The new report by Expert Market Research titled, ‘Global Metal Cutting Tools Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global metal cutting tools market, assessing the market based on its segments like products, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4%
The development of the metal cutting tools industry can be attributed to the robust growth of the automotive industry. Technological advancements in the automotive and manufacturing industries, such as additive manufacturing, are expected to lead to the expansion of the metal cutting tools industry in the forecast period. Furthermore, with the introduction of 3D printing in the aerospace and automotive industries, the creation of sophisticated geometries that would be difficult or impossible to build using traditional production methods is increasing. In addition, rising construction activities in developing countries and the growing requirement to manufacture high-quality products are propelling the market forward.
Industry Definition and Major Segments
Metal cutting tools refer to tools that are utilised to shear deformation to precisely remove materials from metal. They are used to manufacture critical and complex components with ease and utmost precision. They are powered by electric motors and used for many cutting processes in order to finish the specified cut on the metal workpiece.
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Based on product, the industry is divided into:
- · Machining Centre
- Turning Centre
- Lathe Machine
- Boring Machine
- Grinding Machine
- Milling Machine
- Drilling Machine
By application, the industry is segmented into:
- Industrial Machinery Manufacturing
- Energy and Power
- Marine, Aerospace and Defence
The regional markets for the product include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market for metal cutting tools is being propelled by technological advancements and innovations. The development of innovative metal cutting tool holders to minimise vibrations on cutting processes is invigorating the growth of the market. The market for metal cutting tools is being driven by the advent of Industry 4.0. With the increasing spending on defence budgets by various countries, the market for metal cutting tools is projected to grow over the forecast period. Moreover, the increased production of light vehicles is leading to a considerable increase in demand for new welded automotive components. This, in turn, is expected to boost the demand for metal cutting tools and bolster the market growth in the forecast period.
Key Market Players
The key players in the market are Amada Co., Ltd., Nachi-Fujikoshi Corp., Fanuc UK Ltd, Sandvik AB, and Ceratizit Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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