About Cutting Tool Materials
Cutting tools are commonly utilized in the manufacturing and metal processing industries for machining. Various techniques such as milling, turning, drilling, and grinding are used to cut and resize the workpiece with these tools. Several materials are available, each with unique physical and chemical qualities that make them appropriate for different purposes. Milling cutters, drill bits, broaches, tool bits, inserts, and other cutting tools are used in the machining industry. All of these tools are built of hard and tough materials; nevertheless, different combinations of hardness, toughness, thermal operability and strength are induced in the cutting tool depending on the application. The manufacturing and machining industries both use a lot of cutting tools. The global demand of cutting tool materials is being driven by rising industrialization and manufacturing. Increased demand for vehicles, oil and gas equipment, construction, and industrial equipment, among other things, need increasing manufacturing and machining operations.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Cutting Tool Materials 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.
CERATIZIT GROUP (Luxembourg), TUNGALOY CORPORATION (Japan), Regal Cutting Tools (United States), IZAR CUTTING TOOLS S.A.L. (Spain), Art's Way Manufacturing Company, Inc.(United States), Sharp Cut Tools (India), TELCON DIAMOND LTD. (Israel), Taegutec (India), Kennametal (United States) and Sumitomo Electric Group (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Cutting Tool Materials market by Type (High Carbon Steel, High-speed steel (H.S.S), Non – Ferrous Cast Alloys, Cemented Carbides, Ceramics & Sintered Oxides and Others), Application (Bores, Burrs, Cutters, Drills, Countersinks and Others) and Region.
On the basis of geography, the market of Cutting Tool Materials has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Rest of Europe), MEA (Saudi Arabia, Turkey, Israel, United Arab Emirates, South Africa, Rest of Africa), North America (United States, Canada, Mexico). If we see Market by Industry Vertical, the sub-segment i.e. General Manufacturing will boost the Cutting Tool Materials market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Retooling and Investment into Manufacturing Facilities
Market Growth Drivers:
Growth in Automotive Production and Growing Production of Industrial Products
Challenges:
Lack of Skilled Workforce
Opportunities:
Technological Advancement Rapidly Changing Face of Tool Manufacturing Industry
Market Leaders and their expansionary development strategies
In May 2021, GWS Tool Group is pleased to announce it has acquired Indexable Cutting Tools, Inc. This is the third acquisition in 2021 for GWS Tool Group, and the first international acquisition by the US based manufacturer.The acquisition of Indexable strengthens the GWS offering with added capacity and capabilities in the insert tooling segment, as well as the complete vertical integration of ceramic blank production from powder. Their robust offering of various ceramic inserts, which includes silicon nitride, white ceramic and whiskered ceramic are produced using patented microwave sintering technology.
In January 2021, ARCH Cutting Tools has launched of its first fully integrated master catalog, that the company has titled “The Collection,” holding the company’s complete standard cutting tool portfolio.The launch of this new integrated master catalog, The Collection, coincides with the company’s start-up of its new state-of-the-art Centralized Distribution Center (CDC) in late 2020. Combined, the two further streamline how ARCH Cutting Tools can provide its customers products and professional service.
Key Target Audience
Manufacturers of Cutting Tool Materials, Suppliers of Cutting Tool Materials, Wholesalers, Distributors and Retailers of Cutting Tool Materials, End-Use Industry and Raw Material Providers
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.