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 projected to be worth USD 110.48 Billion by 2030, registering a CAGR of 6.73% during the forecast period (2022 – 2030)., The market was valued at USD 82.17 billion in 2022.
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Eminent market players profiled in the global metal cutting tools industry report include:
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.
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.
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.
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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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.
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.
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.
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
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