The global cutting tool and machine tool accessory market size is expected to grow from $71.81 billion in 2021 to $79.66 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The global cutting tools and machine tool accessories market size is expected to grow to $115.5 billion in 2026 at a CAGR of 9.7%.
What is the Global Cutting Tool And Machine Tool Accessory Market?
The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessories 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).
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What drives the Global Cutting Tool And Machine Tool Accessory Market?
Rapid advances in technology are expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs, and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors, and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period.
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Global Cutting Tool And Machine Tool Accessory Market Segments
The global cutting tool and machine tool accessory market is segmented:
By Type: Metalworking Knives and Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps and Dies
By Application: Automotive, Manufacturing, Others
By Sales Channel: Direct, Indirect
By Geography: The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Cutting Tool And Machine Tool Accessory Market Report 2022provides market size and growth forecasts for the global cutting tool and machine tool accessory market, global cutting tool and machine tool accessory market share, cutting tool and machine tool accessory market segments and geographies, cutting tool and machine tool accessory market competitive landscape including 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.
Global Cutting Tool And Machine Tool Accessory Industry Playersinclude Sandvik AB, Kennametal Inc, Okuma Corporation, Lincoln Electric Holdings Inc, Asahi Diamond Industrial Co. Ltd, NGK Spark Plug Co Ltd, and American Outdoor Brands Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
