Covina, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Cutting Tools, also called a cutter, are used to shape material with various types, such as milling cutters, drills, reamers, single-point turning tools, and others.
Growing demand for advanced materials and customized cutting tools has provided lucrative opportunities for market growth. Further, an increase in the adoption of advanced materials such as cubic boron nitride (CBN), polycrystalline diamond (PCD), and ceramics, which possess wear resistance, superior hardness, and thermal stability compared to conventional tools, is likely to propel Cutting Tools market growth.
Cutting Tools Market accounted for US$ 18.8 billion in 2022 and is estimated to be US$ 34.0 billion by 2032 and is anticipated to register a CAGR of 6.4%. The Cutting Tools Market is segmented based on Tool Type, Material Type, Application and Region.
Key Highlights:
- In September 2021, Sumitomo Electric Industries, Ltd., launched three new developed cutting tools such as, AC5005S – a new coated grade for turning of difficult-to-cut materials, AC8020P – a new coated grade for steel turning, SEC-Sumi Dual Mill DMSW Type – a high-feed roughing cutters for aerospace, automotive, industrial machinery, ship building and die-mold sectors. The new cutting tools are developed for achieving high efficiency of machining.
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The prominent player operating in the Cutting Tools Market includes:
- Robert Bosch GmbH
- Sandvik AB
- Mitsubishi Materials Corporation
- Kennametal Inc.
- OSG Corporation
- Stanley Black & Decker Inc.
- ISCAR LTD.
- Kyocera Corporation
- Seco Tools AB
- Guhring KG and Others.
Key Market Insights from the report:
- Based on Tool Type, Cutting Tools Market is segmented into Solid Round Tools and Indexable Inserts.
- Based on Material Type, Cutting Tools Market is segmented into Ceramics, Cemented Carbide, Stainless Steel, and Others.
- Based on Application, Cutting Tools Market is segmented into Aerospace & Defense, Automotive, Electronics, Construction, Power Generation and Others.
- By Region, the Cutting Tools Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Analyst View:
Growing demand for customized cutting tools and rising investment by manufacturers in research & development activities to evolve cutting tools tailored to specific industries has provided lucrative opportunities in market growth. Further, the presence of major players and growing strategic acquisitions to launch new innovative products is anticipated to increase the demand for Cutting Tools Market growth over the forecast period.
FAQs.
- What are the key factors driving the demand for cutting tools in various industries, such as manufacturing, construction, and automotive?
The demand for cutting tools in manufacturing, construction, and automotive industries is driven by technological advancements, industry growth, product innovation, automation, the use of advanced materials, efficiency gains, environmental considerations, customization needs, globalization, repair and maintenance requirements, supply chain efficiency, and market competition. These factors collectively push industries to seek more efficient, precise, and cost-effective cutting solutions.
- How the cutting tools market is impacted by regional factors, including economic conditions and government regulations?
The Cutting Tools market is significantly influenced by regional factors, notably economic conditions and government regulations. Economic conditions within a specific region, such as GDP growth, industrial output, and manufacturing activity, directly affect the demand for cutting tools. During economic expansions, increased manufacturing and construction activities drive higher demand for cutting tools, while economic downturns can lead to reduced demand due to decreased industrial output.
Government regulations also play a crucial role. Environmental regulations, for instance, can impact the materials and coatings used in cutting tools to meet sustainability requirements. Occupational safety and health regulations may affect the usage of specific cutting tools or safety measures within manufacturing processes.
- What are the key trends and innovations in cutting tool design, such as sustainability, automation, and digitalization?
Cutting tool design is undergoing a significant transformation driven by several key trends and innovations. Sustainability has emerged as a paramount concern, leading to the development of eco-friendly cutting tools that reduce waste, energy consumption, and environmental impact. Automation is revolutionizing manufacturing processes, with cutting tools becoming increasingly integrated with robotic systems and CNC machines for precision and efficiency. Digitalization is another pivotal trend, where cutting tools are equipped with sensors and connected to digital platforms, enabling real-time monitoring, predictive maintenance, and data-driven decision-making. These innovations not only enhance performance but also contribute to a more sustainable and efficient manufacturing landscape, aligning with the evolving needs of industries worldwide.
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