Global Metal Cutting Tools Market Research Report – Forecast till 2032

Global Metal Cutting Tools Market Research Report Information By Material Type (Cemented Carbide, High-Speed Steel, Ceramics, Polycrystalline Diamond, and Others), By Application (Milling, Turning, Drilling, and Others), By Industry (Automotive, Aerospace & Defense, Construction, Oil & Gas, Power Generation, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032

ID: MRFR/IA - E/6687-CR | 187 Pages | Author: Snehal Singh | July 2019         

Metal Cutting Tools Market Speak to Analyst Request a Free Sample

Metal Cutting Tools Market Trends


Global Metal Cutting Tools Market Size was valued at USD 65.5 Billion in 2022. The Metal Cutting Tools market Material Type is projected to grow from USD 70.0 Billion in 2023 to USD 117.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.73% during the forecast period (2023 - 2032). Industry 4.0 adoption is rising, and interest in additive manufacturing is expanding significantly, are the key market drivers enhancing the market growth


Metal Cutting Tools Market Trends


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Metal Cutting Tools Market Trends


Increasing adoption of industry 4.0 is driving the market growth


The metal cutting sector has been significantly impacted by the introduction of sector 4.0. Industry 4.0 adoption in the metal cutting sector has sparked the creation of intelligent cutting tools that can interact with other machines, gather data, and make adjustments to improve performance. These devices have real-time cutting process monitoring capabilities and can change their speed, feed, and other settings to optimise cutting. This leads to higher productivity, decreased waste, and improved accuracy. Manufacturers may now employ data analytics to find trends, patterns, and anomalies in their production processes thanks to Industry 4.0. This aids manufacturers in streamlining their procedures and locating potential improvement areas. Predictive analytics can also assist producers in foreseeing the need for maintenance, minimising downtime and boosting production. Additionally, quality control, which is closely tied to the tools used in manufacturing, is important. A real-time quality assurance process is now possible thanks to the implementation of Industry 4.0 technology and an Automated Virtual Metrology (AVM) system. The penetration of metal cutting tools is anticipated to rise as a result of real-time quality assurance.


The COVID-19 pandemic's production standstill had a huge impact on the metal cutting sector. Manufacturing production was hampered, which decreased demand for metal cutting products. Many nations implemented lockdowns and social distance restrictions. Due to a slowdown in orders, supply chain delays, and a labour shortage, many businesses in the metal cutting sector were forced to temporarily halt their operations or limit their capacity. The metal cutting industry saw a reduction in sales and profitability as a result. Additionally, the pandemic's unpredictability and volatility decreased investment in this sector. Due to the hazy economic outlook, many businesses were forced to postpone their capital purchases, which further decreased demand for metal cutting products. But as the economic situation has slowly improved, manufacturing activity has increased, which has resulted in a rebound in the market for metal cutting products. In addition to establishing new safety procedures, enhancing their digital capabilities, and investigating new markets, many metal cutting enterprises have also adjusted to the new norm.


The increasing use of sophisticated materials, such as ceramics, polycrystalline diamond (PCD), and cubic boron nitride (CBN), is another significant trend in the market for cutting tools. Compared to common tools like high-speed steel (HSS) and carbide, these materials have higher hardness, wear resistance, and temperature stability. The capacity of innovative materials to improve cutting tool performance, increase tool life, and lower machining costs is what drives the need for them. Cutting tools made of cutting-edge materials allow firms in the automotive sector to efficiently machine high-strength materials like composites and titanium. Similar to this, the aerospace sector uses cutting tools made of cutting-edge materials to produce complicated components at higher machining speeds and with more precision. Thus, driving the Metal Cutting Tools market revenue.


Metal Cutting Tools Market Segment Insights:


Metal Cutting Tools Material Type Insights


The global Metal Cutting Tools market segmentation, based on Material Type, includes cemented carbide, high-speed steel, ceramics, polycrystalline diamond, and others. Cemented carbide segment dominated the global market in 2022. The extraordinary hardness, wear resistance, and high-temperature strength of carbide-cutting tools are well known. They are often employed in processes like milling, drilling, turning, and threading that involve working with metal.


Metal Cutting Tools Application Insights


The global Metal Cutting Tools market segmentation, based on Application, includes milling, turning, drilling, and others. Milling segment dominated the global market in 2022. In the manufacturing of engine parts, body parts, and other components, milling is a process that heavily uses cutting tools.


Metal Cutting Tools Industry Insights


The global Metal Cutting Tools market segmentation, based on Industry, includes automotive, aerospace & defense, construction, oil & gas, power generation, and others. Automotive segment dominated the global Metal Cutting Tools market in 2022. One of the key elements influencing the market's growth is the development and production of numerous automotive components for contemporary and high-end automobiles. The demand for efficient metal cutting tools is rising as a result of automotive components such gearboxes, contemporary disc brakes, and clutch plates. In addition, strong demand from a variety of industries, including aerospace, construction, and food & beverage, is a contributing factor to increased demand for industrial machinery.


Figure 1: Global Metal Cutting Tools Market, by Industry, 2022 & 2032 (USD Billion)


Metal Cutting Tools Market, by Industry, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Metal Cutting Tools Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Metal Cutting Tools Market dominated this market in 2022 (45.80%). This is because the nation is undertaking an expanding number of fabrication and building projects, which is fueling market expansion. The market in Canada is expanding, though, as a result of increased investment from major market players in that nation's metal cutting tool sector. Further, the U.S. Metal Cutting Tools market held the largest market share, and the Canada Metal Cutting Tools market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: GLOBAL METAL CUTTING TOOLS MARKET SHARE BY REGION 2022 (USD Billion)


METAL CUTTING TOOLS MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Metal Cutting Tools market accounted for the healthy market share in 2022. This expansion is linked to Germany's growing industrial and manufacturing sectors. Additionally, the U.K., France, and Italy are anticipated to produce greater income during the projected period because they are following Germany's economic path. The Nordic countries, the Netherlands, and the central European countries, which are included in the rest of Europe, are growing slowly since there are fewer market prospects in this area. Further, the German Metal Cutting Tools market held the largest market share, and the U.K Metal Cutting Tools market was the fastest growing market in the European region


The Asia Pacific Metal Cutting Tools market is expected to register significant growth from 2023 to 2032. This is a result of rising demand from sectors like the construction, automotive, and food and beverage industries. Rising government efforts to support electric vehicles are also anticipated to accelerate market growth. For instance, China has prohibited the construction of new traditional vehicle manufacturing facilities, and local governments there have mandated a production quota for electric vehicles (EVs) for all manufacturers. Moreover, China’s Metal Cutting Tools market held the largest market share, and the Indian Metal Cutting Tools market was the fastest growing market in the Asia-Pacific region.


Metal Cutting Tools Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Metal Cutting Tools market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Metal Cutting Tools Industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Metal Cutting Tools Industry to benefit clients and increase the market sector. In recent years, the Metal Cutting Tools Industry has offered some of the most significant advantages to medicine. Major players in the Metal Cutting Tools market, including Fanuc America Corporation, Hitachi Metals, Amada Machine Tools Co. Ltd., Tungaloy Corporation, BIG Kaiser Precision Tooling Inc., Tiangong International Co., Sandvik, Komatsu Ltd., Ingersoll Cutting Tool Company, Kennametal, and Doosan Machine Tools Co. Ltd., are attempting to increase market demand by investing in research and development operations.


A high-tech engineering firm with a focus on industrial processes and material technologies is called Sandvik AB (Sandvik). The company's main goods and services include furnace products and heating systems, stainless steel and titanium, mining and rock extraction equipment, cutting tools and tooling systems, and digital manufacturing solutions. The company serves a number of industries, including nuclear power generation, oil and gas, process industry, renewable energy, mining, aerospace, automotive, construction, general engineering, and mining. Through a network of direct sales representatives and distributors in the Americas, Europe, Africa, the Middle East, and Asia-Pacific, the corporation offers its products. The headquarters of Sandvik are in Stockholm, Sweden. Preziss, a provider of solutions for composite and aluminium machining, was purchased by Sandvik AB in May 2022.


Aluminium, metals, electronic materials and components, advanced materials and tools, energy, cement, and recycling are just a few of the many industries that Mitsubishi Materials Corp. (MMC), a diversified materials maker, engages in. It makes products made of aluminium, cement, ready-mixed concrete, sophisticated materials, electronic components, and chemicals. It also produces gold, silver, and copper. The business also provides services linked to energy, the environment, and recycling. Through Japan's Central Research Institute and Naka Energy Research Laboratory, the corporation also conducts R&D efforts. The business provides services to the engineering, automotive, and electronics industries. The corporation has operations in America, Europe, and Asia-Pacific. MMC's main office is in Tokyo, Japan's Chiyoda-Ku district. Precision grade M class type and wiper type double sided inserts were added to the product line by Mitsubishi Materials Corporation Metalworking Solutions Company in April 2022.


Key Companies in the Metal Cutting Tools market include



Metal Cutting Tools Industry Developments


August 2022: Sandvik purchased P. Rieger Werkzeugfabrik AG and Sphinx Tools Ltd, a producer of precision solid round tools based in Switzerland. Sandvik aims to improve its position in the market for round cutting tools with this acquisition.


June 2022: Milwaukee Tools unveiled its cutting-edge wrecker combined with NITRUS CARBIDE SAWZALL Blad, which is perfect for use in remodelling and demolition tasks at building sites and is designed to work more effectively on a wide range of metals.


Metal Cutting Tools Market Segmentation:


Metal Cutting Tools Material Type Outlook



  • Cemented Carbide

  • High-Speed Steel

  • Ceramics

  • Polycrystalline Diamond

  • Others


Metal Cutting Tools Application Outlook



  • Milling

  • Turning

  • Drilling

  • Others


Metal Cutting Tools Industry Outlook



  • Automotive

  • Aerospace & Defense

  • Construction

  • Oil & Gas

  • Power Generation

  • Others


Metal Cutting Tools Regional Outlook


North America


  • US

  • Canada


Europe


  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe


Asia-Pacific


  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific


Rest of the World


  • Middle East

  • Africa

  • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 65.5 Billion
Market Size 2023 USD 70.0 Billion
Market Size 2032 USD 117.7 Billion
Compound Annual Growth Rate (CAGR) 6.73% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Material Type, Application, Industry, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Fanuc America Corporation, Hitachi Metals, Amada Machine Tools Co. Ltd., Tungaloy Corporation, BIG Kaiser Precision Tooling Inc., Tiangong International Co., Sandvik, Komatsu Ltd., Ingersoll Cutting Tool Company, Kennametal, and Doosan Machine Tools Co. Ltd.
Key Market Opportunities  Broader scope in developing nations
Key Market Dynamics  Increasing adoption of industry 4.0 and substantial growth in popularity of additive manufacturing




Frequently Asked Questions (FAQ) :

The global Metal Cutting Tools market size was valued at USD 65.5 Billion in 2022.

The global market is projected to grow at a CAGR of 6.73% during the forecast period, 2023-2032.

North America had the largest share in the global market

The key players in the market are Fanuc America Corporation, Hitachi Metals, Amada Machine Tools Co. Ltd., Tungaloy Corporation, BIG Kaiser Precision Tooling Inc., Tiangong International Co., Sandvik, Komatsu Ltd., Ingersoll Cutting Tool Company, Kennametal, and Doosan Machine Tools Co. Ltd.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid