The global cutting tools market is likely to witness significant revenue. Market Research Future (MRFR) states that the global Cutting tools Market is expected to garner USD 31 BN by 2030, registering a 6.20% CAGR during the assessment period (2022-2030). The rising demand from high-tech sectors such as automobile production, watch manufacturing, aircraft construction, and the MedTech sector boosts market value.
Besides, the spurring rise in the automotive, manufacturing, and metalwork industries substantiates the market size. Rapid industrialization and rapidly expanding manufacturing sectors worldwide offer vast growth opportunities to the market. On the other hand, fluctuating prices and the demand-supply gap in raw materials are impeding market growth.
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However, improving regulatory norms for cutting tools would support market growth throughout the forecast period. Also, the emergence of ceramic cutting tools that can take more heat than carbide cutting tools and the higher cutting speeds would boost the market value. Over recent years, there have been many notable advances in technologies and breakthrough discoveries in cutting tools. The market would witness relentless innovations in the years to come.
Industry players strive to develop high-performance precision tools offering the precision and stability required by the metal machining industry. Sensor technology is increasingly being integrated directly into tools. Also, condition monitoring is a prominent trend toward networking all the systems and components in a production environment, which is shaping the cutting tools industry.
Major focus on Industry 4.0 and key innovations is a major growth propeller for the cutting tools market. Customers are increasingly asking for tool data and direct measurement systems or wireless control and monitoring systems that can add value to their businesses. They are also making substantial investments to purchase expensive tools to achieve better results in the long term and cut their costs.
Global Cutting Tools Market – Competitive Analysis
Highly competitive, the cutting tools market appears fragmented due to several well-established players. These companies incorporate approaches such as mergers & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings. They strive to develop cutting tools that can meet end-use industries’ needs, delivering a suite of application offerings.
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Key Players
Leading players in the global cutting tools market are OSG Corporation, Mapal, Robert Bosch GmbH, Kennametal Inc., Iscar Ltd., Makita Corporation, ICS Cutting Tools, Inc., Stanley Black & Decker, Inc., Klein Tools, Inc., OTTO Baier GmbH, Snap-on, Sandvik AG, Ingersoll Cutting Tools, Hilti Corporation, Asahi Diamond Industrial Co. Ltd, Kyocera Cutting Tools Group, Fraisa SA, J Schneeberger Maschinen AG, Vollmer, Ceratizit Group, and Hitachi Koki Co. Ltd., among others.
Global Cutting Tools Market – Segments
The market report is segmented into tool types, material types, applications, and regions. The tool type segment comprises solid round tools and indexable inserts (indexable milling, indexable turning & boring, indexable hole making & threading, others). The material type segment comprises high-speed steel, ceramics, cemented carbide, polycrystalline diamond, cubic boron nitride, stainless steel, exotic materials, and others.
The application segment comprises automotive, construction, aerospace & defense, oil & gas, power generation, electronics, die & molds, wood, and others. Further, the region segment comprises the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.
Global Cutting Tools Market – Regional Analysis
APAC dominates the global cutting tools market due to its large raw material advantage and the availability of cost-competitive workforces in this region. Besides, the strong presence of leading industry players and major manufacturing industries needing machine tools contributes to the regional market growth. China, India, and South Korea account for sizable shares in the regional market.
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Industry/ Innovation/ Related News
April 11, 2022 — ARCH Cutting Tools Corp. announced the acquisition of Greene Tool Systems, Inc. to develop tools that can solve the most challenging cutting tool applications and meet the rising customer demand for advanced cutting tools. ARCH’s broad product offerings complement Greene Tool Systems’ expertise in engineered cutting tools with a skilled sales force.
ARCH has developed a reputation for technological innovations, prototyping, quality control, and customer services. It has built a strong business designing and manufacturing highly innovative custom tooling, leaving a legacy of satisfied customers.
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