Farmington, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Global Metal Cutting Tools Market Size Was Valued At USD 73.29 Billion In 2021. The Market Is Projected To Grow From USD 75.97 Billion In 2022 To USD 105.46 Billion By 2030, Exhibiting A CAGR Of 4.8% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Because of this, the demand for metal cutting tools is lower than expected in all areas compared to before the pandemic. Our research shows that the world market fell by 5.1% from 2019 to 2020.
The market is growing because more industries, like aerospace, defence, automotive, and industrial machinery, need metal-cutting equipment. In the near future, the industry will likely be driven by the growing need for efficient equipment in critical and complex machine component needs.
Request Sample Copy of Report “Metal Cutting Tools Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- In May 2022: Sandvik AB, which operates as one of the prominent manufacturers of metal cutting tools, recently acquired Prezisss, a developer of solutions for aluminum and composite machining.
- In June 2020– Miranda Tools, a wholly owned subsidiary of Ashok Piramal Group, is acquired by Dormer Pramet.
Segment Analysis:
Product Insights
The lathe machines segment is expected to grow the fastest because of the need for tools that cut metal. This is because the auto industry wants more of them. Also, the market will grow because CNC lathe machines are so popular. The market for metal cutting tools is growing because CNC lathes are fast, can make complex devices, work well in mass production, and don't need much maintenance.
Application Insights
In recent years, the automotive industry has been at the top of the list of applications that bring in the most money from the market. The most important things that have led to the growth of the market are the development and production of different auto parts for new and high-end cars. The market demand for good metal cutting tools is going up because of things like gearboxes, clutch plates, and modern disc brakes. Also, there is more demand for industrial machinery because industries like aerospace, construction, and food and beverage are growing.
Regional Outlook:
Asia-Pacific has the biggest share of the market, and this is likely to stay true for the next few years. This is because industries like building, making cars, and making food and drinks use them more. The market for electric cars is likely to grow as the government does more to promote them. For example, China has set limits on how much can be invested in new factories that make traditional cars, and local governments have set limits on how many EVs each manufacturer can make.
India's growing manufacturing clusters are expected to give its market growth a big boost.
A lot of work is being done all over India to improve the network of manufacturing clusters, which is likely what is driving the fast growth of the market there. Policies that make it easier for companies to build factories to make cars and precision engineering products are helping the market grow. India also wants to improve its transportation hubs to make it easier for its manufacturing hubs to trade across borders and reach a large number of export markets around the world.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 105.46 Billion |
| By Product Type | Machining Centers, Lathes, Boring, Grinding, Milling, Others |
| By Applications | Automotive, General Machinery, Precision engineering, Transport Machinery, Other |
| By Companies | Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (U.S.), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), Hyundai WIA (South Korea), FANUC America Corporation (Japan), Komatsu Ltd. (Japan), Makino (Japan) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
Additive manufacturing is growing in popularity all over the world because it keeps getting better and new technologies keep being added to it. Many industries think that 3D printing will be the future of making prototypes because it saves time and money. Also, 3D printing has benefits like making the best use of raw materials, cutting down on waste, and making it easy to make different complex shapes. The market is likely to be driven by these benefits. Because 3D printing is used so often in the construction industry, the auto industry, the fashion industry, bio-printing, medical devices, and robots, the additive manufacturing industry is expected to grow in the future.
Market Driving Factors:
Because factories need to be more automated, smarter manufacturing technologies are being used in production and product development. This is because of the benefits, such as increased productivity, better product quality, and an easier time dealing with a lack of workers. Using smart, connected, and streamlined machine systems will change how manufacturing and machinery have always been done. Manufacturers can save money on operations, use less energy, improve and automate virtual metrology, and make it easier for humans and machines to work together by using Industry 4.0 solutions.
Key Segments Covered:
Top Market Players:
Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (U.S.), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), Hyundai WIA (South Korea), FANUC America Corporation (Japan), Komatsu Ltd. (Japan), Makino (Japan), and others.
By Product Type
- Machining Centers
- Lathes
- Boring
- Grinding
- Milling
- Others
By Application
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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