Metal Cutting Tools Market Competitor Landscape, Growth, Opportunity Analysis, Trends & Forecast to 2030
Metal Cutting Tools Market Overview:
According to a comprehensive research report by Market
Research Future (MRFR), “Metal Cutting Tools Market Research Report,
Tool Type, Material Type, Application and Region - Forecast till 2030” the
market size is expected to attain a global market value of USD 82.17
billion to attain a global CAGR of 6.73% during 2021-2027..
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Key Players
Eminent market players profiled in the global metal
cutting tools industry report include:
- 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).
The global metal cutting tools market is fragmented and also
competitive for the presence of different international & domestic key
players. These players have incorporated innovative strategies to remain at the
vanguard and also suffice the burgeoning demand of the customers including
collaborations, contracts, partnerships, joint ventures, geographic expansions,
& new product launches, and more.
COVID-19 Analysis
The metal cutting tools market has been immensely affected
by the COVID-19 outbreak. Supply chain disruptions, economic situations,
fluctuations in demand share, as well as long- term & immediate effect of
the COVID-19 pandemic possessed a negative effect on the market growth. The
pandemic has slowed down economic activity and pushed the economy into a steep
recession. With the roots being in China, the supply chains in the world are
facing shutdown and unprecedented disruption. The COVID-19 outbreak has
impacted the overall economy and the society. The impact of the crisis is going
up daily and is impacting the supply chain.
Drivers
Surging Demand for Metal Cutting Tools from Automotive
Sector to Boost Market Growth
The rapid growth in the auto industry will boost market
growth over the forecast period. Besides, the rise in production of light
vehicles will develop rapid need for new welded automotive components thus
creating demand for metal cutting tools in the forecast period. Such tools will
continue in accounting for a major share of the total machine tools market.
Opportunities
Increasing Adoption of Industry 4.0 to offer Robust
Opportunities
The increase in demand for automation in factories is
increasing the use of smart manufacturing technologies for the product
development and production process. The increase of industry 4.0 is pushing the
requirement for interconnected machinery that in turn is driving machines
conducive to predictive maintenance. It is here where more and more metal
cutting tools are projected to be put to use. Besides, the growth in demand
from various other sectors like packaging, construction, and food processing
are also boosting market growth. This will offer robust opportunities for the
market in the forecast period.
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Restraints
High Initial Cost to act as Market Restraint
The high initial cost coupled with high maintenance and high
operating cost may impede the global metal cutting tools market growth over the
forecast period.
Challenges
Shortage of Skilled Personnel to act as Market Challenge
The shortage of skilled personnel for operating machine
equipped with metal cutting tool coupled with rise in daily wages may act as
market challenges over the forecast period.
Market Segmentation
The metal cutting tools market is bifurcated based on tool
type, material type, and application.
By tool type, the solid round tools will lead the market
over the forecast period followed by indexable inserts. The indexable tool
inserts have witnessed rapid growth owing to the development in the
manufacturing sector and the adoption of advanced working tools to design
indexable inserts like CAM and CAD.
By material type, the cemented carbide will dominate the
market over the forecast period for the increase in the automotive component
manufacturing activities in the world.
By application, the automotive segment will spearhead the
market over the forecast period. The development of carbon fiber and other
forms of advanced materials for manufacturing lightweight vehicles and creation
of electric vehicles are adding to the growth of the segment. Besides, the
automotive industry is rapidly growing across the world. These factors raise
the demand for cutting tools in automotive applications.
Regional Analysis
North America to Precede Metal Cutting Tools Market
North America will precede the market over the forecast
period. Increasing investments in automotive industry by key market players,
rising need for passenger cars, the growing investments in the defense and
aerospace industries, and growing demand for lightweight passenger vehicles are
adding to the global metal cutting tools market share in the region.
APAC to Have Admirable Growth in Metal Cutting Tools
Market
The APAC region will have admirable growth over the forecast
period. Growth in industrial and automotive sectors, increase in defense
budgets, rapid industrialization, and expansion of manufacturing industries in
China and India are adding to the global metal cutting tools market growth in
the region.
Segmentation of Market covered in the research:
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
Browse In-depth Market Research Report (187 pages)
on Metal Cutting Tools
https://www.marketresearchfuture.com/reports/metal-cutting-tools-market-8159
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