Cutting Tools Market Global Analysis & Forecast To 2023 Research Report

Posted by Rishikesh Kurane on August 21st, 2019

Market Research Future’s report on the global cutting tools market has projected valuation of USD 16,700 million by the end of the year 2023. The reports have suggested the growth rate according to the latest developments and increased demand for cutting tools majorly in the construction and automotive sectors. The report, hence, encompasses factors that are driving the market and supporting in its growth along with segmentation and competitive scenario.

The emergence of technology combined with innovation has introduced new tool developments which are used for complex requirements in various industries. A cutting tool is one advanced tool primality used to remove material from the workpiece of shear deformation. These are made of hard material having the ability to cut and withstands in metal-cutting process. The cutting tools have a robust structure due to which there is upsurge demand for it.

The cutting tools market is proposed to grow at a CAGR of 6.9% from 2016 to 2023.

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Segmental Analysis

The segmentation of the cutting tools market consists of tool type, material type, region, and application. By tool type, the market is segmented into indexable inserts, solid round tools. The indexable inserts segment is the fastest growing by tool types. As indexable inserts are essential in manufacturing and metal cutting industries, they are a driving factor for market growth. The material type segmentation of the market comprises of cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride and exotic materials. The upsurge in the automotive component manufacturing activities across the world is estimated to boost the cemented carbide segment in the forecast period. The market by application includes segmentation into automotive, aerospace & defense, construction, electronics, oil & gas, power generation, wood and die and mold. Production of lightweight vehicles and development of electric vehicle is anticipated to increase the manufacturing of the automotive segment which will push the cutting tool market for the automotive sector over the forecast period.

Detailed Regional Analysis

The regional analysis of the cutting tools market globally includes regions such as Europe, North America, Asia Pacific and rest of the world (ROW). Asia Pacific region dominates the global cutting tools market in 2017 with 35.53% share. Moreover, the region is expected to witness the highest CAGR of 6.98% because the region is the base for significant manufacturing industries across consumer products, machine tools, electronics, automotive and maintain its top position in the market in the forecast period. China is the leading market in the Asia Pacific region. This is primarily attributed to the encouragement offered by the government in the country towards industrial and construction sector. As the Americas region has a majority of heavy industries, the region has enormous potential for growth in future. The U.S. is a crucial contributor in the North American region. Resilient development of commercial and residential structures in the U.S. is anticipated to boost the demand for cutting tools. The cutting tools market in the European region is projected to develop at a substantial rate during the forecast period, mostly due to the rise in adoption of advanced technology and upturn in import & export activities in Europe.

Competitive Analysis

The market development by contenders incorporates will give smart returns through strong risk management strategies. Converting and engaging potential prospects is altering the pace of progress the market significantly. The main trends and players have set an optimistic tone for development. The potency of the market’s development has improved the competitive setting of the market with competitors in the market leveraging their strengths to maintain their progress in the market.

Chief competitors functioning in the market are Sandvik AG, FRAISA SA, Makita Corporation, Asahi Diamond Industrial Co. Ltd., KYOCERA Cutting Tools Group, and Stanley Black & Decker, Inc. Bosch GmbH, Klein Tools, Inc., Snap-on, OTTO BAIER GmbH, ICS Cutting Tools, Inc., Ingersoll Cutting Tools, Vollmer, Hilti Corporation, J SCHNEEBERGER Maschinen AG, CERATIZIT Group and Hitachi Koki Co. Ltd

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Rishikesh Kurane

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Rishikesh Kurane
Joined: May 4th, 2018
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