cutting tools market size is expected to hit USD 31 billion by the end of the year 2030 with a CAGR of 6.20 percent between 2022 and 2030
According to the latest research report, with a CAGR of 6.20% between 2022 and 2030, the cutting tools market size is expected to hit USD 31 billion by the end of the year 2030. In cutting tools, inserts or changeable tips are used, but solid circular devices are also available. The cutter of these tools is made of a distinct piece of material that is brazed, soldered, or fastened to the workpiece. Cutting tool inlays and solid circular devices are widely utilized in various sectors, including transportation, aerospace and military, building, and petroleum & gas.
Due to an increase in the need for 3d printering market growth is expected. It is possible to create three-dimensional items using a digital image in the additive manufacturing method. 3D printing in the aerospace and automobile industries allows for the fabrication of complicated geometries that would otherwise be difﬁcult to produce using conventional manufacturing methods. As a result, traditional manufacturing processes will be replaced by 3D printing in the future years, and the expenses of capital, feedstock, and reclaiming scrap will be significantly reduced.
This report contains all the information on the global cutting tools market analysis and the market strengths. The report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global cutting tools market forecast to 2030 is also included in the report.
Covid 19 Analysis
Tools that cut materials are employed to create and assemble many things. Therefore, shutdowns worldwide had a detrimental influence on the cutting tool sector. Nevertheless, because of the COVID-19 epidemic, the Asia-Pacific region is one of the world's leading makers of cutting tools, impacting the market expansion.
As a result of the disrupted supply chains, many industries have been adversely impacted. These range from automobiles to aerospace and military to building to electronics, oil and natural gas, electricity generation, woodworking, and die-and-molding. There has been a dramatic drop in sales for materials, particularly in nations that have been placed under quarantine. There is little doubt that a coronavirus epidemic has exacerbated the trade conflict between China and the United States. In response to government limitations on the importation and exportation of parts, most companies and material suppliers have been impacted.
Cutting Tools Market Dynamic
Demand for more production is prompting businesses to use cutting-edge equipment to improve efficiency, which allows them to achieve more extensive outputs in less time. As a result, cutting tools and DCS are finding new ways to work together. However, accuracy in cutting tools is critical, and a computerized plan ensures that there will be no compromises on that front.
Manufacturing industries all over the globe are expanding at a fast pace, which bodes well for the future of cutting tools in the industry. Furthermore, cutting tool utilization is predicted to increase tremendously in response to changing consumer requirements as the manufacturing industry develops. Therefore, since the projection period is extended, the cutting tools market oppertunities is anticipated to rise.
A notable restriction on the industry's expansion during the projected timeframe is the upfront cost, as well as high operating costs. In addition, metal cutting tool market development is hampered by a scarcity of competent metal cutting tool operators and an increase in daily rates.
To eliminate high temperatures, offer lubrication, reduce wear and corrosion, and enable chip removal, cutting fluids are essential for cutting tool manufacturers and industrial machinery manufacturers. However, cutting tools market growth is being stifled by environmental and health impacts of metal-cutting liquids in production environments. Regularly, these fluids expose machine workers to possible health risks. As a result, traditional alternatives are emerging due to continual and extensive r&d investments, together with the development of safety clothing for operators.
Cumulative Growth Analysis
Another important factor contributing to the expansion of the metal cutting tools customer base is building activity in developing economies in APAC. In addition, global demand for power tools is expected to expand due to transportation infrastructure in emerging countries like Indonesia and India.
The cities that will benefit from the Smart Cities Initiative program include each province's capitals and significant towns. Every municipality will get millions of dollars over the first 2 years to modernize its infrastructure.
Value Chain Analysis
The cutting tools market is broken down into many categories, including tool types, materials, applications, and geographies. The section of the indexable inserts is subdivided into solid round tools and solid round inserts. Subsegment indexable inserts include indexable milling & hole forming, indexable turning & boring, as well as indexable threading. In terms of market share, solid round tools are the most popular.
Cemented carbide had a 6 percent market share in 2019 and amounted to USD 25,8 billion in revenue. It is expected to grow at a CAGR of 6percent between 2020 and 2027.
In 2019, the automobile category had a 6 percent share of the market, accounting for USD 25.8 billion. CAGR of 6percent is predicted between 2020 to 2027 for the segment.
The market is segmented based on the tool types, materials, applications, and geographies. The global cutting tools market trends is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into Oil & Gas, Automotive, Die and Mold, Construction, Aerospace & Defence, Electronics, Power Generation, Wood, and Other.
The market is segmented into Indexable Inserts and Solid Round Tools based on the propulsion types.
The worldwide cutting tools market study has been broken down into the Americas, Europe, Asia-Pacific, and the Middle East & Africa regions based on geography. The Asia Pacific region dominates the worldwide cutting tool market share. The area is home to critical industrial sectors in machine tools, automobiles, electronics, and retail goods, among other sectors. The access to low raw materials and skilled labor in the area are other important factors influencing the development of the cutting tool market. Cutting tools are in high need in nations like India, China, and South Korea, where building and industry are booming.
Cutting tools market are becoming more popular in Europe. Cutting tool sales are pushed forward by the region's expanding automobile and energy production sectors. In addition, the increasing popularity of fuel-efficient automobiles and spare automobile parts in the area provides cutting tool markets value with many potential prospects.
Cutting tools market with several moving parts have a sizable market. The technological know-how and industrial experience of market players respond to this. Smaller batch quantities and tool modeling employing 3D and CAD-CAM technology allow for more versatility, notably in the die and mold manufacturing business.
Cutting tools are needed in almost every industry to make complicated CNC components that are correct. The market for cutting tools is expected to rise because of increased need from several sectors, including aerospace & military, agricultural, automobile, building, weapons, and electronics.
Major Key Players
Robert Bosch GmbH
Stanley Black & Decker, Inc.
Klein Tools, Inc.
ICS Cutting Tools, Inc
Snap-on, OTTO BAIER GmbH
The following report comprises –
Covid 19 Analysis
Cumulative Growth Analysis
Value Chain Analysis
This announcement was made on May 3, 2021, when Wilsonart Engineered Surfaces acquired Flagg Incorporated, a prominent wholesale distributor of construction and renovation products. Building, woodworking, and engineering goods and services are distributed by Flagg.
Key Market Segments
By Product Type
High-speed Steel (HSS)
Polycrystalline Diamond (PCD)
Cubic Boron Nitride (CBN)
By End-user Industry
Rest of Europe
Rest of Asia-Pacific
The Middle East
|Market Size||2030: USD 31 Billion|
|CAGR||6.20% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Tool Type, Material Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||Scope for growth in developing nations|
|Key Market Drivers||
The cutting tools market is poised to register 6.20% CAGR.
The market is poised to witness the earning of revenues worth around USD 31 Billion by 2030.
The major players are Sandvik AG, KYOCERA Cutting Tools Group, FRAISA SA, Asahi Diamond Industrial Co. Ltd., Stanley Black & Decker, Inc., Makita Corporation, Makita Corporation, Klein Tools, Inc., Stanley Black & Decker, Inc., ICS Cutting Tools Inc., OTTO BAIER GmbH, Snap-on Inc., Hilti Corporation, CERATIZIT Group, J SCHNEEBERGER Maschinen AG, Ingersoll Cutting Tools, Vollmer, and Hitachi Koki Co. Ltd.
The tool type based segments of the cutting tools market are indexable inserts and solid round tools.
The segments profiled on the basis of material type are cemented carbide, ceramics, high speed steel, stainless steel, cubic boron nitride, polycrystalline diamond, and exotic materials.
The segments of the cutting tools market are automotive, construction, aerospace & defense, electronics, power generation, oil & gas, wood, and die and mold.
The cutting tools market is supposed to be dominated by the automotive segment.