About Metal Cutting Tools
A metal cutting tool is used to remove material from a metal workpiece through the process of shear deformation. Metal cutting tools are powered by electric motors and are used for one of many cutting processes that include turning, milling, grinding, and boring, to complete the desired cut on the metal workpiece. Computer-numerical-controlled (CNC) metal-cutting machines are recent additions. An increase in the demand for advanced technologies and rising competition in the field of aerospace and marine has significantly increased the need for machining the components thereby increasing the scope for the metal cutting tool market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.0% |
Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Metal Cutting Tools market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BIG KAISER Precision Tooling Inc. (United States), Kennametal (United States), OSG USA, Inc. (United States), Dewalt (United States), Drillco Cutting Tools Inc. (United States), Guhring, Inc. (United States), Toolots Store (United States), Ingersoll Cutting Tool Company (United States), Sandvik AB (Sweden) and Nachi-Fujikoshi Corp. (Japan) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Fraisa SA (Switzerland), Xiamen Golden Egret Special Alloy Co. Ltd. (China), Ceratizit S.A. (Luxembourg), Sumitomo Electric Hartmetall GmbH (Germany), Kyocera Unimerco (Denmark) and ISCAR Ltd. (Israel).
Segmentation Overview
AMA Research has segmented the market of Global Metal Cutting Tools market by Type (Single Point Cutting Tool and Multi-Point Cutting Tool), Application (Milling, Drilling, Turning, Grinding and Others) and Region.
On the basis of geography, the market of Metal Cutting Tools has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End-User, the sub-segment i.e. Automotive will boost the Metal Cutting Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Direct Sales will boost the Metal Cutting Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material Type, the sub-segment i.e. Cemented Carbide will boost the Metal Cutting Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand for CNC Machines and Growth in Demand for Additive Manufacturing
Market Growth Drivers:
Increasing Number of Applications and Exponential Growth in Automotive and Aerospace Industry Owing To High Precision, Accuracy, and Reliability and Growing Number of Manufacturing and Production Activities for High Volume Production in Emerging Economies
Challenges:
Lack of Skilled and Trained Workforce and Stringent Government Regulation for Safety of Labours
Restraints:
Fluctuating Raw Material Costs and High Initial Investment and Maintenance Cost
Opportunities:
Increase in Demand for Metal Cutting Tool with Less Electricity Consumption and Laser-based Metal Cutting Machines
Market Leaders and their expansionary development strategies
In June 2020, Sandvik has completed the acquisition of the cutting tools division of Quimmco Centro Tecnológico (QCT), a privately owned Mexican company offering integral machining solutions.
In January 2019, German machine tools provider Hoffmann Group has announced the launch of three new innovative cutting tools at the ongoing 19th Indian Metal-Cutting Machine Tool Exhibition (Imtex) here.
Key Target Audience
Metal Cutting Tool Manufacturers, Parts and Accessories Suppliers, Raw Material Suppliers, Distributors/Traders/Exporters/Importers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.