What is the global market size of Metal Cutting Tools Market?

Metal Cutting Tools Market size was valued at USD 73.29 billion in 2021 and is poised to grow from USD 75.97 billion in 2022 to USD 106.5 billion by 2030, growing at a CAGR of 4.8% in the forecast period (2023-2030).

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 2025-2032

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 79.62 Billion in 2023 and is poised to grow from USD 83.44 Billion in 2024 to USD 121.41 Billion by 2032, growing at a CAGR of 4.80% during the forecast period (2025-2032).

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.

Metal Cutting Tools Market Report Snapshots

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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 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 market's competitive landscape. As a result, key players are focusing on increased functional efficiency and capacity. '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'

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.

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.

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 market.

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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 2025-2032

Metal Cutting Tools Market Insights

Metal Cutting Tools Market Report Snapshots

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