Detroit, Jan. 16, 2025 (GLOBE NEWSWIRE) -- The global electronics cutting tools market is projected to witness a growth rate of 5.5% annually from 2024 to 2030, with an anticipated size of US$ 1.1 billion by 2030, according to an analysis by Stratview Research.
Stratview Research, a global market research firm, has launched a report on the global electronics cutting tools market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (billion US$) | 1.1 |
| Growth (CAGR) | 5.5% during 2024-2030 |
| Forecast Period | 2024-2030 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 5 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 20 |
Segment Insights on the Electronics Cutting Tools Market:
The global electronics cutting tools market is segmented based on application type, material type, product type, machine type, and region.
Based on application type - The market is classified into semiconductor, printed circuit board (PCB), and others. Among these application types, semiconductors are likely to remain the chief demand generator in the market during the forecast period. Rapid technological advancements and a continuous drive toward miniaturization and higher performance characterize the semiconductor industry. This necessitates highly specialized cutting tools capable of achieving intricate and precise cuts on semiconductor materials, such as silicon, compound semiconductors, and other substrates used in chip manufacturing.
Based on the material type - The market is segmented into cemented carbide, ceramic, and others. Among these material types, cemented carbide is expected to maintain its dominance in the market as well as witness the fastest growth over the next six years. Cemented carbide possesses exceptional hardness and wear resistance, making it ideal for precision cutting in electronic component manufacturing, where intricate designs and high precision are crucial. Furthermore, cemented carbide's durability enables longer tool life, reducing downtime for tool changes and enhancing overall productivity in the electronic component cutting operations. Its capability to withstand high temperatures and maintain cutting-edge sharpness contributes significantly to its widespread adoption in electronic cutting applications.
Based on the product type - The market is segmented into inserts, round tools, and tools & tooling systems. The round tools segment is expected to remain the largest as well as the fastest-growing product type during the forecast period. Round tools, such as drills, end mills, and reamers, offer versatile and precise cutting capabilities that are essential for manufacturing processes across various electronic components. Furthermore, the increasing demand for smaller, more intricate electronic devices necessitates precision in manufacturing, driving the preference for round tools. These tools excel in creating intricate shapes and achieving high levels of accuracy, meeting the industry's needs for miniaturization.
Based on the machine type - The market is segmented into milling, turning, and others. Milling machines are expected to remain the dominant segment of the market during the forecast period. Milling machines offer enhanced machining capabilities with multi-axis functionality, allowing for complex cuts and intricate detailing, which is crucial in the production of electronic components. This versatility aligns well with the diverse and intricate nature of components found in modern electronics, supporting the demand for precision and miniaturization.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is projected to maintain its leading position in the market as well as to grow at the fastest pace in the foreseeable future. This growth outlook is majorly attributed to the following:
- The region encompasses some of the world's largest electronics manufacturing hubs, including China, Japan, South Korea, and Taiwan, driving a significant demand for cutting tools used in the production of electronic components.
- The region is also driven by the presence of a large number of cutting tool manufacturers, including KYOCERA Precision Tools, OSG Corporation, Sumitomo Electric Industries Ltd., and Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.
Electronics Cutting Tools Market Drivers:
Some of the key drivers listed in the report are given below.
- The demand for compact and precise electronic devices boosts the need for high-precision cutting tools.
- Rising global semiconductor production drives the market for specialized cutting tools to handle intricate processes.
- Automated electronics manufacturing systems rely on advanced cutting tools for efficiency and precision.
- Technological advancements in electronics continuously necessitate cutting-edge tools that offer accuracy and superior performance.
- The proliferation of smartphones, wearables, and IoT devices fuels the demand for precision cutting tools in production.
Top Companies in the Electronics Cutting Tools Market:
The electronics cutting tools market is populated by several local, regional, and global players. The major market players have an excellent product development capability, and they compete on some of the governing factors, including price, product offerings, quality, regional presence, etc. These players hold distinct capabilities in manufacturing cutting tools for electronic components. Stratview Research has identified the following companies as the top market players:
- Sandvik AB
- OSG Corporation
- KYOCERA Precision Tools
- Kennametal Inc.
- Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.
- Sumitomo Electric Industries, Ltd.
- Guhring, Inc.
- Ceratizit Group
- ASIME Sdn Bhd
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Electronics Cutting Tools Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
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