USD 75.97 billion
Metal Cutting Tools Market Size, Share, Growth Analysis, By Product(Machining Center, Lathes, Boring, Grinding), By Application(Automotive, General Machinery, Precision engineering, Transport Machinery and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2044 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
66
|Figures:
75
Metal Cutting Tools Market Insights
Metal Cutting Tools Market size was valued at USD 75.97 billion in 2022 and is poised to grow from USD 79.62 billion in 2023 to USD 115.85 billion by 2031, growing at a CAGR of 4.80% during the forecast period (2024-2031).
Metal cutting tools are a type of machine tool that allows for the simple and precise production of critical and intricate components. Horizontal lathes were used in some form or another since ancient times, while CNC metal cutting machines are more recent additions. Metal cutting tools are powered by electric motors and are used to complete the desired cut on the metal work piece through various cutting processes such as milling, turning, boring, and grinding. Metal cutting tools come in a variety of shapes and sizes, including fibre cutters, plasma cutters, and laser cutting devices. Plasma cutting is primarily used for metal welding and fabrication because it produces more accurate results than other product forms.
Rapid growth in the automotive industry is a major motivator for the metal cutting tools industry. Furthermore, the global market for metal cutting tools is expected to recover in developed countries' major end-use industries. Furthermore, the increase in light vehicle production will create significant demand for new welded automotive components, resulting in significant demand for metal cutting tools over the forecast period. During the forecast period, these tools will continue to account for a significant portion of the total machine tools market. The key market drivers for the metal cutting tools market are rising power tool demand, increased use of cutting tools in end-use industries, and technological advancements in cutting tools.
US Metal Cutting Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive
Fastest Growth
Automotive
Growth Rate
4.80% CAGR
metal cutting tools market, 2021-2030($ Bn)
Country Share for Asia pacific Region- 2021 (%)
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Metal Cutting Tools Market Segmental Analysis
metal cutting tools market is segmented based on the Product, Application and region. Based on product, metal cutting tools market is segmented into Machining Center, Lathes, Boring, Grinding, Milling and Others. Based on Application, the metal cutting tools market is segmented into Automotive, General Machinery, Precision engineering, Transport Machinery and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Based on product, owing to high demand for metal cutting tools, the lathe machines segment is expected to grow the fastest. This is due to increased demand from the automotive industry. Furthermore, the popularity of CNC lathe machines will propel the market. The advantages provided by CNC lathes, such as high efficiency, production of complex devices, efficient mass production, and low maintenance, are driving the growth of the metal cutting tools market. Furthermore, the machining centres segment dominates the market and is expected to continue to do so during the forecast period. This is due to the growing demand for mass production in a variety of industries, including the automotive sector. Precision cutting advances have increased demand for milling and boring machines. Grinding machines are becoming more popular in the machine tool industry as the applications of surface grinders, cylindrical machine grinders, tools, and cutter grinders expand.
Analysis by Application
Based on application, In recent years, the automotive industry has been at the forefront of applications in terms of market revenue generation. The development and production of various automotive parts for modern and high-end vehicles have been critical factors in shaping market development. Automotive components such as gearboxes, clutch plates, and modern disc brakes are increasing the market's demand for effective metal cutting tools. Furthermore, rising demand for industrial machinery stems from a variety of industries, including aerospace, construction, and food and beverage. Precision engineering is expected to outpace its counterparts due to a continuous increase in demand for precision in components and manufacturing of highly accurate parts for use in aerospace and defence machinery or military equipment. Transport machinery is also expected to gain significant traction as cross-border trade between numerous economies around the world expands.
metal cutting tools market By Application, 2021 (%)
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Metal Cutting Tools Market Regional Insights
Asia Pacific has the largest market share and is expected to maintain its dominance throughout the forecast period. This is due to rising demand from industries like construction, automotive, and food and beverage. The market is expected to be pushed by rising government initiatives to promote electric vehicles. For example, China has limited investment in new traditional vehicle manufacturing plants, and local governments have imposed quotas on EV production for all manufacturers. Significant efforts across the country to strengthen the network of manufacturing clusters are expected to emerge as a driving factor behind India's fast-paced market development. Favorable policies encouraging the establishment of manufacturing facilities for automotive manufacturing and precision engineering products are enhancing the market's growth prospects. India is also interested in developing its transportation hubs to facilitate easy and convenient cross-border trade from its manufacturing hubs in order to have a broad export reach in the global market.
Europe and North America are expected to experience profitable growth during the forecast period due to rising demand for prefabricated metals. The Middle East and Africa are expected to grow as a result of increased non-oil investment. The Latin American market is expected to expand due to increased demand from the automotive sector.
metal cutting tools market By Application, 2021-2030
- Largest
- Fastest
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Metal Cutting Tools Market Dynamics
Drivers
Automation and Technological Development is Bolstering demand for Metal Cutting Tools
- The demand for factory automation is increasing the use of smart manufacturing technologies in production processes and product development. This is due to advantages such as increased productivity, product quality, and ease of dealing with labour shortages. Manufacturing and machinery operations will see a paradigm shift away from traditional methods and toward intelligent, connected, and streamlined machine systems. Manufacturers can benefit from operational savings, efficient energy usage, enhanced and automatic virtual metrology, and improved human-machine interfaces by implementing Industry 4.0 solutions. Quality assurance is critical in the manufacturing industry and is directly related to the equipment used. The implementation of Industry 4.0 solutions has brought about real-time quality assurance via an Automated Virtual Metrology (AVM) system. Real-time quality assurance is also expected to increase cutting machine tool penetration.
Restraints
High Cost to Hinder Trade of Metal Cutting Tools
- Many manufacturing companies are focusing on the automation of manufacturing operations within their facilities in order to reduce labour costs, improve productivity, and increase process optimization in their overall operations. However, the entire process necessitates the purchase, installation, and regular maintenance of all types of machinery costs alot. However, a severe cash crunch during and after the pandemic has created a significant impediment to market growth. Furthermore, difficulties in cross-border trade following the Ukraine-Russia conflict have exacerbated problems with raw material procurement, as well as increased market uncertainties and disruptions.
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Metal Cutting Tools Market Competitive Landscape
metal cutting tools market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Doosan and Okuma Corporation, two key market players, are attempting to bring innovative products to market. The growing number of manufacturers in the market is intensifying the global market's competitive landscape. As a result, key players are focusing on increased functional efficiency and capacity.
Top Player's Company Profiles
- Sandvik AB
- Kennametal Inc.
- Mitsubishi Materials Corporation
- Hitachi Metals, Ltd.
- Kyocera Corporation
- Ceratizit S.A.
- Seco Tools AB
- OSG Corporation
- Nachi-Fujikoshi Corp.
- Sumitomo Electric Industries, Ltd.
- Walter AG
- Iscar Ltd.
- IMC Group
- Guhring KG
- MAPAL Dr. Kress KG
- Tungaloy Corporation
- TaeguTec Ltd.
- Sumitomo Corporation
- LMT Onsrud LP
- KOMET GROUP GmbH
Recent Developments
- In May 2022, Sandvik AB, which operates as one of the prominent manufacturers of metal cutting, recently acquired Preziss, which deals as a developer of solutions for aluminum and composite machining.
- In March 2022, Sandvik Coromant announced the launch of CoroDrill 860-PM, which provide premium performance in drilling operations and also provide superior durability to tools, improving the operational life of the tools.
- In April 2022, Mitsubishi Materials Corporation Metalworking Solutions Company increased its product portfolio and introduced two double-sided inserts, which are a wiper type and precision grade M class type.
Metal Cutting Tools Key Market Trends
- In the recent past, novel technologies in the field of additive manufacturing have advanced and been introduced, gaining unprecedented market traction worldwide. Because of its effective time optimization and cost-effective manufacturing, 3D printing is expected to emerge as the future of prototype manufacturing across a wide range of industries. Furthermore, 30 printing offers advantages such as optimal raw material use, waste reduction, and ease of production of various complex geometries, which are expected to drive the market. The widespread use of 3D printing in the automotive industry, construction, apparel and bio-printing, medical devices, and robots is expected to drive future growth in the additive manufacturing industry.
Metal Cutting Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our metal cutting tools market analysis, in terms of product, the CNC Lathe Machines segment to Ald Growth of Market owing to high demand and in terms of application, Automotive segment Dominant the Market. Moreover, Increasing Adoption of Industry 4.0 enhances the market expansion. whereas, High Initial Investment & Fluctuating Raw Material Prices can hamper the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 75.97 billion |
| Market size value in 2031 | USD 115.85 billion |
| Growth Rate | 4.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metal Cutting Tools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metal Cutting Tools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metal Cutting Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metal Cutting Tools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metal Cutting Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metal Cutting Tools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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