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

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.