Farmington, April 28, 2023 (GLOBE NEWSWIRE) -- The Global Turning Tools Market Was Valued At $5.3 billion In 2022 And Is Expected To Expand $12.1 billion By 2030 at a CAGR Of 8.3% From 2023 To 2030.Key factors driving the growth of this market include Demand for Accurate and Precise Single-Point Cutting Tools , Expanding Manufacturing Industry.
Request Sample Copy of Report “Global Turning Tools Market Insights, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Segmentation Overview:
On The Basis Type:
Based on the type, the rough turning tools segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global turning tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The growth of the segment over the forecast period can be attributed to advancements in technology and increasing demand to develop superior-quality products.The finish turning tools segment is predicted to register the fastest CAGR of nearly 8.6% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the rise in the use of turning tools in industrial applications.
On The Basis of Application:
In terms of application, the CNC lathe machine segment accounted for more than 90 percent of the global market share for turning tools in 2021. This segment is anticipated to contribute significantly to the overall market share in 2031. In addition, the same segment is anticipated to experience the maximum CAGR of 8.4% during the forecast period. The segmental expansion can be ascribed to the development of easily assembled and disassembled lathes, compact designs, and longitudinally movable cutting tools. The report contains additional segments, including the conventional lathe machine segment.
On The Basis of End User:
On the basis of end-user industry, the automotive segment contributed the largest market share in 2021, accounting for nearly half of the global market share for turning tools. This segment is anticipated to contribute significantly to the overall market share in 2031. The segment growth over the forecast period can be attributed to the anticipated increase in the automotive industry's demand for turning tools as a result of technological and economic progress. However, the aerospace sector is expected to grow at the fastest rate over the forecast period, 9.8% annually. The segment's growth during the forecast period can be attributed to the rise in the production of aeronautical-related apparatus, which requires precise, high-quality tools.
Regional Analysis:
Geographically, the global market for Turning Tools has been broken down into various regions, including North America, Latin America, the Middle East, Asia-Pacific, Africa, Europe, and India. In the near future, the global Turning Tools region will dominate this market.
Asia-Pacific dominates the global market for turning instruments. Growing automotive and manufacturing industries in countries such as China and India drive the development of the market in Asia Pacific. The region is anticipated to experience the highest growth rate during the forecast period. European market demand is being driven by the automation of the automotive and mining industries.
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Scope of Report:
| Report Attributes | Details. |
| Growth Rate | CAGR of 8.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 12.1 billion |
| By Type |
|
| By Application |
|
| By End User |
|
| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
There are a number of challenges that could slow the expansion of the global Turning Tools market. Among the most important constraints are:
• Safety and Handling Concerns Related to Turning Tools
Opportunity Analysis:
A number of promising new avenues for development and expansion exist in the international Turning Tools market. Consider a few of the most promising prospects:
• Improvements in Milling and Turning Tools
• Increasing Demand for Turning Tools in Developing Nations
Key Segments Covered:
Top Market Players:
- Alesaag
- Aloris Tool Technology Co.Inc
- Applitec Moutier SA
- Beijing Worldia Diamond Tools Co.Inc
- Ceratizit
- Danobat Group
- Dorian Tool International Incorporated
- Dormer Pramet
- Hanjiang Tool Co ,Ltd
- ISCARLTD
- Kennametal Foundation
- Kyocera Unimerco
- Seco Tools
- WNT Tools India Pvt Ltd and Other
By Type
- Rough Turning Tools
- Finish Turning Tools
By Application
- Conventional Lathe Machine
- CNC Lathe Machine
By End User
- Automotive
- Electronic and Electrical
- Aerospace
- Construction and Mining
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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