Overview and Scope
Cutting tool compresses a thin layer of material on workpiece to shear it of (or to cut that layer), whereas machine tool holds the cutting tool. Machine Tool Accessory refers to any stationary power-driven machine that is used to shape or form parts made of metal or other materials.
Sizing and Forecast
The cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from <b>$72.27 billion in 2023 to $78.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. </b> The growth in the historic period can be attributed to manufacturing industry growth, automotive and aerospace manufacturing, tool wear and replacement, tooling efficiency and precision,.
The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to <b>$106.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. </b> The growth in the forecast period can be attributed to digitalization and industry 4.0 integration, sustainability and eco-friendly manufacturing, customization and agile manufacturing, automation and robotics integration, globalization of manufacturing. Major trends in the forecast period include advanced coating technologies, high-speed machining, tool monitoring and predictive maintenance, custom tooling solutions, sustainable tooling practices.
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Segmentation & Regional Insights
The cutting tool and machine tool accessory market covered in this report is segmented –
1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
2) By Application: Automotive, Manufacturing, Other Applications
3) By Sales Channel: Direct, Indirect
The <b>Western Europe</b> was the largest region in the cutting tool and machine tool accessory market in 2023. <b>Asia-Pacific</b> was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Rising industrial production is propelling the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a valuable tool for tracking the physical output of industrial sectors within an economy. As industrial production grows, there is a higher demand for cutting tools and machine tool accessories because these tools are essential for machining, shaping, and processing raw materials into finished products. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area witnessed a 0.2% increase. Further, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, rising industrial production across industries will drive the future growth of the cutting tool and machine tool accessory market going forward.
Key Industry Players
Major companies operating in the cutting tool and machine tool accessory market include <b> Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp.</b>
The cutting tool and machine tool accessory market report table of contents includes:
1. Executive Summary
2.Cutting Tool And Machine Tool Accessory Market Characteristics
3.Cutting Tool And Machine Tool Accessory Market Trends And Strategies
4.Cutting Tool And Machine Tool Accessory Market analysis
5.Cutting Tool And Machine Tool Accessory Market Size And Growth
6.Cutting Tool And Machine Tool Accessory Segmentation
7.Cutting Tool And Machine Tool Accessory Regional And Country Analysis
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27.Cutting Tool And Machine Tool Accessory Competitive Landscape And Company Profiles
28.Cutting Tool And Machine Tool Accessory Key Mergers And Acquisitions
29.Cutting Tool And Machine Tool Accessory Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Sandvik AB
- Kennametal Inc.
- Okuma Corporation
- Lincoln Electric Holdings Inc.
- Asahi Diamond Industrial Co. Ltd.
- NGK Spark Plug Co. Ltd.
- American Outdoor Brands Corporation
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