Cutting Tool And Machine Tool Accessory Global Market To Reach Value Of About $101 Billion In 2025

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).

Global Cutting Tool And Machine Tool Accessory Market Size And Drivers:

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 market is expected to reach $101.09 billion in 2025 at a CAGR of 8%. Rapid advances in technology is expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period.

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Trends In The Global Cutting Tool And Machine Tool Accessory Market

Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. 3D laser is a 5-axle laser machine which cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminum can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate and minimal heat input. 3D lasers are typically used in automotive and aerospace industry for cutting or welding of aluminum parts, drilling of engine parts, and laser surfacing of used parts.

Global Cutting Tool And Machine Tool Accessory Market Segments:
The global cutting tool and machine tool accessory market is further segmented based on type, application and geography.
By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies.
By Application: Automotive, Manufacturing, Others.
By Geography: The global cutting tool and machine tool accessory market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global cutting tool and machine tool accessory market, accounting for 41% of the total market.

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Cutting Tool And Machine Tool Accessory Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market overviews, analyzes and forecasts market size and growth for the global cutting tool and machine tool accessory market, cutting tool and machine tool accessory market share, cutting tool and machine tool accessory market players, cutting tool and machine tool accessory market segments and geographies, cutting tool and machine tool accessory market’s leading competitors’ revenues, profiles and market shares. The cutting tool and machine tool accessory market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.