ID: MRFR/IA - E/6687-CR | July 2019 | Region: Global | 187 Pages
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)
$110.48 Billion
6.73%
North America
2021-2028
The metal cutting tools market size is expected to attain a global market value of USD 110.48 Billion to attain a global CAGR of 6.73% during 2022-2030. The structural and design changes and the increasing trend of light-weighting in passenger cars and trucks, which is a result of the stringent emission norms, are likely to create a significant demand for the market during the forecast period 2022-2030.
Before the lockdown and pandemic hit the assembling enterprises, the global metal cutting tools market witnessed a significant demand and rising market momentum. The abrupt spread of COVID 19 in the form of a pandemic similarly affects the foreign investments and inflows from global companies in various market regions. The lack of skilled labor, resources, and investment is further hampering the market's ability and hence, creating more havoc and issues for the market during the forecast period ending in 2027.
The Covid 19 has short, long stretch effects that lead to the crisis on the business chain, especially manufacturing and distribution channels. The legal constraints were that the client isn't demanding the market products and is altering its way of living and lifestyle preferences. It is further challenging the ability of the market producers and manufacturers. Many restricted extension undertakings have shown up during the time. Still, the rising investment in research and development will help the market grow as predicted during the forecast period.
The onset of COVID-19 affected the metal-cutting tools market briefly, and demand remained reassuringly dynamic & constantly changing. In such situations, agility to respond to market changes became more important than ever in post-pandemic periods. Emkay adopted advanced technologies to respond to the vast demand for metal-cutting tools from the heritage industry.Â
There has been a substantial increase in the adoption of industry 4.0, which is one of the major factors driving the global growth of the metal cutting tools market. Rapid industrialization and urbanization in developing and developed countries such as India, China, Brazil, the U.S., the U.K., Mexico, and Canada have boosted the growth of various industries such as Metal, manufacturing, and aerospace & defense industries. This, in turn, is expected to boost the demand for metal cutting tools during the forecast period. In addition, an increase in population, rise in disposable income, the surge in employment rate, and improvement in the standard of living in countries such as India, China, Mexico, Canada, Russia, Malaysia, and Thailand have resulted in the growth of manufacturing industries. It has accelerated the demand for metal cutting tools. Furthermore, additive manufacturing, industrial automation, computerized numeric control (CNC), computer-aided manufacturing (CAM), and 3D printing have significantly reduced material cost and capital cost, positively impacting the demand for metal cutting tools.
Also, the advent of alternative manufacturing processes is driving the growth of this market during the forecast period.
However, high initial cost and high operating and maintenance cost is a key restraint, which is expected to hinder the market's growth during the forecast period. In addition, the lack of skilled personnel to operate machines equipped with metal cutting tools and a rise in daily wages hamper the growth of the metal cutting tool market. Furthermore, the growth of the equipment rental market has decreased the demand for new equipment, which, in turn, is expected to decrease the demand for metal cutting tools shortly, thereby limiting the market growth.
The cutting tools market of metals includes various market products like magnesium, aluminum, cast iron, zinc, and stainless steel, amongst others, emerging as the top material types considered and covered in the market report for the ongoing forecast period. However, the most famous market material type is cast iron, which emerged as the top-performing market segment in the historic forecast period that ended in 2019. It has the highest share of more than an aggregate of 60% and can also attain a decent growth rate of 6.70% in the upcoming years, as a part of the forecast period ending in 2027. Cast iron, as a market product, is primarily used in a series of applications including gas burners, engine blocks, housings, manifolds, railroad brake shoes, enclosures, hydraulic components, and others like automobile door hinges, and connecting rods, amongst the others like farm and construction machinery alongside sprockets as well.
The market's excellent performance is resulting in the expansion of the metal casting industry along with excellent opportunities during the forecast period that will be ending in 2027. The market includes the following market segments:
The global metal cutting tool market is segmented into product type, material, end-user industry, and region. The market is differentiated into turning tools, drilling tools, milling tools, and rotary tools by product type. Based on material, it is segregated into cemented carbide, carbon steel, high-speed steel (HSS), polycrystalline diamond (PCD), ceramics, stellite, cubic boron nitride (CBN), cast alloys. Depending on the end-user industry, it is fragmented into construction, aerospace & defense, Metal, marine, manufacturing, electronics, and energy. It is analyzed regionally, across prominent participants like North America, Asia-Pacific, Europe, and LAMEA.
The Asia Oceania region is projected to be the most significant and fastest-growing metal casting market during the forecast period ending in 2027. The market is expected to establish domination in volume and value during the ongoing review period. The Asia Oceania region will likely emerge as the most promising Metal Casting Market in the upcoming eight years. The main reason behind this is the increased production of passenger cars and electric vehicles to cater to the rising demand for the same in the global region.
KnKut Drill Bits offers a wide variety of tough and dependable metal cutting tools, drill bits, reamers, taps, and die sets. KnKut manufactures all of its drill bits and cutting tools in the US, giving it a competitive advantage by allowing strict quality control over the raw material supply to develop and launch products.
The prominent players of the market that are helping in the expansion of the metal cutting tools market share are:
The metal cutting tools market report covers the overall market functioning and discusses the potential of the global market from a series of market aspects. The global market report covers the following market aspects:
The report discusses the factors that will lead to the expansion of the metal cutting tools market and give rise to global competition. The report predicts the CAGR growth and the attainable market revenue for 2021-2027.
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 6.73% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
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 |
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Tool type, material type, application
North America, Europe, Asia-Pacific (APAC) are the regions highly productive in terms of valuation for market.
Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China), Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany), Kennametal Inc. (US) are the leading market players investing in the global metal cutting tools market share.
The expected market CAGR is 6.73%.