Nov 08, 2019 (AB Digital via COMTEX) -- The Global Metal Cutting Tools Market is expected to be valued at USD 23,013.2 Million by 2024, with a CAGR of 6.51% during the forecast period (2019–2024).
The report covers segmentations and drivers for a better glimpse of the market in the coming years. The cutting tools ensure effective manufacturing of critical and intricate components with ease and utmost precision. These cutting tools form an indispensable aspect of machine tools that are either numerically or conventionally controlled. The cutting tool inserts are used in applications, such as threading, milling & shearing, parting & grooving and drilling & boring. The growth of the cutting tools market is driven by various factors such as growing demand from various industry verticals such as automotive, aviation, and oil and gas and growing market for high-speed steel cutting tools. However, the growth of the market can be hindered due to the lack of skilled labor and high cost of titanium carbide alloy tools and other cutting tools.
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Some of the prominent players in the global metal cutting tools market are Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany), Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China), Kennametal Inc. (US), OSG Corporation (Japan), ISCAR LTD (Israel), MAPAL Dr. Kress KG (Germany), Makita Corporation (Japan), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Klein Tools, Inc. (US), ICS Cutting Tools, Inc. (US), Snap-on Incorporated (US), Hilti Corporation (Schaan, Liechtenstein), Sandvik AG (Sweden), Ingersoll Cutting Tools (US), FRAISA SA (Switzerland), KYOCERA Cutting Tools Group (Japan), Asahi Diamond Industrial Co. Ltd. (Japan), J SCHNEEBERGER Maschinen AG (Switzerland), Vollmer (Germany), CERATIZIT Group (Luxembourg), and Koki Co. Ltd. (Japan).
Koki Holdings Co., Ltd invests in developing new products and technology, improving its distribution network, and enhancing its digital capabilities to market its products over the next few years with the objective to gain higher returns on its invested capital. It focuses on acquisitions to increase its global footprint. For instance, the company strategizes on forming strategic alliances with the global start-ups for improving its position in the cutting tools market.
Robert Bosch GmbH is consistently expanding its product range of professional garden tools, cutting tools, and others. It focuses on investing in product development and product launches to extend its product line and offer competitive power tools to clients, all over the world. The company focuses on developing new solutions, with focus on improving overall performance. It strategizes to form cordial relationships with many large companies who enable it to accelerate its growth by delivering a value proposition aligned with the customer’s needs.
The Global Metal Cutting Tools Market is segmented based on tool type, material type, application, and region. On the basis of tool type, the global market has been segmented into solid round tools and indexable inserts. On the basis of material type, the global market in this report has been segmented into cemented carbide, high speed steel, stainless steel, ceramics, polycrystalline diamond, cubic boron nitride, and exotic materials. On the basis of application, the global market has been segmented into automotive, aerospace & defence, construction, electronics, oil & gas, power generation, wood cutting, die and mold, and others.
On the basis of tool type, the solid round tool segment is projected to witness significant growth during the forecast period due to the growing adoption of solid round tool for various industrial applications, such as solid carbide drilling, milling, HSS tapping, reaming and threading. Hence, the high versatility and adaptability of the solid round tools are expected to drive the solid round tools segment during the forecast period.
On the basis of material type, the high speed steel segment is experiencing a phenomenal growth over the forecast period. The high-speed steel (HSS) is widely used in cutting tools, such as, drills, taps, milling cutters, tool bits, gear cutters, saw blades, planer and jointer blades, and router bits. High speed steel tools are the most popular for the use in woodturning, as the speed of movement of the work past the edge is relatively high for handheld tools, and HSS holds its edge far longer than high carbon steel tools can. Due to such features, the high-speed steel segment in the global cutting tools market is projected to witness robust growth during the forecast period.
On the basis of application, the aerospace & defense segment was the second largest market in 2018 and is projected to witness a significant growth during the forecast period. The high advancements in the aerospace & defense and the growing budget investment in the major economies are expected to propel the demand of cutting tools in the aerospace & defense applications.
Geographic analysis of the global metal cutting tools market spans across Americas, Europe, Asia Pacific (APAC), and Middle East & Africa
In 2018, Asia-Pacific was the leading market with a market value of USD 6,127.3 million. The regional market value is expected to reach USD 9,730.5 Million by 2024 with an impressive 8.12% CAGR during the forecast period.
In 2018, Asia-Pacific dominated the global cutting tools market with 38.6% market share. Rapid growth in the construction and manufacturing in countries such as China, India, and South Korea is expected to increase the demand for cutting tools in the coming years. Moreover, the region is home to one of the largest manufacturing industries for machine tools, automotive, electronics, consumer products and others, globally. Hence, the region is expected to witness the highest CAGR of 8.12% and retain its leading position in the global market during the forecast period.
South Africa, the UAE, and Saudi Arabia are the major contributors of the cutting tools market in the Middle East & Africa. They account for most of the construction and manufacturing activities in the region. Moreover, there is an increasing scope for the growth of the oil and gas industries, which is among the key factors driving the cutting tools market in the region during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key Questions Addressed by the Report
What was the historic market size (2017)?
Which segmentation (Tool Type/Material Type/Application) is driving market?