The Global Metal Cutting Tools Market Was Worth USD 76.06 Billion in 2022 and is Estimated to Grow to USD 105.71 Billion by 2030, With a CAGR of Approximately 4.2 % Over the Forecast Years From 2023 To 2030.
Metal Cutting Tools Market Overview
The market is expanding due to the rising demand for metal-cutting equipment from various industries, including aerospace, military, automotive, and industrial machinery. The industry is anticipated to be driven shortly by the rising need for effective equipment in critical and complicated machine component requirements. A further aspect boosting market expansion is the rising popularity of CNC machines. This is explained by the benefits provided by CNC metal cutting tools, such as their high efficiency, transparency, and cost- and time-saving capabilities. The research study offers and details market projections and expansion potential in a variety of geographies. However, high initial costs and fluctuating raw material prices may restrain market expansion.
Smart manufacturing technologies are being used more often for product development and production processes as a result of the desire for automation in factories. This is ascribed to advantages, including increased production, higher-quality products, and simplicity in managing labor shortages. A paradigm change will occur in manufacturing and equipment operations, moving away from traditional approaches and toward linked, intelligent, and efficient mechanical systems. Manufacturers may gain from operational savings, effective energy use, improved and autonomous virtual metrology, and improved human-machine interactions thanks to Industry 4.0 technologies.
Many manufacturing organizations are concentrating on automating manufacturing activities within the facilities to lower the cost of paying high labor costs, improve productivity, and improve process optimization in their operations. However, the entire procedure calls for the purchase, setup, and prompt maintenance of all apparatus. But a significant cash shortage during and after the pandemic’s limitations has seriously hampered market expansion. Additionally, the conflict between Ukraine and Russia has made it more difficult to purchase raw materials, which has created market uncertainty and disruption.
The Global Metal Cutting Tools Market Has Been Segmented into Products and Applications.
- Based on product, the global market is segmented into machining centers, lathe machines, boring machines, grinding machines, and milling machines. Due to the need for metal cutting tools, the lathe machines category is anticipated to increase at the quickest rate. The rising demand from the car industry is to blame for this. Additionally, the market will be driven by the growing demand for CNC lathe machines. The market for metal cutting tools is expanding due to the advantages provided by CNC lathes, such as high efficiency, manufacturing of complicated devices, efficient mass production, and minimal maintenance.
- Based on application, the market is broken down into automotive, general machinery, precision engineering, transport machinery, and others. In recent years, applications that generate the most market income have come from the automobile industry. The creation and production of numerous automotive components for new and expensive cars have been key drivers of market growth. Effective metal-cutting tools are becoming increasingly in demand due to automotive components like gearboxes, clutch plates, and contemporary disc brakes. Additionally, increased demand from various industries, including aerospace, construction, and food & beverage, contributes to the rise in demand for industrial machinery.
The global metal-cutting tools market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
- The Asia Pacific region dominated the market in 2022. This results from rising demand from sectors including the construction, automotive, and food and beverage industries. The industry is anticipated to be driven by growing government initiatives to encourage electric cars. For instance, China has restricted investment in new manufacturing facilities for conventional automobiles, and local governments have mandated a production quota for EVs for all manufacturers. The extensive efforts being made throughout the nation to strengthen the network of industrial clusters are anticipated to become a key element in the market’s rapid expansion throughout India. The market’s development prospects are improving due to favorable regulations promoting factories’ construction to produce precision engineering items and automobiles. India is also interested in developing its transportation hubs to make it easier and less complicated for exports from its manufacturing centers to traverse international borders.
In eastern nations like Japan, China, and South Korea, the impact of the coronavirus outbreak on the market has been substantially less severe than in the western half of the world. The worldwide disruption of industrial operations has the most impact in the short term. As the number of cases soars globally, the magnitude of these disruptions grows. Furthermore, if the virus spreads to other major industrial nations outside China and Germany, it would have a far more significant influence on the production sector of metal-cutting instruments. Long-term, it’s expected that the sectors connected to these cutting tools will get back on track, leading to a significant need for machines in the future.
Metal Cutting Tools Market: Competitive Landscape
Some of the main competitors dominating the global Metal Cutting Tools Market include-
- Kennametal Inc
- OSG Corporation
- ISCAR LTD
- MAPAL Dr. Kress KG
- Makita Corporation
- Robert Bosch GmbH
- Stanley Black and Decker
- Klein Tools
- ICS Cutting Tools
- Snap-on Incorporated
- Hilti Corporation
- Sandvik AG
- Ingersoll Cutting Tools
- RAISA SA
- KYOCERA Cutting Tools Group
- Xiamen Golden Egret Special Alloy Co. Ltd.
- Hartmetall-Werkzeugfabrik Paul Horn GmbH
- Asahi Diamond Industrial Co. Ltd.
- Ceratizit S.A.
- Koki Co. Ltd.
- May 2022: Press, a provider of products for the machining of aluminum and composite materials, was recently bought by Sandvik AB, one of the leading producers of metal cutting tools.
- June 2020: Dormer Pramet purchased Miranda Tools, an Ashok Piramal Group wholly-owned business.
The Global Metal Cutting Tools Market is Segmented as Follows:
Metal Cutting Tools Market by Product Outlook (Revenue, USD Million, 2017 – 2030)
- Machining Centers
- Other Products
Metal Cutting Tools Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- General Machinery
- Precision engineering
- Transport Machinery
- Other Applications
Metal Cutting Tools Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Metal Cutting Tools Market Report Scope
|Market Size Value in 2022
|USD 76.06 billion
|Revenue Forecast in 2030
|USD 105.71 billion
|CAGR of 4.2 % from 2023 to 2030
|Base Year for Estimation
|2017 – 2022
|2023 – 2030
|Revenue in USD million and CAGR from 2023 to 2030
|Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|Product, Application, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa
|U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
|Kennametal Inc, OSG Corp, ISCAR LTD, MAPAL Dr. Kress KG, Makita Corp, Robert Bosch GmbH, Stanley Black and Decker, Klein Tools, Guhring, ICS CuttingTools, Snap-on Inc, Hilti Corporation, Sandvik AG, Ingersoll Cutting Tools, RAISA SA, KYOCERA Cutting Tools Group, Xiamen Golden Egret Special Alloy Co Ltd, and Others