Industry 4.0 Drives Cutting Tools Market Demand Overview
The outlook of the cutting tools market appears extremely promising, mainly due to rapidly growing manufacturing sectors worldwide. According to MRFR, the global cutting tools market is projected to garner USD 31 billion by 2030, growing at a 6.20% CAGR during the assessment period (2022-2030). Substantial investments in CNC technology are a key driving force behind the market rise.
Cutting Tools Market Demand Overview
The future of tool management lies in continuous digitization & automation; therefore, Industry 4.0-ready devices are expected to witness vast demand across industries. As manufacturing sectors continue to grow, cutting tools are expected to increase exponentially, meeting changing customer needs. The market value is likely to escalate further during the upcoming period.
Key players active in the cutting tools market are,
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Cutting tools are extensively used in boring and other manufacturing operations to cut various materials with geometrically complex surfaces. The growing use of cutting tools in heavy industries, such as building & construction, carpentry, automotive, manufacturing, and other industries, has dramatically changed market dynamics. As these industries continue to expand their product range and complexity, the demand for high-quality cutting tools is expected to grow further.
Cutting tools are essential for many industries, demonstrating the advantages of investing in a technologically advanced future. Using cutting tools ensures reduced time to regrind a tool & machine downtime, high cutting/metal removal rates, and cost of grinding wheel as well as achieve overall high production rates.
Cutting Tools Market Segments
The cutting tools market is segmented into tool types, material types, applications, and regions. The tool type segment comprises indexable inserts (indexableturning & boring, indexable milling, indexable hole making, indexable threading, others) and solid round tools. Of these, the solid round tools segment accounts for the largest market share.
The material type segment comprises cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, exotic materials, and others. Of these, the cemented carbide segment accounts for the largest market share.
The application segment comprises aerospace & defense, automotive, construction, electronics, oil & gas, power generation, wood, die & mold, and others. Of these, the automotive segment accounts for the largest market share. The region segment comprises the Middle East & Africa, Asia Pacific, Americas, Europe, and rest-of-the-world. Of these, the APAC segment accounts for the largest market share.
Cutting Tools Market Regional Analysis
APAC is the largest market for cutting tools globally. The well-established application industries, such as electronics, automotive, and consumer products, drive market growth. Besides, the availability of ample raw materials and cost-competitive workforces in the region boosts market revenues. Rapid growth in the manufacturing and construction sectors accelerates the region’s market shares. China, India, and South Korea account for major markets for cutting tools.
North America stands second in the global cutting tools market. Vast technological advances in manufacturing techniques and the rapidly growing manufacturing sector substantiate the cutting tools market value in this region. Additionally, the high product demand from the burgeoning building & construction and industrial sectors in the region increases the cutting tools market size.
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The cutting tools market in Europe demonstrates a positive growth rate. Also, the rapid adoption of cutting tools, alongside the rapidly growing automotive and power generation industries in the region, offers significant market opportunities. Furthermore, the demand for fuel-efficient vehicles and lightweight automotive components escalates the cutting tools market value in the region.
Cutting Tools Market Competitive Analysis
The highly competitive cutting tools market appears fragmented with the presence of many well-established players. Major industry players take strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product/technology launches. They make strategic investments to drive their research & development activities and expansion plans. Manufacturers strive to provide complete tool management solutions.
With continuous digitization, there has been significant progress in fully automated tools, further enabling them to let secure transmission of digital tool data from the machine tool. Also, there is a vast demand for a high-quality product range that can extend from a wide variety of tool holders, shrinking & balancing technology, and tool presetting devices to carbide end mills & 3D sensors.
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For instance, recently, on Aug.16, 2022, the Haimer Group announced that it would demonstrate its advanced automated shrinking and cutting tool – Automation Cube, at AMB 2022, the international exhibition for metal working to be held from Sep. 13 to 17, 2022. The handling tasks of Automation Cube are performed by cobot that supports the shrinking & unshrinking process and the measuring process of tools with highly accurate length repeatability.
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