Turning Tools Market Research, 2031
The global turning tools market size was valued at $5.3 billion in 2021, and is projected to reach $12.1 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
Turning tool is used on lathes for cutting or finishing the outside diameter of a workpiece. It can be used to produce cylindrical parts. In its basic form, turning can be defined as the machining of an external surface with the workpiece rotating or with a single-point cutting tool. In addition, there are two types of turning tools such as rough turning tools and finish turning tools. Rough turning tools are used to remove large parts of a workpiece quickly, whereas finish turning tools are used to remove small parts of a workpiece.
Rise in the use of turning tools in industrial applications is one of the main reasons for development of the turning tool market. In addition, another important market trend is increase in automation levels across various end-user industries. Moreover, important element that boosts the industry is e-commerce platforms that provide turning tools at low prices. Emergence of e-commerce platforms aids producers of turning tools in increasing their geographical presence, leading to overall growth of the turning tools market outlook. In addition, rise in advancements in industrial design, as well as increase in demand to improve production efficiency are encouraging manufacturers to investigate improved machine tool products, thus raising demand for turning tools. One of the major reasons expected to propel the market growth is the increase in use of turning tools, particularly in industrial applications. Furthermore, these turning tools are utilized in automobile, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries.
Major players have adopted various strategies such as product launches and acquisitions to sustain the competition and improve their product portfolio. For instance, in March 2022, ISCAR LTD. launched a new generation of ISO-Turn inserts for the railway industry which are designed to complete a wide range of machining operations from light to heavy cuts. This aims to improve the product portfolio.
The turning tools market is segmented into Type, Application and End-user industry.On the basis of type, the market is divided into rough turning tools and finish turning tools. On the basis of application, the market is divided into conventional lathe machine and CNC lathe machine. On the basis of end user, the market is divided into automotive, electronics & electrical, aerospace, construction & mining, and others. Region-wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the rough turning tools segment generated the highest revenue in 2021, due to advancements in technology and increasing demand to develop superior-quality products is expected to boost the turning tools market growth.
On the basis of region, Asia-Pacific has registered the highest share of the global turning tools market share in terms of revenue in 2021, owing to increase in manufacturers of automobiles and construction machines, which is expected to boost the demand for the turning tools market. In addition, the construction and manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth during the forecast period.
On the basis of end user industry, the automotive segment generated the highest revenue in 2021, owing to rise in demand for turning tools that is anticipated to increase in the automotive industry attributed to advancements in technology and economic growth.
The key players that operate in the turning tools market are ALESA AG, Aloris Tool Technology Co., Inc., Applitec Moutier SA, Beijing Worldia Diamond Tools Co., Ltd., Ceratizit, Danobat Group, Dorian Tool International Incorporated., Dormer Pramet, Hanjiang Tool Co., Ltd., Ingersoll Cutting Tool Company, ISCAR LTD., Kennametal Foundation, Kyocera Unimerco, Seco Tools, Shanghai Tool Works Co., Ltd., Walter Tools, and WNT Tools India Pvt Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging global turning tools market trends and dynamics.
- In-depth global turning tools market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of turning tools market scope is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Turning tools market forecast analysis from 2022 to 2031 is included in the report.
- The key players in the turning tools market overview are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of turning tools industry.
Turning Tools Market Report Highlights
By End-user industry
Key Market Players
ISCAR LTD.,, Ceratizit, Hanjiang Tool Co., Ltd.,, Aloris Tool Technology Co. Inc, Dormer Pramet, Beijing Worldia Diamond Tools Co.Ltd.,, ALESA AG, WNT Tools India Pvt Ltd, Walter Tools, Kennametal Foundation, Applitec Moutier SA, Danobat Group, Kyocera Unimerco, Seco Tools, Shanghai Tool Works Co.Ltd, Dorian Tool International Incorporated.,, Ingersoll Cutting Tool Company
The turning tools market has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific has registered the highest share of the global turning tools market share in terms of revenue in 2021, owing to increase in manufacturers of automobiles and construction machines, which is expected to boost the demand for the turning tools market. In addition, the construction and manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth during the forecast period. Companies are focused on developing advanced machinery, which can be utilized to increase productivity. The rough turning tools segment generated the highest revenue in 2021, due to advancements in technology and rise in demand to develop superior-quality products.
Various market players are adopting strategies such as product launch, business expansion, acquisition, and agreement to expand their business and strengthen their market position. For instance, in February 2022, ISCAR LTD. launched an advanced dual clamping lever design which combines the advantages of the current lever with the extra clamping rigidity of the top clamp method. This aims at diversifying the portfolio. This launch is expected to enrich the product portfolio of Iscar Ltd. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global turning tools market.