Cutting Tools Market is Estimated To Record Double-Digit Growth Over Coming Year 2030
Cutting Tools Market Overview:
With the rising demand for cutting tools from the building
& construction, carpentry, manufacturing, and other industries, the market
is projected to witness relentless innovations in the years to come. According
to Market Research Future (MRFR), the 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.
The global cutting tools market is increasing rapidly,
witnessing the rising demand from the automotive, manufacturing, and metalwork
industries. Growth in the automotive industry and the recent recovery in other
key end-use industries drive the market growth. The market is witnessing
exponential advances owing to continuous discoveries in various end-user
industry verticals.
Additionally, the rapid industrialization and expansion of
manufacturing sectors worldwide foster the growth of the market. Conversely,
fluctuating prices and the demand-supply gap in raw materials are the major
factors projected to impede the market growth. Nevertheless, improving
regulatory norms for using cutting tools would support market growth throughout
the review period.
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Major Players:
Players leading the global cutting tools market include OSG
Corporation, Kennametal Inc., Iscar Ltd, Mapal, Robert Bosch GmbH, Makita
Corporation, Stanley Black & Decker, Inc., ICS Cutting Tools, Inc., Klein
Tools, Inc., Snap-on, OTTO Baier GmbH, Sandvik AG, Hilti Corporation, Ingersoll
Cutting Tools, Asahi Diamond Industrial Co. Ltd, Fraisa SA, Kyocera Cutting
Tools Group, J Schneeberger Maschinen AG, Ceratizit Group, Vollmer, and Hitachi
Koki Co. Ltd., among others.
Industry/ Innovation/ Related News
Sep.18, 2021 --- ARCH Cutting Tools Corp.(the US), an ARCH
Global Precision Co., announced the acquisition of CONTOUR360, a leading
supplier of high-quality engineered solid round cutting tools. CONTOUR360
delivers custom tools to customers in the medical, aerospace, automotive,
defense, and industrial manufacturing markets.
Global Cutting Tools Market - Segments
The market is segmented into tool type, material type,
application, and region. The tool type segment is bifurcated into solid round
tools and indexable inserts (indexable turning & boring, indexable milling,
indexable hole making & indexable threading, others).
The material type segment is bifurcated into high-speed
steel, cemented carbide, ceramics, polycrystalline diamond, stainless steel,
cubic boron nitride, exotic materials, and others. The application segment is
bifurcated into automotive, aerospace & defense, construction, oil &
gas, electronics, power generation, die & molds, wood, and others.
Global Cutting Tools Market - Regional Analysis
The Asia Pacific region holds the largest cutting tools
market share globally. Raw material advantage and the availability of
cost-competitive workforces are key driving forces behind the regional market
growth. Besides, the presence of notable industry players and major
manufacturing industries for machine tools, automotive, electronics, and
consumer products contribute to the regional market growth. Rapid growth in the
construction and manufacturing sectors in China, India, and South Korea
increases the demand for cutting tools.
Global Cutting Tools Market - Competitive Analysis
Highly competitive, the cutting tools market appears
fragmented due to the presence of several well-established players. Market
players incorporate strategic initiatives such as mergers & acquisitions,
expansion, and product/ technology launches to gain a larger competitive share.
Industry players make substantial R&D investments in
product development and geographical expansion. Further, the market is
projected to witness relentless innovations and new product launches that would
intensify competition among manufacturers.
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