Metal Cutting Tools Market Research Report - Global Forecast till 2024

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Metal Cutting Tools Market Research Report By
Forecast To 2024
Industry Survey, Growth, Competitive
Landscapeand Forecasts to 2024
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Metal Cutting Tools Market Research Report -
Forecast to 2024
Global 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) and Region (North
America, Europe, AsiaPacific and Rest of the
World) Forecast till 2024
The Global Metal Cutting Tools Market is expected
to be valued at USD 23,013.2 Million by 2024,
with a CAGR of 6.51 during the forecast period
(20192024). The report covers segmentations and
drivers for a better glimpse of the market in the
coming years. The cutting tools ensure effective
manufacturing of critical and intricate
components with ease and utmost precision. These
cutting tools form an indispensable aspect of
machine tools that are either numerically or
conventionally controlled. The cutting tool
inserts are used in applications, such as
threading, milling shearing, parting grooving
and drilling boring. The growth of the cutting
tools market is driven by various factors such as
growing demand from various industry verticals
such as automotive, aviation, and oil and gas and
growing market for high-speed steel cutting
tools. However, the growth of the market can be
hindered due to the lack of skilled labor and
high cost of titanium carbide alloy tools and
other cutting tools.
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Metal Cutting Tools Market Research Report -
Forecast to 2024
Some of the prominent players in the global metal
cutting tools market are Hartmetall-Werkzeugfabrik
Paul Horn GmbH (Germany), Zhuzhou Cemented
Carbide Cutting Tool Co. Ltd (ZCCCT) (China),
Kennametal Inc. (US), OSG Corporation (Japan),
ISCAR LTD (Israel), MAPAL Dr. Kress KG (Germany),
Makita Corporation (Japan), Robert Bosch GmbH
(Germany), Stanley Black Decker, Inc. (US),
Klein Tools, Inc. (US), ICS Cutting Tools, Inc.
(US), Snap-on Incorporated (US), Hilti
Corporation (Schaan, Liechtenstein), Sandvik AG
(Sweden), Ingersoll Cutting Tools (US), FRAISA SA
(Switzerland), KYOCERA Cutting Tools Group
(Japan), Asahi Diamond Industrial Co. Ltd.
(Japan), J SCHNEEBERGER Maschinen AG
(Switzerland), Vollmer (Germany), CERATIZIT Group
(Luxembourg), and Koki Co. Ltd. (Japan). Koki
Holdings Co., Ltd invests in developing new
products and technology, improving its
distribution network, and enhancing its digital
capabilities to market its products over the next
few years with the objective to gain higher
returns on its invested capital. It focuses on
acquisitions to increase its global footprint.
For instance, the company strategizes on forming
strategic alliances with the global start-ups for
improving its position in the cutting tools
market. Robert Bosch GmbH is consistently
expanding its product range of professional
garden tools, cutting tools, and others. It
focuses on investing in product development and
product launches to extend its product line and
offer competitive power tools to clients, all
over the world. The company focuses on developing
new solutions, with focus on improving overall
performance. It strategizes to form cordial
relationships with many large companies who
enable it to accelerate its growth by delivering
a value proposition aligned with the customers
needs.
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Metal Cutting Tools Market Research Report -
Forecast to 2024
Segmental Analysis
The global metal cutting tools market is
segmented based on tool type, material type,
application, and region. On the basis of tool
type, the global market has been segmented into
solid round tools and indexable inserts. On the
basis of material type, the global market in this
report has been segmented into cemented carbide,
high speed steel, stainless steel, ceramics,
polycrystalline diamond, cubic boron nitride, and
exotic materials. On the basis of application,
the global market has been segmented into
automotive, aerospace defence, construction,
electronics, oil gas, power generation, wood
cutting, die and mold, and others. On the basis
of tool type, the solid round tool segment is
projected to witness significant growth during
the forecast period due to the growing adoption
of solid round tool for various industrial
applications, such as solid carbide drilling,
milling, HSS tapping, reaming and threading.
Hence, the high versatility and adaptability of
the solid round tools are expected to drive the
solid round tools segment during the forecast
period. On the basis of material type, the high
speed steel segment is experiencing a phenomenal
growth over the forecast period. The high-speed
steel (HSS) is widely used in cutting tools, such
as, drills, taps, milling cutters, tool bits,
gear cutters, saw blades, planer and jointer
blades, and router bits. High speed steel tools
are the most popular for the use in woodturning,
as the speed of movement of the work past the
edge is relatively high for handheld tools, and
HSS holds its edge far longer than high carbon
steel tools can. Due to such features, the
high-speed steel segment in the global cutting
tools market is projected to witness robust
growth during the forecast period. On the basis
of application, the aerospace defense segment
was the second largest market in 2018 and is
projected to witness a significant growth during
the forecast period. The high advancements in the
aerospace defense and the growing budget
investment in the major economies are expected to
propel the demand of cutting tools in the
aerospace defense applications.
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Metal Cutting Tools Market Research Report -
Forecast to 2024
Regional Analysis
Geographic analysis of the global metal cutting
tools market spans across Americas, Europe, Asia
Pacific (APAC), and Middle East Africa In 2018,
Asia-Pacific was the leading market with a market
value of USD 6,127.3 million. The regional market
value is expected to reach USD 9,730.5 Million by
2024 with an impressive 8.12 CAGR during the
forecast period. In 2018, Asia-Pacific dominated
the global cutting tools market with 38.6 market
share. Rapid growth in the construction and
manufacturing in countries such as China, India,
and South Korea is expected to increase the
demand for cutting tools in the coming years.
Moreover, the region is home to one of the
largest manufacturing industries for machine
tools, automotive, electronics, consumer products
and others, globally. Hence, the region is
expected to witness the highest CAGR of 8.12 and
retain its leading position in the global market
during the forecast period. South Africa, the
UAE, and Saudi Arabia are the major contributors
of the cutting tools market in the Middle East
Africa. They account for most of the construction
and manufacturing activities in the region.
Moreover, there is an increasing scope for the
growth of the oil and gas industries, which is
among the key factors driving the cutting tools
market in the region during the forecast
period. The study was conducted using an
objective combination of primary and secondary
information including inputs from key
participants in the industry. The report contains
a comprehensive market and vendor landscape in
addition to a SWOT analysis of the key vendors.
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Metal Cutting Tools Market Research Report -
Forecast to 2024
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