The Metal Cutting Tools Global Market Report 2023 by The Business Research Company, provides metal cutting tools market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Metal Cutting Tools Global Market Report 2023, the market size is expected to grow from $61.41 billion in 2022 to $66.11 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global metal cutting tools market size is expected to grow to $86.4 billion in 2027 at a CAGR of 6.9%.
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.
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The metal cutting tools market 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
Product innovations are the key trends gaining popularity in the metal-cutting tools market. Major companies operating in the metal-cutting tools sector are focused on introducing new products to sustain their position in the market. For instance, in March 2022, Sandvick AB, a Sweden-based tools manufacturing company, launched an upgraded CoroDrill 860 PM assortment to provide clients with increased steel drilling productivity. This device contains a new grade of physical vapor deposition (PVD) coating with better multilayers which helps in smooth drilling. With the help of Post Meridiem geometry design, it can drill High-performance ISOP steels, which also greatly extends tool life. This device can be widely used in automotive, general engineering, die-and-mold, and power-generating industries are ideal for the drill.
The metal cutting tools market report table of contents includes:
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Top Major Players
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