About Cutting Tools
The cutting tools are pointed tools which are used for cutting materials. Cutting tools are made up of a material harder than the material which is to be cut and it must be able to withstand the heat generated in the metal-cutting process. It is a wedge-shaped device which removes excess material from a performed blank in order to obtain the desired shape, size and accuracy. Machine tool requires three relative motions to remove material and these motions provide necessary cutting velocity, feed velocity and depth of cut.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.2% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new modifications in the existing products and collaborations as per their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a large competitive advantage through the combined synergies. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global 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.
Makita Corporation (Japan), Sandvik AG (Sweden), Fraisa SA (Switzerland), Kyocera Corporation (Japan), Asahi Diamond Industrial Co. Ltd (Japan), Stanley Black & Decker, Inc. (United States), Robert Bosch GmbH (Germany), Klein Tools, Inc. (United States), ICS Cutting Tools, Inc. (United States) and Snap-on (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Hilti Corporation (Liechtenstein), Ingersoll Cutting Tools (United States), J. Schneeberger Maschinen AG (Switzerland) and Vollmer (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Cutting Tools market by Type (Single Point Cutting Tool, Double Point Cutting Tool and Multi-Point Cutting Tool), Application (Automotive, Aerospace and Defense, Construction, Electronics, Oil and Gas, Power Generation, Wood and Die and Mold) and Region.
On the basis of geography, the market of 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 Material, the sub-segment i.e. Carbon Tool Steel will boost the Cutting Tools market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Advanced Cutting Tools
Market Growth Drivers:
Adoption of Advanced Industrial Tools by Large Scale Manufacturing Industries and High Strength, Durability and Corrosion Resistant
Challenges:
Health and Environmental Concerns
Restraints:
Low Cutting Tool Life
Opportunities:
Increased Production Demands and Rising Pressure on the Global Manufacturing Sector
Market Leaders and their expansionary development strategies
On January 12, 2023, cutting tool giants Sandvik and ISCAR announced a merger to create a leading global player in the metal cutting industry. This merger combined Sandvik's strong presence in Europe and North America with ISCAR's expertise in metal removal technology.
In June 2023, Kennametal introduced its new HARVIA™ cutting tool material, designed specifically for high-performance machining of advanced materials like nickel alloys and titanium. This new material promised longer tool life and improved productivity for manufacturers in the aerospace and energy sectors.
Key Target Audience
Cutting Tools Manufacturers, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
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.