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

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.