Pune, May 19, 2023 (GLOBE NEWSWIRE) -- “The Metal Cutting Tools Market has been assessed by SNS Insider to have a value of USD 78.05 billion in 2022, with a projected increase to USD 123.46 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030.”
Market Overview
Metal cutting tools refer to various types of tools and equipment designed specifically for cutting or shaping metal materials. These tools are used extensively in a wide range of industries, such as automotive, aerospace, construction, and manufacturing, where precision cutting and shaping of metal parts are essential. Metal cutting tools include a diverse range of tools, such as drills, saws, milling machines, lathes, and grinders, among others. The use of high-quality metal cutting tools can significantly improve the efficiency and productivity of metalworking processes while ensuring accuracy and consistency in the final product.
Metal Cutting Tools Market Analysis 2023
The metal cutting tools market plays a crucial role in the overall growth of the manufacturing sector, which is the backbone of many industries such as automotive, heavy equipment, military, aerospace, and casting. These industries rely heavily on the efficiency and reliability of metal cutting tools to support their operations. Recent technological advancements in metal cutting tools have resulted in the development of more robust and sophisticated products capable of performing multiple tasks with minimal human intervention. With the increased automation in machine tools, manufacturers are now able to achieve greater precision and accuracy in cutting and chipping various materials, including metals.
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Key Company Profiles Listed in this Report are:
The major key players are Fanuc America Corporation, Amada Machine Tools Co. Ltd., BIG Kaiser Precision Tooling Inc., Sandvik, Komatsu Ltd., Kennametal, Doosan Machine Tools Co. Ltd., Ingersoll Cutting Tool Company, Tiangong International Co., Tungaloy Corporation, Hitachi Metals. & Others
Impact of Recession on Metal Cutting Tools Market Growth
Despite the potential impact of a recession, the metal cutting tools market has shown resilience over the years, with steady growth in demand driven by advancements in technology, increasing industrialization, and the need for precision metalworking across various industries.
Metal Cutting Tools Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 78.05 Billion |
| Market Size by 2030 | US$ 123.46 Billion |
| CAGR | CAGR of 5.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Metal Cutting Tools Market: Key Segmentation | • By Tool Type (Turning Tools, Drilling Tools, Milling Tools, Rotary Tool) • By Material (Cemented Carbide, Carbon Steel, High-speed Steel (HSS), Polycrystalline Diamond (PCD), Ceramics, Stellite, Cubic Boron Nitride (CBN), Cast Alloys) • By End-user (Construction, Aerospace & Defense, Automotive, Marine, Manufacturing, Electronics, Energy) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
The metal cutting tools market has seen significant growth in the Asia Pacific region, which currently holds the largest revenue share globally. Among the countries in the region, China has emerged as a major player in this industry. The growth in the market can be attributed to the rising industrial investment and ongoing urbanization in the region. These macro drivers are expected to continue driving the market growth over the forecast period. Developing nations have played a vital role in the growth of the automotive sector globally, providing vendors with potential opportunities to capitalize on.
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Key Takeaway from Metal Cutting Tools Market Study
- The turning tools segment is set to dominate the market due to the increasing adoption of CNC technology and the demand for efficient and precise metal cutting. With the constant advancements in technology, we can expect to see even more innovative turning tools in the future, making them a crucial part of the manufacturing industry.
- The dominance of cemented carbide segments in the market is expected to continue as advancements in manufacturing technology continue to improve their quality and performance. With their superior durability, strength, and efficiency, cemented carbide segments are an essential tool for any company involved in metal cutting applications.
Recent Developments Related to Metal Cutting Tools Market
- Walter, a company in the manufacturing industry, has recently acquired a manufacturer of PCD tools. This strategic move is expected to expand Walter's product line and strengthen its position in the market. The acquisition also indicates Walter's commitment to investing in innovative technologies that can enhance the quality and efficiency of its products.
- Kennametal India has recently opened a new manufacturing facility for metal cutting inserts. This state-of-the-art facility is dedicated to producing high-quality inserts for a variety of cutting applications. The new facility reflects Kennametal's commitment to providing cutting-edge solutions for its customers in the metal cutting industry.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession on major economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Metal Cutting Tools Market Segmentation, by Tool Type
9. Metal Cutting Tools Market Segmentation, by Material
10. Metal Cutting Tools Market Segmentation, by End-user
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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