The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessory by entities (organizations, sole traders or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e.g., sine bars) for machine tools, metalworking drill bits and taps and dies (i.e., machine tool accessories). The cutting tool and machine tool accessory market is segmented into metalworking knives and bits; measuring attachments; metalworking drill bits; and machine tool taps and dies.
The global cutting tool and machine tool accessory market is expected to grow from $69.47 billion in 2020 to $74.95 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $101.09 billion in 2025 at a CAGR of 8%.