Allied Market Research

Metal Cutting Tool Market Expected to Reach $97.9 Billion by 2031—Allied Market Research


Report Code : A06219

quote The global metal cutting tool market witnessed significant growth over the past decade, owing to increase in automation industries and adoption of smart technologies for manufacturing, which are expected to boost the growth during the forecast period. Various key players are expanding business globally, owing to increase in customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel the growth of the global metal cutting tool market during the forecast period. quote

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Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Metal Cutting Tool Market," The metal cutting tool market size was valued at $65.5 billion in 2021, and is estimated to reach $97.9 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. 

Metal cutting tools have a primary purpose of removing leftover material from a manufactured piece of metal by using the process of shear deformation. There are mainly two types of metal cutting tools that are normally used; single-point tools and multi-point tools. In addition, single-point tools are mainly used to get rid of extra material through cutting edges in the process of shaping, turning, and other related procedures. On the other hand, the multi-point tool is a part of crucial processes like grinding, drilling, and milling.

Major factors such as rise in demand for metal cutting tools from several industries such as automation and construction and rise in demand for power tools from household, are expected to boost the growth of the metal cutting tool market during the forecast period. In addition, the rapid expansion in the automotive sector is expected to boost the demand for the market. Moreover, the rise in manufacturing of light vehicles is expected to develop rapid need for welded automotive components, thus creating demand for metal cutting tools.

Metal cutting tools have enabled hassle-free production of components, reducing the time required for manufacturing work pieces. In addition, several large manufacturing facilities are increasingly using these tools. Moreover, the growing commercial demand for cutting tools has helped increase the market size. 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.

During the lockdown, owing to the coronavirus (COVID-19) situation, various manufacturers in the metal cutting tool market had to stop their business production in countries such as China, the U.S., and India. This break directly impacted sales of metal cutting tools companies. In addition, lack of manpower and raw materials led to halt in supply of cutting tools. However, reopening of production facilities and introduction of vaccines for COVID-19 are anticipated to lead to re-opening of metal cutting tools companies at their full-scale capacities.

Major players are adopting product launch and business expansion as key developmental strategies to improve the product portfolio of metal cutting tool market. For instance, in May 2022, Hilti Corporation introduced SCM 22-A Cordless Metal Saw for cutting and trimming of sheet metal. This aims in improving the product portfolio.

The metal cutting tool market is segmented on the basis of tool type, product type, application, and region. On the basis of tool type, the market is segmented into indexable inserts and solid round tools. In 2021, the solid round tools segment accounted for the largest share of the overall metal cutting tool industry. The increase in urbanization in developing and developed countries, is expected to boost the automotive, constructions, electronics and aerospace and defense industries. Such factors are expected to surge the demand for metal cutting tools. 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 maximize the productivity.

On the basis of product type, the metal cutting tool market is segmented into lathe, drilling machine, boring machine, grinding machine, and others. The lathe segment held the largest market share in 2021. On the basis of application, the market is categorized into automotive, aerospace & defense, construction, electronics and others.  The automotive segment held the largest market share in 2021.

Region-wise, the metal cutting tools market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In terms of revenue, Asia-Pacific dominated the market 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 automotive industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth. These factors boost the metal cutting tool market growth.


 Key Findings Of Study

  • The report provides an extensive analysis of the current and emerging global metal cutting tool market trends and dynamics. 
  • By tool type, the solid round tool segment dominated the market in terms of revenue in 2021.
  • By product type, the lathe segment registered the highest growth in terms of revenue in the global metal cutting tool industry in 2021.
  • By application, the electronic segment is projected to register the highest growth rate in the coming years.
  • The report provides an extensive analysis of the trends and emerging opportunities of the market. 
  • In depth, the global metal cutting tool market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.
  • The global metal cutting tool market forecast analysis from 2022 to 2031 is included in the report.

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quote 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 quote

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