Turning tools market is estimated to witness a USD 14,834.60 million at a 4.80% CAGR during the forecast period.
Turning tools consist of a replaceable insert in its body, and the insert can vary, based on shape, material, geometry, and coating. Turning tools are probably used in every manufacturing industry. It is very important part of manufacturing and industrial operations. Increasing demand to develop superior-quality products is driving the growth of the market. Moreover, automation in the industrial sector to improve the production efficiency is also the major factor fuelling the demand of the market. However, rise in popularity of electrical discharge and electrochemical machining is the factor that may hamper the growth of the market. The Turning Tools Market is projected to grow at a CAGR of approximately 4.80% from 2022 to 2030.
The key players of turning tools market are Ingersoll Cutting Tool Company (U.S.), Sandvik Group (Sweden), Mikron Tool SA Agno (Switzerland), NTK Cutting Tools (Japan), WNT Tools India Pvt Ltd. (India), Kennametal Foundation (U.S.), Hanjiang Tool Co., Ltd. (China), Shanghai Tool Works Co.,Ltd. (China), Union Tool Corporation (Japan) and ISCAR LTD. (Israel).
Asia-Pacific region dominates the global turning tools market. Continuously growing automotive, and manufacturing sector in countries like China and India driving the growth of the market in APAC region. This region is expected to show the fastest growth during the forecast period. Automation in automotive and mining industry boost demand of the market in European region.
The report for Global Turning Tools Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||USD 14,834.60 million|
|CAGR||4.80% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Ingersoll Cutting Tool Company (U.S.), Sandvik Group (Sweden), Mikron Tool SA Agno (Switzerland), NTK Cutting Tools (Japan), WNT Tools India Pvt Ltd. (India), Kennametal Foundation (U.S.), Hanjiang Tool Co., Ltd. (China), Shanghai Tool Works Co.,Ltd. (China), Union Tool Corporation (Japan) and ISCAR LTD. (Israel).|
|Key Market Opportunities||Automation in the industrial sector to improve the production efficiency|
|Key Market Drivers||
Turning tools market is projected to grow at a 4.80% CAGR between 2022-2030.
The Asia Pacific is expected to have the largest share in the turning tools market.
Boring type segment will dominate the turning tools market.
Rising construction activities and increasing use in automotive industry are the key factors driving the turning tools market.
Growing popularity of electrical discharge may limit the turning tools market growth.