Metal Cutting Tools Market to Hit USD 107.7 Bn and Emergent at Growth Rate of 4.9 percent by 2029 Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics

December 07 20:17 2022
Metal Cutting Tools Market to Hit USD 107.7 Bn and Emergent at Growth Rate of 4.9 percent by 2029 Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics
Metal Cutting Tools Market
Metal Cutting Tools Market was valued at USD 73.5 Billion in 2021, and is expected to reach USD 107.7 Billion by 2029, exhibiting a CAGR of 4.9 % during the forecast period (2022-2029)

Pune, 7, Dec2022: The report published by Maximize Market research, on Metal Cutting Tools Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to growth from 73.5 Bn in 2021 to 107.7 Bn in 2029 at a CAGR of 4.9 %.

Metal Cutting Tools Market Scope and Research Methodology

The report is covered a detailed analysis of the Metal Cutting Tools Market by country, regional and global presence. Analyzing primary and secondary data, current and future trends in the Metal Cutting Tools Market are presented in the report along with growth rate and market size forecasts. To gain an in-depth analysis of the market, it provides information on key market participants, factors driving the Metal Cutting Tools market, precise estimation of the market size, upcoming trends, changes in consumer behavioral patterns, the market’s competitive landscape, key market vendors, and other Industry features. Furthermore, the study is a compilation of both qualitative and quantitative assessments by industry experts as well as industry participants from all stages of the value chain.

For the competitive analysis of the Metal Cutting Tools Market, major manufacturers in the industry and listed by region, revenue, financial status, portfolio, technological advancements adopted, mergers and acquisitions, joint venture, and strategic alliances in detail. A list of recent market entrants is also included, along with a description of their growth potential and outlook for the future. Stakeholders, investors, market participants, followers, and new entrants can use this report as a tool to develop their investment strategies and marketing strategies by getting a comprehensive overview of the Metal Cutting Tools Market

For a segment-wise analysis of the Metal Cutting Tools Market, it is divided by Product Type, Application, Tool Type, Material , and for understanding the factors affecting the market growth positively and negatively. The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. 

SWOT analysis was conducted to provide the strengths and weaknesses of the Metal Cutting Tools Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Metal Cutting Tools Market.

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Metal Cutting Tools Market Overview

Machine tools are a series of tools used to fabricate different machine parts out of metals or other materials. A power-driven machine used to cut or structure metals is another definition of a machine tool. The global industry relies heavily on the field of metal-cutting tools. The competitiveness of the manufacturing business is strongly influenced by the quality of the instruments used in metal-cutting operations. All production industries depend on the inputs that the metal-cutting equipment supply.

To the growth of the manufacturing industry globally, the performance of the metal cutting tool market is essential. A healthy metal-cutting tools market is essential to the operations of numerous crucial and high-priority end-use industries, such as casting, heavy equipment, military, aerospace, and automotive. The development of metal-cutting tool technology has led to more durable products that can do multiple tasks with little to no human contact. Machine tools become more automated, allowing for more accurate cutting and chipping of metal and other materials.

Metal Cutting Tools Market Dynamics

Machine tool manufacturers are creating 3D laser processing machinery to reduce processing times for laser cutting and welding applications. A three-dimensional laser is a five-axle laser cutting device used to cut three-dimensional sheet metal components. Metals like aluminum, stainless steel, and mild steel can be sliced by lasers. Laser cutting significantly reduces the amount of time needed to process cutting applications, decreasing costs. High feed rate, minimal heat input, and concentrated laser light input are further benefits. 3D lasers are frequently used in the automobile and aerospace industry to cut or weld aluminum components, drill engine parts, and laser surface used parts. The industry for metal cutting tools is dominated by laser cutting machines, indicating a significant increase in the use of this technology. Large manufacturers of 3D laser cutting machines

Investments have always been the main driver of the metal-cutting tool industry. Massive investments were made in the global metal-cutting tools market as a result of the growth in industrialization. China was one of the largest stockholders in the metal-cutting tool market in terms of investments in 2019. Over 41% of the market for metal-cutting tools is under its control. It is expected that per capita income for discretionary purchases of manufactured products and services would increase. In 2020, the market may have seen less investment, but there is still a possibility for growth. China is still a significant player in the metal-cutting tools market.

Metal Cutting Tools Market Regional Insights

Asia Pacific held the largest metal cutting tools market share of 46.57% by consumption value and 51.17% by production value in 2021, in both APAC and the rest of the world, China had a significant portion of the metal cutting tools market. Macroeconomic factors that are driving the metal-cutting tools market throughout the forecast period include increasing industrial investment and ongoing urbanization. 

Followed by Asia Pacific, Europe held the largest metal-cutting tools market share of 40.09% by production in 2021. Infrastructure is a major driver of the growth of machine tools and is a top priority for governments. But recent years have seen a number of stages in the development of infrastructure.

Metal Cutting Tools Market Segmentation 

By Product Type: 

  • Machining Centers
  • Lathes
  • Boring
  • Grinding
  • Milling
  • Others

By Application:

  • Automotive
  • General Machinery
  • Precision Engineering
  • Transport Machinery
  • Others

By Tool Type: 

  • Indexable Inserts
  • Solid Round Tools

By Material: 

  • Cemented Carbide
  • Ceramics
  • Polycrystalline Diamond (PCD)
  • Cubic Boron Nitride (CBN)
  • Exotic Materials

Metal Cutting Tools Market Key Manufacturers: 

  • Kennametal Inc.
  • OSG Corporation
  • ISCAR LTD
  • MAPAL Dr. Kress KG
  • Makita Corporation
  • Robert Bosch GmbH
  • Stanley Black and Decker
  • Klein Tools
  • Guhring
  • ICS Cutting Tools
  • Snap-on Incorporated
  • Hilti Corporation
  • Sandvik AG
  • Ingersoll Cutting Tools
  • FRAISA SA
  • KYOCERA Cutting Tools Group
  • Xiamen Golden Egret Special Alloy Co. Ltd.
  • Hartmetall-Werkzeugfabrik Paul Horn GmbH
  • Asahi Diamond Industrial Co. Ltd.
  • Ceratizit S.A.
  • Koki Co. Ltd.

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Key questions answered in the Metal Cutting Tools Market are: 

  • What is Metal Cutting Tools? 
  • What is the growth rate of Metal Cutting Tools Market for the forecast years? 
  • What is the nature of competition in Metal Cutting Tools industry in developed and developing economies? 
  • Who are the key players in the Metal Cutting Tools Market?
  • Who are the market leaders in Metal Cutting Tools in Europe?
  • Who are the market leaders in Metal Cutting Tools in USA and Canada?
  • Who are the market leaders in Metal Cutting Tools in India, China, Japan and South Korea?
  • What are the factors affecting growth in the Metal Cutting Tools Market? 
  • Who held the largest market share in Metal Cutting Tools Market? 
  • What are the factors for the growth of Asia-Pacific region in Metal Cutting Tools Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Product Type, Application, Tool Type, Material , and Region.
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading Automation & Process Control research firm, has also published the following reports:

Metal-Cutting Machine Market – Metal-Cutting Machine Market size is expected to reach USD 10.29 billion by 2029 at a CAGR of 5.03 percent during the forecast period. The potential for digital manufacturing to increase productivity, reduce lead times, use less working capital, and boost cash flow is significant in the metal-cutting machine market. 

Gas Cutting Machine Market – Gas Cutting Machine Market size is expected to reach USD 883.47 Million by 2029 at a CAGR of 2.8 percent during the forecast period. Lack of sufficient technologies hampers the Gas Cutting Machine market growth.  

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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