Overview and Scope
Metal cutting tools refer to a device used to remove layers of leftover material from a manufactured piece of metal by using the process of shear deformation. These are used to cut metals to form different shapes and sizes with accuracy. There are mainly two types of metal cutting tools that are normally used such as single-point tools and multi-point tools.
Sizing and Forecast
The metal cutting tools market size has grown strongly in recent years. It will grow from $27.71 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growth of manufacturing industries, rise of the automotive industry, spurred construction and infrastructure development, increased mining and exploration activities, globalization.
The metal cutting tools market size is expected to see strong growth in the next few years. It will grow to $39.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to rise in aerospace industry, global push towards renewable energy projects, adoption of industry 4.0 practices, growth in precision agriculture, growth in the healthcare sector. Major trends in the forecast period include automation and robotics integration, customization and specialization, sustainable tooling solutions, artificial intelligence (AI) in machining, advanced coating technologies.
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Segmentation & Regional Insights
The metal cutting tools market covered in this report is segmented –
1) By Product: Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, Other Products
2) By Material: Cemented Carbide, Ceramics, Polycrystalline Diamond, Cubic Boron Nitride, Exotic Materials, Other Materials
3) By Process: Milling, Turning, Drilling, Rotary, Other Process
4) By End-User: Automotive, Aerospace and Defense, Construction, Electronics, Power Generation, Other End-Users
North America was the largest region in the metal cutting tools market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metal cutting tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth of manufacturing industries is expected to propel the growth of the metal cutting tools market going forward. Manufacturing industries refer to any industry that uses technology or physical labor to create goods from raw materials. This process is often done in a methodical manner with a division of labor. To work with basic materials including steel, aluminum, and titanium, manufacturers require the appropriate machinery and tools. The need for metal cutting products is being further boosted by firms who are simultaneously investing in multiple pieces of equipment to increase their manufacturing capacity. For instance, in March 2022, according to United Nations Industrial Development Organization, an Austria-based agency, global manufacturing production increased by 9.4% in 2021. Similarly, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had a growth of 210% in the fiscal year 2021–2022, compared to the fiscal year 2020–21. Therefore, the growth of manufacturing industries is driving the growth of the metal cutting tools market.
Key Industry Players
Major companies operating in the metal cutting tools market report are Kyocera Corporation, Mitsubishi Materials Corporation, Sandvik AB, Hitachi Metals, Ltd., Ceratizit S.A., Kennametal Ltd., Nachi-Fujikoshi Corp, Seco Tools AB, Tungaloy Corporation, Emuge Corporation, Mapal Dr. Kress KG, OSG USA INC, Walter AG, Iscar Ltd., Widia Products Group, Dormer Pramet, Nachi America Inc., Greenleaf Corporation, Allied Machine & Engineering Corp, Guhring, Inc., Ingersoll Cutting Tool Company, LMT Onsrud LP, Niagara Cutter LLC, Komet Group GmbH, BIG KAISER Precision Tooling Inc., Sumitomo Electric Industries Ltd.
The metal cutting tools market report table of contents includes:
1. Executive Summary
2. Metal Cutting Tools Market Characteristics
3. Metal Cutting Tools Market Trends And Strategies
4. Metal Cutting Tools Market – Macro Economic Scenario
5. Global Metal Cutting Tools Market Size and Growth
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32. Global Metal Cutting Tools Market Competitive Benchmarking
33. Global Metal Cutting Tools Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Metal Cutting Tools Market
35. Metal Cutting Tools Market Future Outlook and Potential Analysis
36. Appendix
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