What Has Been The Historical And Current Growth Of The Metal Cutting Tools Market?
The metal cutting tools market has seen considerable growth due to a variety of factors.
• The market size for metal cutting tools has seen a significant increase in recent years. The projected growth is from $29.57 billion in 2024 to $31.85 billion in 2025, marking a compound annual growth rate (CAGR) of 7.7%.
The upward trend during the historic period can be linked to the expansion of manufacturing businesses, the rise in the automotive sector, boosted construction and infrastructure development, heightened mining and exploration activities, and globalization.
What is the Market Size Forecast for the Metal Cutting Tools Market?
The metal cutting tools market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of metal cutting tools is predicted to witness substantial expansion in the forthcoming years, reaching $41.64 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%.
The anticipated increase in the forecast span can be linked to the expanding aerospace industry, worldwide shift towards renewable energy initiatives, implementation of industry 4.0 strategies, the rise in precision farming, and healthcare sector expansion. The key trends during the forecast period are likely to be the integration of automation and robotics, customization and specialization, sustainable tooling methods, incorporation of artificial intelligence (AI) in machining, and advancements in coating technologies.
What Are the Critical Driver Fuelling the Metal Cutting Tools Market's Growth?
The continued expansion of manufacturing sectors is predicted to fuel the advancement of the metal cutting tools market. Industries involved in manufacturing are defined as any that employ technology or manual labor to transform raw materials into finished goods, often adopting a systematic approach and labor division. Companies dealing with primary materials like steel, aluminum, and titanium require fitting machinery and tools. An amplified demand for metal cutting products is on the rise due to companies that are concurrently capitalizing into several equipment pieces to enhance their manufacturing capacity. Notably, the United Nations Industrial Development Organization, stationed in Austria, reported a 9.4% surge in global manufacturing production in 2021 as of March 2022. Hence, the thriving of manufacturing sectors steers the progression of the metal cutting tools market.
What Are The Major Segments Within The Metal Cutting Tools Market?
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
Subsegments:
1) By Machining Centers: Vertical Machining Centers, Horizontal Machining Centers
2) By Lathe Machines: CNC Lathes, Manual Lathes, Swiss-Type Lathes
3) By Boring Machines: Vertical Boring Mills, Horizontal Boring Machines
4) By Grinding Machines: Surface Grinding Machines, Cylindrical Grinding Machines, Tool and Cutter Grinders
5) By Milling Machines: Vertical Milling Machines, Horizontal Milling Machines, CNC Milling Machines
6) By Other Products: Tool Holders and Accessories, Cutting Tool Inserts, Saws and Cutting Blades
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Which Trends Are Expected To Transform The Metal Cutting Tools Market?
Advancements in product design are becoming an increasingly prevalent trend in the metal-cutting tools market, with leading companies focusing on the introduction of inventive products to maintain market standing. For example, in March 2022, Sandvick AB – a tool manufacturer from Sweden – introduced an enhanced version of the CoroDrill 860 PM series designed to boost steel drilling productivity for their clients. This tool incorporates a novel grade of physical vapor deposition (PVD) coating comprised of superior multilayers to facilitate smoother drilling operation. Leveraging the capabilities of Post Meridiem geometry design, the device can drill high-performance ISOP steels, thus significantly lengthening the tool's lifespan. This gadget finds versatile application across various sectors such as automotive, general engineering, die-and-mold, and power-generating industries, making it an ideal drill choice.
Who Are the Key Players in the Metal Cutting Tools Market?
Major companies operating in the metal cutting tools market include:
• 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.
What Is The Most Dominant Region In The Metal Cutting Tools Market?
North America was the largest region in the metal cutting tools market share in 2024. 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.
