Dublin, April 07, 2021 (GLOBE NEWSWIRE) -- The "Cutting Tool and Machine Tool Accessory Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global cutting tool and machine tool accessory market as it emerges from the COVID-19 shut down.
The global cutting tool and machine tool accessory market is expected to grow from $69. 47 billion in 2020 to $74. 95 billion in 2021 at a compound annual growth rate (CAGR) of 7. 9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $101. 09 billion in 2025 at a CAGR of 8%.
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Where is the largest and fastest growing market for cutting tool and machine tool accessory? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Cutting Tool and Machine Tool Accessory market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider cutting tool and machine tool accessory market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The cutting tool and machine tool accessory market section of the report gives context. It compares the cutting tool and machine tool accessory market with other segments of the metalworking machinery market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, cutting tool and machine tool accessory indicators comparison.
Major companies in the cutting tool and machine tool accessory market include Doosan Machine Tools; Allied Machine & Engineering; Sandvik; Amada Co Ltd and Kennametal Inc.
The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessory by entities (organizations, sole traders or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e. g. , sine bars) for machine tools, metalworking drill bits and taps and dies (i. e. , machine tool accessories). The cutting tool and machine tool accessory market is segmented into metalworking knives and bits; measuring attachments; metalworking drill bits; and machine tool taps and dies.
Asia Pacific was the largest region in the global cutting tool and machine tool accessory market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 40% of the global cutting tool and machine tool accessory market. Africa was the smallest region in the global cutting tool and machine tool accessory market.
Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. 3D laser is a 5-axle laser machine which cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminum can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate and minimal heat input. 3D lasers are typically used in automotive and aerospace industry for cutting or welding of aluminum parts, drilling of engine parts, and laser surfacing of used parts. According to an article published by engineering. com, laser cutting machines account for the largest segment of metal cutting machinery market thus indicating a significant rise in the use of this technology . Major companies producing 3D laser cutting machines include Mitsubishi electric, Trumpf, LST GmbH, Mazak.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the cutting tool and machine tool accessory manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the cutting tool and machine tool accessory manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Rapid advances in technology is expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company's growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Cutting Tool and Machine Tool Accessory Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Cutting Tool and Machine Tool Accessory Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Cutting Tool and Machine Tool Accessory Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Cutting Tool and Machine Tool Accessory Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Cutting Tool and Machine Tool Accessory Market Trends and Strategies
8. Impact of COVID-19 on Cutting Tool and Machine Tool Accessory
9. Cutting Tool and Machine Tool Accessory Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)
10. Cutting Tool and Machine Tool Accessory Market Regional Analysis
10.1. Global Cutting Tool and Machine Tool Accessory Market, 2020, by Region, Value ($ Billion)
10.2. Global Cutting Tool and Machine Tool Accessory Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Cutting Tool and Machine Tool Accessory Market, Growth and Market Share Comparison, by Region
11. Cutting Tool and Machine Tool Accessory Market Segmentation
11.1. Global Cutting Tool and Machine Tool Accessory Market, Segmentation by Type
11.2. Global Cutting Tool and Machine Tool Accessory Market, Segmentation by Application
12. Cutting Tool and Machine Tool Accessory Market Metrics
12.1. Cutting Tool and Machine Tool Accessory Market Size, Percentage of GDP, 2015-2025, Global
12.2. Per Capita Average Cutting Tool and Machine Tool Accessory Market Expenditure, 2015-2025, Global
13. Asia-Pacific Cutting Tool and Machine Tool Accessory Market
14. Western Europe Cutting Tool and Machine Tool Accessory Market
15. Eastern Europe Cutting Tool and Machine Tool Accessory Market
16. North America Cutting Tool and Machine Tool Accessory Market
17. South America Cutting Tool and Machine Tool Accessory Market
18. Middle East Cutting Tool and Machine Tool Accessory Market
19. Africa Cutting Tool and Machine Tool Accessory Market
20. Cutting Tool and Machine Tool Accessory Market Competitive Landscape
20.1. Competitive Market Overview
20.2. Market Shares
20.3. Company Profiles
20.3.1. Doosan Machine Tools
20.3.2. Allied Machine & Engineering
20.3.3. Sandvik
20.3.4. Amada Co Ltd
20.3.5. Kennametal Inc
21. Key Mergers and Acquisitions in the Cutting Tool and Machine Tool Accessory Market
22. Market Background: Metalworking Machinery Manufacturing Market
22.1. Metalworking Machinery Manufacturing Market Characteristics
22.2. Metalworking Machinery Manufacturing Market Historic and Forecast, 2015-2020, 2020-2025F, 2030F Growth, by Segment, Value ($ Billion), Global
22.3. Global Metalworking Machinery Manufacturing Market, 2020, by Region, Value ($ Billion)
22.4. Global Metalworking Machinery Manufacturing Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
22.5. Global Metalworking Machinery Manufacturing Market, 2015-2020, 2020-2025F, 2030F, Segmentation by Type, Value ($ Billion)
23. Recommendations
24. Appendix
25. Copyright and Disclaimer
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