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 2030

Cutting Tools Market Overview

Cutting Tools Market in terms of value is estimated to reach USD 31 Billion by 2030, registering a CAGR of 6.20% during the forecast period 2022-2030.

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

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	2030: USD 31 Billion 2030 : Significant value
CAGR	6.20% CAGR (2022-2030)
Base Year	2021
Forecast Period	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	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

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