The Metal Cutting Tools Market size was valued at USD 82.81 Bn in 2023 and is expected to reach USD 132.98 Bn by 2031 and grow at a CAGR of 6.1% over the forecast period 2024-2031.
Metal cutting tools are cutting tools that are used to remove material from metallic workpieces via the shear deformation process. Depending on the cutting edges available, a metal cutting tool can be single-point or multi-point. Drilling, milling, and broaching tools are examples of multi-point tools, whereas the shaping tool is an example of a single-point tool. For a long service life, a metal cutting tool should have the right hardness, toughness, and wear resistance. Drilling, reaming, milling, broaching, tapping, boring, and threading are all machining techniques that can benefit from these tools. Hacksaws, jigsaws, grinders, and snips are all common metal cutting instruments.
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Market growth is projected due to an increase in the demand for 3D printers. In additive manufacturing technology, a digital picture may be used to construct three-dimensional objects. In the aerospace and car sectors, 3D printing enables the manufacture of complex geometries that would be impossible to fabricate using traditional manufacturing processes. As a result, traditional manufacturing techniques will be phased out in favor of 3D printing in the next years, lowering capital, feedstock, and scrap reclamation costs. Capital, feedstock, and scrap reclamation expenditures will all be greatly reduced in the future thanks to 3D printing.
MARKET DYNAMICS:
KEY DRIVERS:
Increasing demand from industries.
Rising demand in end-use industries.
Rising demand for households.
RESTRAINTS:
Lack of skilled labor.
The cost of cutting tools is high.
OPPORTUNITY:
The manufacturing industry is rapidly developing over the world.
Rise dramatically in response to shifting customer needs.
CHALLENGES:
Metal-cutting liquids' Environmental and health effects in manufacturing environments
IMPACT OF COVID-19:
Many objects are made and put together with the help of cutting tools. Shutdowns had a negative impact on the cutting tool industry all around the world. Despite this, the Asia-Pacific area is one of the world's largest manufacturers of cutting tools, which has a negative influence on market growth.
Many sectors have been negatively affected as a result of the interrupted supply networks. Automobiles, aircraft and military, construction, electronics, oil and natural gas, energy generation, woodworking, and die-and-molding are only a few of the industries involved. Materials sales have plummeted, especially in countries that have been quarantined. A coronavirus outbreak has undoubtedly escalated the trade dispute between China and the United States. Most enterprises and material suppliers have been impacted as a result of government restrictions on the import and export of parts.
MARKET ESTIMATION:
In terms of tool type, the solid round tools segment led the worldwide metal cutting tool market in 2021, followed by indexable inserts. Due to advancements in the manufacturing industry and the implementation of modern working tools such as computer-aided design (CAD) and computer-aided manufacturing (CAM) to build indexable inserts, the market for indexable tool inserts has seen significant expansion.
In terms of material type, the cemented carbide segment had the greatest market share in 2021 and is expected to keep that position during the forecast period. One of the important factors expected to drive demand for cemented carbide during the projected period is the growth in automotive component production activities throughout the world, which is expected to enhance the metal cutting tool market.
The automotive category has the biggest market share in terms of application throughout the predicted period. The development of carbon fiber and other new materials for lightweight automobiles, as well as the development of electric vehicles, is projected to improve automotive production. Furthermore, the global automobile sector is quickly expanding. Cutting tools are in more demand in automotive applications as a result of these causes.
On the Basis of Tool Type
Turning Tools
Drilling Tools
Milling Tools
Rotary Tools
On the Basis of Material
Cemented Carbide
Carbon Steel
High-speed Steel (HSS)
Polycrystalline Diamond (PCD)
Ceramics
Stellite
Cubic Boron Nitride (CBN)
Cast Alloys
On the Basis of End-user
Construction
Aerospace & Defense
Automotive
Marine
Manufacturing
Electronics
Energy
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REGIONAL ANALYSIS:
Geographically, the global Metal cutting tools market research has been divided into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Asia Pacific region controls the majority of the global Metal cutting tool market. Machine tools, vehicles, electronics, and retail products, among other industries, are all represented in the region. Other major factors impacting the growth of the metal cutting tool market are access to low-cost raw materials and a skilled workforce in the area. Metal cutting tools are in great demand in developing countries such as India, China, and South Korea, where construction and manufacturing are rising. In Europe, the market for cutting tools is growing in popularity. The region's booming car and energy manufacturing industries are driving cutting tool sales. Furthermore, the growing popularity of fuel-efficient autos and replacement auto components in the area gives the cutting tool industry a lot of promise.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Fanuc America Corporation, Amada Machine Tools Co. Ltd., BIG Kaiser Precision Tooling Inc., Sandvik, Komatsu Ltd., Kennametal, Doosan Machine Tools Co. Ltd., Ingersoll Cutting Tool Company, Tiangong International Co., Tungaloy Corporation, Hitachi Metals and Other Players
Amada Machine Tools Co. Ltd-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 82.81 Billion |
| Market Size by 2031 | US$ 132.98 Billion |
| CAGR | CAGR of 6.1% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Tool Type (Turning Tools, Drilling Tools, Milling Tools, Rotary Tool) • By Material (Cemented Carbide, Carbon Steel, High-speed Steel (HSS), Polycrystalline Diamond (PCD), Ceramics, Stellite, Cubic Boron Nitride (CBN), Cast Alloys) • By End-user (Construction, Aerospace & Defense, Automotive, Marine, Manufacturing, Electronics, Energy) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Fanuc America Corporation, Amada Machine Tools Co. Ltd., BIG Kaiser Precision Tooling Inc., Sandvik, Komatsu Ltd., Kennametal, Doosan Machine Tools Co. Ltd., Ingersoll Cutting Tool Company, Tiangong International Co., Tungaloy Corporation, Hitachi Metals. |
| Key Drivers | •Increasing demand from industries. •Rising demand in end-use industries. •Rising demand for households. |
| Restraints | •Lack of skilled labor. •The cost of cutting tools is high. |
Ans: - The Metal Cutting Tools Market size was valued at USD 78.05 Bn in 2022.
Ans: - The Asia Pacific region controls the majority of the global Metal cutting tool market.
Ans: - The Asia Pacific region controls the majority of the global Metal cutting tool market.
Ans: - The major key players are Fanuc America Corporation, Amada Machine Tools Co. Ltd., BIG Kaiser Precision Tooling Inc., Sandvik, Komatsu Ltd., Kennametal, Doosan Machine Tools Co. Ltd., Ingersoll Cutting Tool Company, Tiangong International Co., Tungaloy Corporation, Hitachi Metals.
Ans: - The Metal Cutting Tools Market is growing at a CAGR of 5.9% From 2023 to 2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Metal Cutting Tools Market Segmentation, by Tool Type
8.1 Turning Tools
8.2 Drilling Tools
8.3 Milling Tools
8.4 Rotary Tools
9. Metal Cutting Tools Market Segmentation, by Material
9.1 Cemented Carbide
9.2 Carbon Steel
9.3 High-speed Steel (HSS)
9.4 Polycrystalline Diamond (PCD)
9.5 Ceramics
9.6 Stellite
9.7 Cubic Boron Nitride (CBN)
9.8 Cast Alloys
10. Metal Cutting Tools Market Segmentation, by End-user
10.1 Construction
10.2 Aerospace & Defense
10.3 Automotive
10.4 Marine
10.5 Manufacturing
10.6 Electronics
10.7 Energy
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Fanuc America Corporation
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Amada Machine Tools Co. Ltd.
12.3 BIG Kaiser Precision Tooling Inc.
12.4 Sandvik
12.5 Komatsu Ltd.
12.6 Kennametal
12. 7 Doosan Machine Tools Co. Ltd.
12.8 Ingersoll Cutting Tool Company
12.9 Tiangong International Co.
12.10 Tungaloy Corporation
12.11 Hitachi Metals
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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