Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Metal Cutting Tools Market Size & Growth Analysis:
“According to SNS Insider Research, The Metal Cutting Tools Market size was valued at USD 82.81 Billion in 2023 and is expected to reach USD 141.09 Billion by 2032, growing at a CAGR of 6.1% over the forecast period 2024-2032.”
Driving Forces Behind the Growth of the Metal Cutting Tools Market
The Metal Cutting Tools Market is witnessing robust growth, driven by increasing demand for precision engineering and the expansion of manufacturing sectors across various industries, including automotive, aerospace, and construction. These tools are essential for machining processes such as turning, milling, drilling, and grinding, which are pivotal for enhancing productivity and achieving high-quality surface finishes. The market is witnessing a notable shift toward advanced materials and coatings, such as carbide and ceramic, which offer improved durability and performance, thereby reducing tool wear and increasing efficiency.
Tool life and performance vary significantly among cutting tools, influenced by material composition, cutting speeds, and industry demands. Carbide cutting tools, composed of approximately 80% tungsten carbide and 20% cobalt, offer an average lifespan of 50 to 200 hours in machining, making them much more wear-resistant than high-speed steel (HSS) tools, which last around 30 to 50 hours. Cermet tools, made from a blend of ceramic and metallic materials, provide exceptional hardness and durability. Cutting speeds also differ; carbide tools can operate at 80 to 120 meters per minute for mild steel and 60 to 90 m/min for harder materials like titanium, whereas HSS tools typically range from 30 to 50 m/min. The cutting tools market is dominated by turning tools (40%), milling tools (30%), and drilling tools (20%). Demand is particularly strong in the automotive (30%) and aerospace industries (15%), with the latter increasingly requiring advanced materials. Tool wear rates, influenced by factors like cutting speed and feed rate, typically range from 0.1 to 0.5 mm/hour, with high-speed machining pushing wear rates to nearly 1 mm/hour for less durable materials.
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Major Players Analysis Listed in this Report are:
- Fanuc America Corporation
- Amada Machine Tools Co. Ltd
- BIG Kaiser Precision Tooling Inc.
- Sandvik
- Komatsu Ltd.
- Kennametal Inc.
- Doosan Machine Tools Co. Ltd.
- Ingersoll Cutting Tool Company
- Tiangong International Co.
- Tungaloy Corporation
- Hitachi Metals
- Mitsubishi Materials Corporation
- Yamazaki Mazak Corporation
- Sumitomo Electric Industries Ltd.
- Walter AG
- Guhring Inc.
- Dormer Pramet
- TaeguTec Ltd.
- ISCAR Ltd.
- Seco Tools & Other Players
Metal Cutting Tools Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 82.81 Billion |
| Market Size by 2032 | US$ 141.09 Billion |
| CAGR | CAGR of 6.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Market Restraints | • The high initial costs of advanced cutting tools, such as diamond-tipped and carbide tools, along with the investment needed for CNC machines, pose a significant barrier for small and medium-sized enterprises (SMEs), limiting their ability to adopt these technologies in cost-sensitive markets. |
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Segmentation Analysis: Material Types Shaping the Metal Cutting Tools Market: A Focus on Cemented Carbide and PCD
By Material Type
The Cemented Carbide segment dominated the market share of over 28.16% in 2023 due to its hardness, wear resistance, and ability to perform high-speed cutting, making it suitable for a wide range of applications, particularly in the automotive and aerospace sectors.
The Polycrystalline Diamond (PCD) is the fastest growing material type. Its superior cutting performance and longevity, especially in high-precision industries like electronics and aerospace, drive its rapid growth.
Metal Cutting Tools Market Key Segments
By Material Type
- Cemented Carbide
- High-Speed Steel
- Ceramics
- Polycrystalline Diamond
- Others
By Tools Application
- Milling
- Turning
- Drilling
- Others
By Industry
- Automotive
- Aerospace & Defense
- Construction
- Oil & Gas
- Power Generation
- Others
Key Regional Development: North America Leads the Market
The North America region dominated the market share, over 46.09% in 2023. This is due to the increasing amount of construction and manufacturing projects the country is undertaking, leading to the growth of the market. The Canadian market is growing due to increased investment from leading companies in the country's metal cutting tool industry. Additionally, the U.S. Metal Cutting Tools market holds the largest market share, with the Canadian Metal Cutting Tools market experiencing the highest growth rate in North America.
In 2023, the European Metal Cutting Tools market held a significant market share. This growth is associated with the increasing industrial and manufacturing industries in Germany. Moreover, the U.K., France, and Italy are expected to generate higher revenue in the forecasted timeframe, reflecting Germany's economic strategy. The Nordic countries, the Netherlands, and central European countries are experiencing slower growth due to limited market opportunities in this region.
Recent Developments:
On May 2022: Sandvik AB acquired Preziss, a developer of solutions for composite and aluminum machining, enhancing its capabilities in specialized machining.
On August 2022: Sandvik acquired Switzerland-based Sphinx Tools Ltd, a provider of precision solid round tools and its subsidiary P. Rieger Werkzeugfabrik AG, to strengthen its position in the round cutting tools market.
On June 2022: Milwaukee Tools launched its innovative wrecker integrated with NITRUS CARBIDE SAWZALL Blades, designed for effective operation on a wide range of metals, making it ideal for remodeling and demolition jobs at construction sites.
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Key Takeaways
- The report provides a detailed analysis of the Metal Cutting Tools Market, helping stakeholders understand the driving factors and key industries fueling its growth, particularly in sectors like automotive, aerospace, and construction.
- It offers valuable data on market size, share, and segmentation, including insights into various material types such as Cemented Carbide and Polycrystalline Diamond (PCD), allowing for targeted business strategies.
- The report highlights recent technological innovations and emerging trends that can give companies a competitive advantage in the rapidly evolving Metal Cutting Tools landscape.
- It examines regional market performance, focusing on North America and Europe, identifying key growth drivers such as construction and manufacturing activities, along with investment trends in the metal cutting tool sector.
- The report includes projections for market growth, providing insights into future opportunities and challenges, aiding businesses in strategic planning and resource allocation.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Metal Cutting Tools Market Segmentation, By Material Type
8. Metal Cutting Tools Market Segmentation, By Tools Application
9. Metal Cutting Tools Market Segmentation, By Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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