USD 5891.68 million
Turning Tools Market Size, Share, Growth Analysis, By Type(Rough turning tools, and Finish turning tools), By Application(Conventional lathe machines, and CNC lathe machines), By End user(Automotive, Electronics & electrical, Aerospace, Construction & mining), By Product(Boring, Inserts, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2180 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
117
|Figures:
75
Turning Tools Market Insights
Global Turning Tools Market size was valued at USD 5891.68 million in 2022 and is poised to grow from USD 5440.15 million in 2023 to USD 12,075.22 million by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).
The increasing use of industrial switching equipment is one of the major reasons for the growth of the switching equipment market. Additionally, another important market trend is the high level of automation across various end-user industries. Additionally, a key driver for the growth of the business is e-commerce platforms offering conversion tools at affordable prices.
The emergence of e-commerce platforms helps to increase the geographical scope of conversion equipment manufacturers, leading to an increase in the overall dimensions of conversion equipment market Apart from the growth in industrial production, as well as demand regarding product quality encourages manufacturers to look for advanced machine tools One of the main reasons expected is the increasing use of turning machines, especially in the industrial sector. In addition, these conversion tools are used in the automotive, aerospace, rail, furniture & carpentry, power & energy, and healthcare device industries.
The increasing use of industrial switching equipment is one of the major reasons for the growth of the market. Additionally, another important market trend is the high level of automation across various end-user industries. Additionally, a key driver for the growth of the business is e-commerce platforms offering conversion tools at affordable prices. The emergence of e-commerce platforms helps to increase the geographical presence of conversion equipment manufacturers, raising the overall conversion equipment market outlook.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Inserts
Fastest Growth
Growth Rate
8.3% CAGR
Global Turning Tools Market ($ Bn)
Country Share for North America Region (%)
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Turning Tools Market Segmental Analysis
On the basis of type, the market is divided into rough turning tools and finish turning tools. On the basis of application, the market is divided into conventional lathe machines and CNC lathe machines. On the basis of end user, the market is divided into automotive, electronics & electrical, aerospace, construction & mining, and others. On the basis of product type, the global turning tools market is segmented into boring, inserts and others. Region-wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
Analysis by Type
The market dominance of rough turning equipment may depend on the specific needs of the manufacturers and the business. Projects focused on rapid removal may emphasize complex equipment turnarounds, while projects focused on finished equipment turnarounds may prioritize Equipment as they are used to convert market trends may be influenced by factors such as technology, technological development, economic development in particular areas.
Finishing tools segment play a unique role in the machining process in the rotating tool market, each contributing to different stages of manufacturing. We discuss the role of both and consider the factors that may affect their dominance in the market. Rotating tools are used primarily in the early stages of machining to ensure rapid and efficient removal of excess material. They are designed to handle higher cutting.
Analysis by Product
The boring type of segment dominated the power conversion equipment market. Boring, also known as internal modification, is used to increase the diameter of the hole. The use of boring systems in drilling and casting to achieve sizing, straightness and concentration will be key to the growth of this market segment and this segment is expected to grow rapidly during the forecast period. The inserts used in conversion tools come in various sizes. The circular insert is used to enhance edge strength while the diamond-shaped insert provides a sharp surface for subtle cutting or increasing the number of edges.
Generally, the inserts segment used are made of carbide and other materials, although ceramic and diamond inserts are used in complex applications. The inserts segment is expected to contribute significantly during the forecast period.
Global Turning Tools Market By Product
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Turning Tools Market Regional Insights
North America is expected to dominate the global market during the forecast period. This is due to increased production capacity and increased demand from automobile plants in the region. The growing aerospace and automotive industries in the region are expected to boost the demand for turning tools in the region. Furthermore, the demand for the product is expected to increase with the rise in the capacity of various manufacturers, higher consumption of resources and higher levels of economic growth. During the forecast year 2024-2031, United States is estimated to be the major market. The region is expected to witness growth in construction and construction industry due to rising population, rise in per capita income and improvement in living standards The demand for comfort products has increased and is accelerating the growth of the global turning tools market.
The Asia-Pacific region dominates the global market. The steadily increasing traffic in countries such as China and India, as well as manufacturing sectors are driving the market growth in the APAC region. This region is expected to witness the fastest growth during the forecast period. Infrastructure in the automotive and mining industries is fueling the market demand in the region. Asia-Pacific accounted for the largest share of global converter market share in terms of revenue by 2021, driven by growth in automotive and construction equipment manufacturers, which is expected to drive the market demand has increased.
Global Turning Tools Market By Region
- Largest
- Fastest
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Turning Tools Market Dynamics
Drivers
Improvements in Infrastructure and Technology
- The demand for factory automation is driving the increasing use of intelligent manufacturing technologies in manufacturing and processing. This is due to advantages such as increased productivity, productivity and a strong workforce that is easy to manage. Manufacturing and machine operations will see a paradigm evolve from traditional methods to intelligent, integrated and flexible machine systems.
Risin the Use of Cutting Equipment's
- Manufacturers can benefit from operational savings, energy efficiency, enhanced and automated virtual metering, and improved human-machine interfaces using Industry 4.0 solutions. Optimal precautions are essential in construction work and are directly related to the equipment used. The implementation of Industry 4.0 solutions has resulted in real-time quality assurance through the Automated Virtual Metrology (AVM) system. Real-time quality assurance is also expected to increase the use of cutting equipment.
Restraints
High Cost to Prevent Metal Cutting Equipment Operations
- Many manufacturers focus on automation of manufacturing operations in their facilities to reduce labor costs, improve efficiency, and increase process optimization in overall operations; however, the entire process requires purchase, or establishment, and much damage is done to all kinds of machinery.
Higher Risk of Economic Crises
- The severe economic crisis during and after the pandemic has created a significant obstacle to market growth. Furthermore, challenges in cross-border trade in the aftermath of the Ukraine-Russia conflict have exacerbated problems in raw material procurement, as well as increasing market uncertainty and tension.
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Turning Tools Market Competitive Landscape
The competitive environment of the global Turning Tools market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global Turning Tools market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority.
Top Player’s Company Profiles
- 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 leading manufacturers of steel cutters, recently acquired Prezis, which operates as an integrated aluminum and machining solution.
- In August 2022, Sandvik Coroment announced the introduction of the CorroDrill 860-PM, which offers higher productivity in drilling operations as well as higher tool durability, improving tool service life.
Turning Tools Key Market Trends
Launch of New Products
- Large players have adopted various strategies such as product launches and acquisitions to maintain competitiveness and improve their brands. For example, in March 2022, ISCAR LTD. delivered a new generation of ISO-Turn inserts for the rail industry designed to complete a wide range of equipment from light to heavy. This is aimed at improving productivity.
Turning Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The increasing global population has led to a sharp rise in the demand for private and public transportation. According to the U.S. According to the Department of Transportation, there will be more than 274 million vehicles on the roads in the United States by 2020. This number of vehicles on the road has led to a significant increase in the number of garages and parking lots, as they need to be maintained in safe working conditions. An increase in the number of garages and service stations, thus demanding a change in the market perception of equipment. These vehicles are typically used in garages and auto repair shops for maintenance and repair to extend the life of the vehicles. Furthermore, turning tools cost less and require less maintenance, making them ideal for small business use.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5891.68 million |
| Market size value in 2031 | USD 12,075.22 million |
| Growth Rate | 8.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| 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 Turning 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 Turning 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 Turning 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 Turning 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 Turning Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Turning 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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