Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The global metal cutting tools market size is expected to reach USD 101.48 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period. The growing popularity of 3D printing technology is expected to foster the healthy growth of the market, states Fortune Business Insights, in a report, titled “Metal Cutting Tools Market Size, Share & COVID-19 Impact Analysis, By Product (Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, & Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, & Others), and Regional Forecast, 2020-2027.” The market size stood at USD 77.24 billion in 2019.
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The report on the metal cutting tools market uncovers:
- Distinguished insights into the industry
- Significant data about key players
- Emerging trends and drivers
- Wide-ranging study of the segments
- COVID-19 effect on the industry
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Market Driver:
Rising Industry 4.0 Trend to Augment Growth
The increasing demand for automation in factories has fueled demand smart for manufacturing technologies, in turn, boosting the growth of the market. The growing adoption of machine tools owing to its benefits such as improved productivity, product quality, and easy maintenance will foster the healthy growth of the market. The shift from conventional methods to connected and streamlined machine systems in production processes will bode well for the market. The trends of industry 4.0 solutions for operational saving, efficient energy usage, enhanced and automatic virtual metrology, and enhanced human-machine interfaces will further enable speedy expansion of the market. In addition, the growing knowledge about real-time quality assurance offered by the automated virtual metrology system (AVM) will spur opportunities for the market in the forthcoming years.
Interruption on Production and Manufacturing to Limit Market Amid Coronavirus
The coronavirus has harshly impacted the global supply chain. The disrupted production processes and factories have exerted enormous pressure on OEMs. The losses and damages incurred by the manufacturers has subsequently hampered the expansion of the market. The halt on export and import activities will further dampen the growth of the market. However, ease on transport and changing conditions will simultaneously uplift the market in the near future.
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Regional Analysis:
Rising Government Initiatives to Propel Market in Asia Pacific
The market in Asia Pacific is expected to hold the largest in the global market owing to the increasing demand from industries such as automotive, construction, and food and beverage. The growing government initiatives to promote electric vehicle production will enable speedy expansion for the market. North America is expected to witness a stable growth rate during the forecast period due to the growing demand for the prefabricated metal. Europe is expected to exhibit a significant growth rate owing to the well-established automotive industry in the region.
Key Development:
January 2020: ARCH Global Precision, a major leader of machine tools announced that it has acquired Arundel Machine Tool LLC. The new development will aid ARCH’s position in the global aerospace and defense markets.
Lists Of Key Companies in the Metal Cutting Tools Market:
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (United States)
- 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)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply Chain Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Metal Cutting Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Product (Value)
- Retail Metal Cutting Tools
- Financial Metal Cutting Tools
- QSR Metal Cutting Tools
- Tickets & Billing Metal Cutting Tools
- Information Metal Cutting Tools
- Self Service Metal Cutting Tools
- Others (Photo Metal Cutting Tools, etc.)
- By Application (Value)
- Retail
- BFSI
- Hospitality
- Entertainment & Gaming
- Airports & Hotels
- IT/ Telecommunication
- Others (Luxury, etc.)
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Product (Value)
- Global Metal Cutting Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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