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Cutting tools are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded, or clamped on to the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defense, construction, and oil and gas.
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.
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Major Key Players:
Kennametal Inc.
OSG Corporation
ISCAR LTD
MAPAL
Makita Corporation
Robert Bosch GmbH
Stanley Black & Decker Inc.
Klein Tools Inc.
ICS Cutting Tools Inc.
Snap-on
OTTO BAIER GmbH
Hilti Corporation
Sandvik AG
Ingersoll Cutting Tools
FRAISA SA
KYOCERA Cutting Tools Group
Asahi Diamond Industrial Co. Ltd
J SCHNEEBERGER Maschinen AG
Vollmer
CERATIZIT Group
and Hitachi Koki Co. Ltd.
Cutting Tools Market has been segmented based on Tool Type, Material Type, Application, and Region. Cutting tools are the tools that are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded or clamped on to the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defense, construction, and oil and gas.
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Segmentation
Cutting Tools Market has been segmented based on tool type, material type, application, and region. On the basis of tool type, the solid round tools segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. It is projected to register a CAGR of 6% from 2020 to 2027.
Based on material type, the cemented carbide dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is projected to exhibit the highest CAGR of 6% from 2020 to 2027.
Based on application, the automotive segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is expected to register a CAGR of 6% from 2020 to 2027.
Key Questions Addressed by the Report
What is anticipated to be the rate of expansion of the cutting tools market?
By 2026, what is anticipated to be the value of revenues earned?
Who are the major players in the cutting tools market?
Based on tool type, what are the segments of the cutting tools market?
By material type, which segments of the cutting tools market are profiled?
By application, name the segments of the cutting tools market.
Which application segment is anticipated to dominate the cutting tools market?
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