corporation

Robert Bosch

Stanley Black & Decker Inc

Klein Tools Inc

ICS Cutting Tools Inc

Snap-on

OTTO BAIER and others.

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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.

Cutting Tools Market Regional Analysis

The global market share for cutting tools is dominated by the Asia Pacific region. The region is home to important industrial sectors in a variety of 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 labour in the region. In countries such as China, India, and South Korea, where construction and industry are developing, cutting instruments are in high demand.

10 GLOBAL CUTTING TOOLS MARKET, BY REGION

10.1 OVERVIEW

10.1.1 MARKET ESTIMATES AND FORECAST, BY REGION

10.2 AMERICAS

10.2.1 MARKET ESTIMATES AND FORECAST, BY COUNTRY

10.2.2 MARKET ESTIMATES AND FORECAST, BY TOOL TYPE

10.2.3 MARKET ESTIMATES AND FORECAST, BY MATERIAL TYPE

10.2.4 MARKET ESTIMATES AND FORECAST, BY APPLICATION

10.2.5 US

10.2.6 CANADA

10.2.7 MEXICO

10.2.8 BRAZIL

10.2.9 REST OF AMERICAS

10.3 EUROPE

10.3.1 MARKET ESTIMATES AND FORECAST, BY COUNTRY

10.3.2 MARKET ESTIMATES AND FORECAST, BY TOOL TYPE

10.3.3 MARKET ESTIMATES AND FORECAST, BY MATERIAL TYPE

10.3.4 MARKET ESTIMATES AND FORECAST, BY APPLICATION

10.3.5 GERMANY

10.3.6 UK

10.3.7 FRANCE

10.3.8 SPAIN

10.3.9 REST OF EUROPE

10.4 ASIA-PACIFIC

10.4.1 MARKET ESTIMATES AND FORECAST, BY COUNTRY

10.4.2 MARKET ESTIMATES AND FORECAST, BY TOOL TYPE

10.4.3 MARKET ESTIMATES AND FORECAST, BY MATERIAL TYPE

10.4.4 MARKET ESTIMATES AND FORECAST, BY APPLICATION

10.4.5 CHINA

10.4.6 JAPAN

10.4.7 INDIA

10.4.8 SOUTH KOREA

10.4.9 TAIWAN

10.4.10 THAILAND

10.4.11 MALAYSIA

10.4.12 REST OF ASIA-PACIFIC

10.5 MIDDLE EAST & AFRICA

10.5.1 MARKET ESTIMATES AND FORECAST, BY COUNTRY

10.5.2 MARKET ESTIMATES AND FORECAST, BY TOOL TYPE

10.5.3 MARKET ESTIMATES AND FORECAST, BY MATERIAL TYPE

10.5.4 MARKET ESTIMATES AND FORECAST, BY APPLICATION

10.5.5 MIDDLE EAST

…Continued.

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