Metal Cutting Tools Market Research Report: Information by Tool Type (Indexable Inserts and Solid Round Tools), Material Type (Cemented Carbide, High-Speed Steel, Stainless steel, Ceramics, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), Application (Automotive, Aerospace & Defence, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and others) – Forecast till 2028

Metal Cutting Tools Market Overview

Metal Cutting Tools Market is projected to be worth USD 110.48 Billion by 2028, registering a CAGR of 6.73% during the forecast period (2021 - 2028)., The market was valued at USD 82.17 billion in 2020.

The growth of the cutting tools market is driven by various factors such as growing demand from industries, increasing demand for power tools for DIY and households, and growing market for high-speed steel cutting tools. However, the growth of the market can be hindered due to the high cost of carbide tools.

In 2018, the market was led by Asia-Pacific followed by Americas and Europe, respectively. 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 in Asia-Pacific. Moreover, Asia-Pacific is home to one of the largest manufacturing industries, such as automotive, electronics, and consumer products. Hence, the region is expected to witness the highest CAGR and retain its leading position in the global market during the forecast period.

The cutting tools market in Europe is expected to grow at a significant pace during the forecast period, mainly due to the increase in adoption of advanced technology and increase in import and export activities in the region. Europe is the hub of major automobile manufacturers such as Audi, BMW, and Volvo, which also fuels the growth of the market. Moreover, increasing renovation of existing infrastructure is expected to provide a boost to the growth of the market. The UK, Germany, France, and Spain are the major contributors to the growth of the cutting tool market in Europe.

Segmentation

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, in 2018, the global metal cutting tool market was led by the solid round tools segment followed by the indexable inserts segment. The market for indexable tool inserts has witnessed rapid growth due to development in the manufacturing sector along with the adoption of advanced working tools, such as computer-aided design (CAD) and computer aided manufacturing (CAM) to design indexable inserts.

On the basis of material type, in 2018, the cemented carbide segment accounted for the largest market share and projected to maintain the same position throughout the forecast period. The rise in the automotive component manufacturing activities across the globe is among the key reasons anticipated to propel the demand for cemented carbide during the forecast period, which is likely to boost the metal cutting tool market.

On the basis of application, the automotive segment holds the largest market share over the forecast period. The development of carbon fiber and other advanced materials to manufacture lightweight vehicles and development of electric vehicles, are expected to boost the manufacturing of the automotive sector. Furthermore, the automotive industry is rapidly growing across the globe. Such factors raise the demand for cutting tools in automotive applications.

Regional Analysis

On the basis of region, the global metal cutting tools market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).

Key Competitors

The key players of 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)

Global Metal Cutting Tools Market, by Region, 2018

 

Source: MRFR Analysis

The Americas is 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 investments in automotive industry are concerned. The automotive industry is expecting huge investments 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 growing investments in the aerospace and defense industries are also expected to support the growth of the market in the Americas throughout the forecast period.

Synopsis

The global metal cutting tools market is segmented based on tool type, material type, application, and region.In 2018, the global market was led by Asia­-Pacific followed by the Americas and Europe. Whereas, the US, Canada, Mexico, and Brazil are the major contributors to the Americas tool market throughout the forecast period.

Market Segmentation

• By Tool Type – Indexable Inserts and Solid Round Tools

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

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

Key Questions Addressed by the Report

• What was the historic market size (2019)?


• Which segmentation (Tool Type/Material Type/Application) is driving market?


• What will be the growth rate by 2028?


• How are the key players in this market?


• What are the strategies adopted by key players?

Report Scope:

Report Attribute/Metric	Details
Market Size	2028: USD 110.48 Billion
CAGR	6.73% CAGR (2021-2028)
Base Year	2020
Forecast Period	2021-2028
Historical Data	2019
Forecast Units	Value (USD Million)
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	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)
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Drivers	Growing demand from industries Increasing demand for power tools for DIY and households Growing market for high-speed steel cutting tools

Frequently Asked Questions (FAQ) :

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