Pune, India, August 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Cutting Tools Market.
Global Cutting Tools Market is estimated to reach a value of USD 25.8 Billion by 2026, registering a CAGR of 6.02% during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global cutting tools market is very dynamic and is expected to witness phenomenal growth over the forecast period. The growth of the cutting tools market is driven by several factors such as the use of cutting tools in manufacturing, demand for high-speed steel cutting tools, the growth of the end-use industries, and increasing demand for power tools in households. Cutting tools are highly efficient equipment for several major manufacturing processes. However, the growth of the market can be hindered due to the lack of skilled labor and the high cost of cutting tools.
Global Cutting Tools Market comprises many global and regional players. Hence, the wide presence of manufacturers of cutting tools makes the market extremely fragmented. The companies operating in this market have been adopting product development as a strategy to improve their position in the global market. High competition, rapid changes in technology, and cost-efficient products by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. These players need to offer cost-effective, superior technology, and aftermarket services to excel in the competitive market environment.
The growth of the market vendors depends on market conditions and economic development. Thus, they have been focusing on improving their products and expanding their regional presence through collaborations with online and offline distributors and retailers. The key players operating in the global cutting tools market include Kennametal Inc., OSG Corporation, ISCAR LTD, MAPAL, Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Klein Tools, Inc., ICS Cutting Tools, Inc., Snap-on, OTTO BAIER GmbH, Hilti Corporation, Sandvik AG, Ingersoll Cutting Tools, FRAISA SA, KYOCERA Cutting Tools Group, Asahi Diamond Industrial Co. Ltd, J SCHNEEBERGER Maschinen AG, Vollmer, CERATIZIT Group, and Hitachi Koki Co. Ltd. The major growth strategies adopted by these players are product development and expansion.
Among all the players, the manufacturers mentioned above are dominating the global market due to their enhanced product portfolios, vast industry experience, and wide geographic reach. Players with access to better technologies can develop unique and innovative products and services, which could render their competitor’s offerings obsolete. The competitive environment in the market is likely to intensify further due to the increasing product innovation efforts and partnerships between the cutting tools manufacturers and distributors and dealers during the forecast period. Moreover, in some instances, few of the companies are not involved in direct cutting tool manufacturing.
The cutting tools market has been segmented based on tool type, material type, application, and region. On the basis of tool type, solid round tools dominated the market with a share of 61.03%, and accounted for USD 10,373.06 million in 2019. The segment is projected to register a CAGR of 4.94% from 2020 to 2026.
Based on material type, cemented carbide dominated the market with a share of 45.76%. Having accounted for USD 7,777.91 million in 2019, the segment is projected to register the highest CAGR of 8.14% from 2020 to 2026.
Based on application, the automotive segment dominated the market with a share of 25.54%, and accounted for USD 4,340.37 Million in 2019. It is projected to register a CAGR of 5.33% from 2020 to 2026.
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Based on region, the report on the Global Cutting Tools Market has been segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa.
In 2019, Asia-Pacific dominated the cutting tools market with a 38.8% market share. Rapid growth in 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, and consumer products globally. Hence, the region is expected to register the highest CAGR of 8.12% and retain its leading position in the global market during the forecast period.
The Americas are home to a majority of the heavy industries. The cutting tools market in the region has a huge potential for growth in the future. The region is mature as far as investment in the automotive industry is concerned. The automotive industry is expecting a huge investment by several major market players due to the rising demand for passenger cars globally. This is expected to drive the cutting tools market in the region. Moreover, the increasing investments in the aerospace & defense industry are also expected to support the growth of the market in the Americas throughout the forecast period.