Metal Cutting Tool Market Outlook - 2027
Metal cutting tool comes under the category of cutting tools, which is used to remove material form metallic workpiece 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, boring, and threading. Common metal cutting tools include hacksaw, jigsaw, grinder, and snips.
Rapid industrialization and urbanization in the developing and the developed countries such as India, China, Brazil, the U.S., the 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 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 inthe growth of manufacturing industries. This has accelerated the demand for metal cutting tools. Furthermore, the advent of technologies such as additive manufacturing, industrial automation, computerized numeric control (CNC), computer-aided manufacturing (CAM), and 3D printing has resulted in significant reduction of material cost and capital cost, which has positively impacted the demand for metal cutting tools. For instance, in February 2019, a 3D printed steel tool, which can cut titanium was created by Jimmy Toton who is a PhD candidate of the RMIT University, based in Australia.This research was conducted by the RMIT University in collaboration with the Defence Materials Technology Centre (DMTC) and Sutton Tools, which is an Australia based tool manufacturer. This, in turn, is expected to increase the penetration of 3D printed steel tool, thereby creating opportunity for growth in metal cutting tool market.Furthermore, mergers & acquisitions and new product launches are the key strategies being adopted by key players to reach a large customer base and increase the product portfolio. For instance, in February 2020, Drillco Cutting Tools Inc.launched Step Reamers, which are made from high speed steel (HSS). This product launch is anticipated to help the company to expand its product offerings to gain high market share in the U.S. In addition, in December 2019, SandvikAB, operatingin Sweden, acquired the metal cutting tool division of Quimmco Centro Tecnologico, based in Mexico. This acquisition is projected to boost the company’s business of solid carbide tools and to expand the product capabilities to serve the Mexican market.
However, high initial cost along with high operating and maintenance cost is a key restraint, which is expected to hinder the growth of the 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 market. Furthermore, growth of 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 tools market.
The global metal cutting tool market is segmented into product type, material, end-user industry, and region. By product type,the market is differentiated into turning tools, drilling tools, milling tools, and rotary tools. On the basis of material, it is segregated into cemented carbide, carbon steel, high-speed steel (HSS), polycrystalline diamond (PCD), ceramics, stellite, cubic boron nitride (CBN), cast alloys. Depending on end-user industry, it is fragmented into construction, aerospace & defense, automotive, marine, manufacturing, electronics, and energy. Region wise, it is analyzed acrossNorth America, Asia-Pacific, Europe, and LAMEA.
Key players operating in the metal cutting tool market 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, and Hitachi Metals.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the current & future trends of the global metal cutting tool market to elucidate imminent investment pockets.
Information about key drivers, restraints, opportunities, and their impact analysis on the market has been provided.
Porter’s five forces analysis illustrates the potency of buyers & suppliers that operate in the industry.
The quantitative analysis of the global metal cutting tool market from 2020 to 2027 has been provided to determine the market potential.
Key Market Segments
By Product Type
- Turning Tools
- Drilling Tools
- Milling Tools
- Rotary Tools
- Cemented Carbide
- Carbon Steel
- High-speed Steel (HSS)
- Polycrystalline Diamond (PCD)
- Cubic Boron Nitride (CBN)
- Cast Alloys
By End-user Industry
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- The Middle East
Key Market Players
- Fanuc America Corporation
- Amada Machine Tools Co. Ltd.
- BIG Kaiser Precision Tooling Inc.
- Komatsu Ltd.
- Doosan Machine Tools Co. Ltd.
- Ingersoll Cutting Tool Company
- Tiangong International Co.
- Tungaloy Corporation
- Hitachi Metals