Metal Cutting Tools Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Metal Cutting Tools Market Research Report, Tool Type, Material Type, Application and Region - Forecast till 2030” the market size is projected to be worth USD 110.48 Billion by 2030, registering a CAGR of 6.73% during the forecast period (2022 - 2030)., The market was valued at USD 82.17 billion in 2022.
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Key Players
Eminent market players profiled in the global metal cutting tools industry report include:
- Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany)
- Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China)
- Kennametal Inc. (US)
- OSG Corporation (Japan)
- ISCAR LTD (Israel)
- MAPAL Dr. Kress KG (Germany)
- Makita Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Stanley Black & Decker Inc. (US)
- Klein Tools Inc. (US)
- ICS Cutting Tools Inc. (US)
- Snap-on Incorporated (US)
- Hilti Corporation (Schaan Liechtenstein)
- Sandvik AG (Sweden)
- Ingersoll Cutting Tools (US)
- FRAISA SA (Switzerland)
- KYOCERA Cutting Tools Group (Japan)
- Asahi Diamond Industrial Co. Ltd. (Japan)
- J SCHNEEBERGER Maschinen AG (Switzerland)
- Vollmer (Germany)
- CERATIZIT Group (Luxembourg)
- and Koki Co. Ltd. (Japan).
The global metal cutting tools market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
COVID-19 Analysis
Drivers
Surging Demand for Metal Cutting Tools from Automotive Sector to Boost Market Growth
Opportunities
Increasing Adoption of Industry 4.0 to offer Robust Opportunities
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Restraints
High Initial Cost to act as Market Restraint
Challenges
Shortage of Skilled Personnel to act as Market Challenge
Market Segmentation
By tool type, the solid round tools will lead the market over the forecast period followed by indexable inserts. The indexable tool inserts have witnessed rapid growth owing to the development in the manufacturing sector and the adoption of advanced working tools to design indexable inserts like CAM and CAD.
By material type, the cemented carbide will dominate the market over the forecast period for the increase in the automotive component manufacturing activities in the world.
By application, the automotive segment will spearhead the market over the forecast period. The development of carbon fiber and other forms of advanced materials for manufacturing lightweight vehicles and creation of electric vehicles are adding to the growth of the segment. Besides, the automotive industry is rapidly growing across the world. These factors raise the demand for cutting tools in automotive applications.
Regional Analysis
North America to Precede Metal Cutting Tools Market
APAC to Have Admirable Growth in Metal Cutting Tools Market
Segmentation of Market covered in the research:
Metal Cutting Tools Market Research Report: Information by Tool Type (Indexable Inserts and Solid Round Tools), Material Type (Cemented Carbide, High-Speed Steel, Stainless steel, Ceramics, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), Application (Automotive, Aerospace & Defence, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and others) – Forecast till 2028
Browse In-depth Market Research Report (187 pages) on Metal Cutting Tools
https://www.marketresearchfuture.com/reports/metal-cutting-tools-market-8159
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