Cutting Tools Market 2023 Top Manufacturers, Industry Challenges, Business Strategies, Revenue Value and Competitive Landscape to 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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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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