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Metal Cutting Tool Market

Metal Cutting Tool Market

by Tool Type (Indexable Inserts, Solid Round Tools), by Product Type (Lathe, Drilling Machine, Milling Machine, Grinding Machine, Others), by Application (Automotive, Electronics, Construction, Aerospace and Defence, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A06219
Pages: 225
Jun 2022 | 4166 Views
Author(s) : Amar C , Onkar S
Tables: 143
Charts: 59
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Metal Cutting Tool Market Research, 2031

The global metal cutting tool market size was valued at $65.5 billion in 2021, and is projected to reach $97.9 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. Metal cutting tool comes under the category of cutting tools, which is used to remove material form metallic work piece by the process of shear deformation. Metal cutting tool can be single-point tool or multi-point tool based on the cutting edges available. Shaping tool is an example of single-point tool, whereas drilling tool, milling tool, and broaching tool are the examples of multi-point tool. Metal cutting tool should have appropriate hardness, toughness, and wear resistance for its prolonged service life. These tools can be used in machining processes, such as drilling, reaming, milling, broaching, tapping, milling, and threading. Common metal cutting tools include hacksaw, jigsaw, grinder, and snips.

The COVID 19 outbreak has affected the growth of the metal cutting tool industry owing to the lockdown measure in the countries and delay in manufacturing and production of metal cutting tool which are utilized in wide range of industries.

Metal Cutting Tool Market, Metal Cutting Tool Industry, Metal Cutting Tool Market Size, Metal Cutting Tool Market Share, Metal Cutting Tool Market Growth, Metal Cutting Tool Market Trends, Metal Cutting Tool Market Analysis, Metal Cutting Tool Market Forecast, Metal Cutting Tool Market Opportunity

Rapid industrialization and urbanization in the developing and the developed countries, such as India, China, Brazil, the U.S., UK, Mexico, and Canada has boosted the growth of various industries such as automotive, manufacturing, and aerospace & defense industries. This, in turn, is expected to boost the demand for metal cutting tools during the forecast period. In addition, increase in population, rise in disposable income, surge in employment rate, and improvement in standard of living in countries such as India, China, Mexico, Canada, Russia, Malaysia, and Thailand have resulted in the growth of manufacturing industries. This has accelerated the demand for metal cutting tools.

However, high initial cost along with high operating and maintenance cost is a key restraint, which is expected to hinder the growth of the metal cutting tool market during the forecast period. In addition, lack of skilled personnel to operate machine equipped with metal cutting tool and rise in daily wages hamper the growth of metal cutting tool industry. Furthermore, growth of the equipment rental market has decreased the demand for new equipment, which, in turn, is expected to decrease the demand for metal cutting tools in the near future, thereby limiting the market growth. On the contrary, surge in demand for metal cutting tools, which consume less electricity and are efficient and safe has created potential opportunity for new product development in the metal cutting tool market.

Metal Cutting Tool Market
By Tool Type

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The solid round tools is the largest segment in sachet packaging market, exhibiting highest CAGR of 4.4% during the forecast period.

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The solid round tool segment is anticipated to remain dominant in the metal cutting tool market, exhibiting the highest CAGR of 4.4% during the forecast period. The increase in urbanization and aerospace & desensitization in developing and developed countries, is expected to boost the automotive, constructions, electronics, and aerospace and defense industries. Such factors are expected to surge in demand for metal cutting tool. Moreover, manufacturing sectors have grown in developing countries, such as China, India, and Thailand. In addition, adoption of new technologies like additive manufacturing, aerospace & defense automation, computerized numeric control (CNC), computer aided manufacturing (CAM), and 3D printing, helps in cost reduction and maximizes the productivity.

The demand for metal cutting tools was expected to decrease in the year 2020, owing to low demand from different industries due to lockdown imposed by government of many countries. The COVID-19 pandemic has shut-down production of various products in the metal cutting tools industry, mainly owing to prolonged lockdown in major global countries. This has hampered the metal cutting tool market growth significantly. The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, UK, and China, which is badly affected by the spread of COVID-19, thereby halting demand for equipment and machinery. Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Metal Cutting Tool Market
By Application

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The electronics segment will grow with highest CAGR. It is anticipated to exhibit the highest CAGR of 5.5% during the forecast period.

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The automotive segment is largest in global metal cutting tool market, and electronics segment is anticipated to exhibit the highest CAGR of 5.5% during the forecast period. The metal cutting tool are required for fastening, buffering, finishing, sanding, metal working, and others for repair, retrofitting, and servicing of automobiles. In the current scenario, the need for quick servicing and repairing increases the demand for fast operating power tool. The employment of metal cutting tool; thereby, serves this demand on a large scale. The drills, saw blades, rolling dies, cutters, and others allow higher productivities in lower operational times, without any manual effort. This reduces the total time required for the repairing and maintenance activity.

The metal cutting tool market is segmented into tool type, product type, end user, and region. By tool type, the  market is categorized into indexable inserts and solid round tools. In 2021, the solid round tools segment dominated the global market, in terms of revenue, and is expected to maintain this trend in the coming years. On the basis of product type, the  market is fragmented into lathe, drilling machine, milling machine, grinding machine, and others. Milling machine is anticipated to dominate the global market during the forecast period. On the basis of end user, the market is categorized into automotive, aerospace & defense, construction, electronics and others. The electronics segment dominated the market in 2021.

Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of metal cutting tool market. For instance, in May 2022, Hilti Corporation introduced new steel circular saw blade for cold, fast, straight cuts in ferrous metal and structural panels. This is expected to improve the product portfolio of the company.

Metal Cutting Tool Market
By Region

2031
Asia-pacific 
Lamea
North America
Europe

Asia-Pacific accounted for the highest market share in 2021, and growing with a CAGR of 4.8% throughout the forecast period.

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By region, the metal cutting tool market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region has the highest market share in 2021. Asia-Pacific is one of the fastest growing regions globally, attributed to its large population and low-cost manufacturing sector. China and Japan are leading manufacturers of automobiles and construction machines. Furthermore, the construction and manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth. These factors boost the demand for metal cutting tool as they are extensively used in construction and automotive industries. In addition, the Asia-Pacific region is home to power tools manufacturers, such as EHWA DIAMOND, ISCAR Ltd., and Makita Corporation.

Competition Analysis

The key players profiled in the metal cutting tool market report include, EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tools, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-on Incorporated.

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging global metal cutting tool market trends and dynamics. 
  • In-depth market analysis is conducted by the global metal cutting tool market estimations for key market segments between 2021 and 2031.
  • Extensive analysis of the metal cutting tool market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global metal cutting tool market forecast analysis from 2022 to 2031 is included in the report.
  • The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global metal cutting tool industry.
  • The global metal cutting tool market forecast analysis from 2022 to 2031 is included in the report.
  • Key players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand competitive outlook of the metal cutting tool market opportunity.

 

Metal Cutting Tool Market Report Highlights

Aspects Details
By Tool Type
  • Indexable Inserts
  • Solid Round Tools
By Product Type
  • Lathe
  • Drilling Machine
  • Milling Machine
  • Grinding Machine
  • Others
By Application
  • Aerospace and Defence
  • Others
  • Automotive
  • Electronics
  • Construction
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, U.K., Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players 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., Hitachi Metals
 

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The Asia-Pacific region dominates the metal cutting tool market in 2021. The increase in popularity of CNC machines is also a factor that drives the market growth. This is often attributed to the benefits offered by CNC metal cutting tools, including high efficiency, transparency, cost saving, and time efficiency. In addition, the growing market landscape, cutter companies have strengthened their efforts to develop and manufacture more advanced designs to satisfy increased customer demands. Moreover, advances in workpiece manufacturing technologies like metal injection molding, 3D printing, investment casting, and shut tolerance forging is additionally chargeable for the expansion during the forecast period.

Many companies in the metal cutting tool market are developing and introducing new products to the market. These new products are technologically more advanced than the previous range of their products. These new products are more efficient and effective in their performance and are widely used in the industry. For instance, in July 2021, Bosch launched the new Expert HEX-9 Hard Ceramic tile drill bits for construction trade, the Expert Thick Tough Metal reciprocating saw blades for metal and demolition trades, and the Expert Hardwood fast jigsaw blades for the woodworking trade. This aims in improving the product portfolio. This is expected to propel the growth of the metal cutting tool market during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. The global metal cutting tool market is projected to reach $97,870.4 million by 2031

A. Increase in construction industries, and surge in metal cutting robots applications are the effecting factors

A. Asia-Pacific region is the largest regional market for Metal Cutting Tool Market

A. EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tools, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-on Incorporated.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. The product launch is key growth strategy of Metal Cutting Tool Market

A. The automotive, aerospace & defense, construction, electronics and others are the end users of Metal Cutting Tool Market.

A. The milling, grinding, drilling, cutting are the basic types of Metal Cutting Tools

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