Cutting Tools Market Global Research Report 2020 Analysis & Forecast to 2023
Posted by Monica nerkar on January 14th, 2020
Global Cutting Tools Market Research Report, by Tool Type (Indexable Inserts(IndexableTurning & Boring, Indexable Milling, Indexable Holemaking and Indexable Threading) and Solid Round Tools), By Material Type (Cemented Carbide, High Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), by Application(Automotive, Aerospace & Defence , Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and Others), By Region – Forecast to 2023
The growth of the cutting tools market has gathered momentum in recent times, primarily due to quickly evolving market trends that are resultant of the changing user demand globally. The competitors in the market have intensified the adoption of advanced technology so as to increase the product quality and grow the market size considerably in the forthcoming years. According to the research conducted by Market Research Future, the market is projected to progress with a 6.69 percent CAGR while touching revenues worth USD 16,724.4 million during the forecast period. The effective manufacturing of critical and intricate components with utmost precision is also among the prime factors ensuring the growth of the competitors in the market.
The cutting tools market’s progress is centred on numerous factors such as developing demand from industries, growing demand for power tools in the DIY & household sector and an emergent market for high-speed steel cutting tools. The developing economies of the APAC region have created far-reaching growth opportunities for cutting tools market due to which many significant manufacturers from across the world are shifting their manufacturing base to this region. While on the other hand, the surge in activities of the manufacturing sector on a global scale, is also creating unlimited opportunities for expansion of developing nations in the cutting tool market. The evolution of the market’s competitive landscape at an incremental rate is attributed to the escalating demand levels from end-use industries which are pushing the growth rates of this market. The automotive, construction and aerospace sectors have emerged as the primary supporters of the cutting tool market. As cutting tools are extensively used for various purposes in these sectors such as for the manufacturing of valve bodies, brake components, transmissions, pump covers, engine blocks, engine heads and other aluminium automotive components, they are promoting the market’s growth considerably. The remarkable growth that has been witnessed in this industry is also due to the economic progression being observed across important economies. Moreover, in the upcoming year, the pace of expansion is predicted to only further enhance the industrial growth arising from the end-user demand in the cutting tool market.
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.
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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About the AuthorMonica nerkar
Joined: September 20th, 2019
Articles Posted: 107
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