Cutting Tools Market Research Report - Global Forecast until 2027

Cutting Tools Market Research Report: Information By Tool Type (Indexable Inserts(Indexable Turning & Boring, Indexable Milling, Indexable Hole making and Indexable Threading) and Solid Round Tools), By Material Type (Cemented Carbide, High-Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), By Application(Automotive, Aerospace & Defense, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and Others) - Forecast till 2027

ID: MRFR/IA - E/2710-CR | August 2020 | Region: Global | 192 pages

Cutting Tools Market Overview


Cutting Tools Market in terms of value is estimated to reach USD 25.8 Billion by 2027, registering a CAGR of 6% during the forecast period.


Cutting tools are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded, or clamped on to the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defense, construction, and oil and gas.


Synopsis


Cutting Tools Market has been segmented based on Tool Type, Material Type, Application, and Region. Cutting tools are the tools that are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded or clamped on to the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defense, construction, and oil and gas.


Key Competitors


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.


Segmentation


Cutting Tools Market has been segmented based on tool type, material type, application, and region. On the basis of tool type, the solid round tools segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. It is projected to register a CAGR of 6% from 2020 to 2027.


Based on material type, the cemented carbide dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is projected to exhibit the highest CAGR of 6% from 2020 to 2027.


Based on application, the automotive segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is expected to register a CAGR of 6% from 2020 to 2027.


Regional Analysis


Based on region, the report on the global cutting tools market has been segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa.


Global Cutting Tools Market, by Region, 2019


Cutting Tools Market


Source: MRFR Analysis


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, 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.


Market Segmentation



  • By Tool Type- Indexable Inserts (IndexableTurning & Boring, Indexable Milling, Indexable Holemaking and Indexable Threading) and Solid Round Tools)

  • By Material Type- Cemented Carbide, High-Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride, and Exotic materials

  • By Application- Automotive, Aerospace & Defence, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold, and Other


Key Questions Addressed by the Report

  • What is anticipated to be the rate of expansion of the cutting tools market?

  • By 2026, what is anticipated to be the value of revenues earned?

  • Who are the major players in the cutting tools market?

  • Based on tool type, what are the segments of the cutting tools market?

  • By material type, which segments of the cutting tools market are profiled?

  • By application, name the segments of the cutting tools market.

  • Which application segment is anticipated to dominate the cutting tools market?



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 25.8 Billion
  CAGR   6% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • Use of cutting tools in manufacturing
  • Demand for high-speed steel cutting tools
  • Growth of the end-use industries
  • Increase in use of power tools in households


  • Frequently Asked Questions (FAQ) :


    The cutting tools market is poised to register 6.69% CAGR.

    The market is poised to witness the earning of revenues worth around USD 28.7 Billion by 2027.

    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.