Dublin, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Cutting Tools Market, By Product Type, By Chip Breaker, By Material, By Application, By End Users, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global cutting tools market held a market value of USD 33,056.3 million in 2021 and is likely to reach USD 47,828.3 million by the year 2030. The market is anticipated to register a CAGR of 4.2% during the forecast period. In addition to that, the market volume is projected to be 14,203.9 million units in 2021, along with a growth rate of 3.7% over the forecast period.
The market participants' industrial expertise and technological know-how fuels the market. More adaptability is possible due to smaller batch sizes and tool modelling using 3D and CAD-CAM technologies, especially in the die and mould manufacturing industry. Almost all industries require cutting tools to correctly manufacture complex CNC components.
Due to rising demand from a number of industries, including aerospace & military, agricultural, automotive, building, weaponry, and electronics, the market for cutting tools is anticipated to grow.
The upfront expense and high running expenditures are a key impediment to the industry's growth within the anticipated time frame. The lack of skilled metal cutting tool manufacturers also hinders the growth of the market for those tools.
Growth Influencers:
Growing market for high-speed steel cutting tools
The market expansion of all high-speed steel (HSS) metal cutting tools is also attributed to the product's quality and growing customer satisfaction concerns. The demand for HSS tools is strong and growing as a result of factors like fewer product errors, greater machining precision, cheaper manufacturing costs, improved surface polish, and quick lead times.
The aeroplane drill bits that will be used in fixtures and portable drilling are produced and manufactured using these HSS equipment. In order to balance the demand for a variety of items including aircraft, automobiles, and other heavy equipment, manufacturing activities are rising, which is a major driver of the global market for high-speed steel metal cutting tools. The capacity to cut heavy metals has greatly improved thanks to these tools.
The increase in production and manufacturing activities in the automotive, aerospace, infrastructural equipment, and industrial machinery industries has a significant impact on the market for high-speed steel (HSS) metal cutting tools.
The demand for products in the aerospace sector is influenced by a few variables, including growing need for new aircraft manufacture, air travel, and booming activity in the jet sector. Additionally, as a result of improved operational efficiency, innovative cabin design, and other facilities, consumer demand has been trending upward.
Rising demand for cutting tools in end-use industries such as the construction and development industry
By 2030, it is predicted that the global construction market would reach USD 8 trillion, capitalising on various inevitabilities like strong industrialisation, housing demand from an expanding population, and rising disposable income. The demand for construction cutting tools for various operations, including drilling and earth mining, will disrupt the market demand since India and China account for more than 50% of the growth in global construction.
Segments Overview:
The global Cutting tools market is segmented into product type, chip breaker, material, application, and end users.
By Product Type
- Solid Round Tools
- Indexable Cutting Tools
- Indexable Inserts
- Boring Inserts
- Turning & Profiling Inserts
- Indexable Turning & Boring
- Indexable Grinding
- Indexable Hole Making
The solid round tools segment dominated the market with the 65.9% market share in 2020.
By Chip Breaker
- Refrigeration
- Solid Mechanical Chip Breakers
- Adjustable Mechanical Chip Breakers
The refrigeration segment is projected to hold an opportunity of USD 9498.4 million during the forecast period.
By Material
- Cemented carbide
- High-speeded steel tool (HSS)
- Carbon tool steel
- Ceramics tool
- Cubic boron nitride Tool (CBN)
- Diamond tool
- Others
The cemented carbide segment held the largest market share of about 50.7% in 2020.
By Application
- Threading & Milling
- Shearing & Parting
- Grooving & Drilling
- Boring
The threading and milling segment held the highest market share with revenue of USD 13,508.8 million in 2020. The shearing and parting segment is estimated to grow fastest with a rate of 4.9% over the forecast period.
By End Users
- Machinery Industry
- Automotive Industry
- Aerospace Industry
- Defense Industry
- Energy Industry
- Others
The defense industry segment is estimated to hold the highest CAGR of 4.7% during 2021 to 2030.
Market Dynamics
Drivers
- Increasing Demand for Power Tools in DIY Activities and Households
- Growing Market for High-Speed Steel Cutting Tools
- Rising Demand for Cutting Tools in End-Use Industries Such as the Construction and Development Industry
Restraints
- High Cost of Cutting Tools
- Health and Environmental Concerns Related to the Use of Metal-Cutting Fluids in Manufacturing Settings
Opportunities
- Increasing Government Projects in Industry 4.0
Trend
- Rapidly Emergence of Product Launches With Advanced Technology
| Report Attribute | Details |
| No. of Pages | 176 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $33056.3 Million |
| Forecasted Market Value (USD) by 2030 | $47828.3 Million |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Cutting Tools Market Scope
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Overview
Chapter 5 Competition Landscape
Chapter 6 Global Cutting Tools Market Analysis, by Region
Chapter 7 Global Cutting Tools Market Analysis, by Product Type
Chapter 8 Global Cutting Tools Market Analysis, by Chip Breaker
Chapter 9 Global Cutting Tools Market Analysis, by Material
Chapter 10 Global Cutting Tools Market Analysis, by Application
Chapter 11 Global Cutting Tools Market Analysis, by End Users
Chapter 12 North America Cutting Tools Market Analysis
Chapter 13 Europe Cutting Tools Market Analysis
Chapter 14 Asia Pacific Cutting Tools Market Analysis
Chapter 15 South America Cutting Tools Market Analysis
Chapter 16 MEA Cutting Tools Market Analysis
Chapter 17 Company Profiles
A selection of companies mentioned in this report includes
- Sumitomo Electric Industries, Ltd
- Sandvick
- CERATIZIT S.A.
- KYOCERA Corporation
- OSG Corporation
For more information about this report visit https://www.researchandmarkets.com/r/khp2ea-cutting?w=12
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