Global Metal Cutting Tools Market

Metal Cutting Tools Market Size, Share, Growth Analysis, By Product(Machining Center, Lathes, Boring, Grinding), By Application(Automotive, General Machinery, Precision engineering, Transport Machinery and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2044 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 66 | Figures: 75

Metal Cutting Tools Market News

  • In May 2022, Sandvik AB, which operates as one of the prominent manufacturers of metal cutting, recently acquired Preziss, which deals as a developer of solutions for aluminum and composite machining.
  • In March 2022, Sandvik Coromant announced the launch of CoroDrill 860-PM, which provide premium performance in drilling operations and also provide superior durability to tools, improving the operational life of the tools.
  • In April 2022, Mitsubishi Materials Corporation Metalworking Solutions Company increased its product portfolio and introduced two double-sided inserts, which are a wiper type and precision grade M class type.
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Metal Cutting Tools Market size was valued at USD 75.97 billion in 2022 and is poised to grow from USD 79.62 billion in 2023 to USD 115.85 billion by 2031, growing at a CAGR of 4.80% during the forecast period (2024-2031).

metal cutting tools market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Doosan and Okuma Corporation, two key market players, are attempting to bring innovative products to market. The growing number of manufacturers in the market is intensifying the market's competitive landscape. As a result, key players are focusing on increased functional efficiency and capacity.  'Sandvik AB', 'Kennametal Inc.', 'Mitsubishi Materials Corporation', 'Hitachi Metals, Ltd.', 'Kyocera Corporation', 'Ceratizit S.A.', 'Seco Tools AB', 'OSG Corporation', 'Nachi-Fujikoshi Corp.', 'Sumitomo Electric Industries, Ltd.', 'Walter AG', 'Iscar Ltd.', 'IMC Group', 'Guhring KG', 'MAPAL Dr. Kress KG', 'Tungaloy Corporation', 'TaeguTec Ltd.', 'Sumitomo Corporation', 'LMT Onsrud LP', 'KOMET GROUP GmbH'

The demand for factory automation is increasing the use of smart manufacturing technologies in production processes and product development. This is due to advantages such as increased productivity, product quality, and ease of dealing with labour shortages. Manufacturing and machinery operations will see a paradigm shift away from traditional methods and toward intelligent, connected, and streamlined machine systems. Manufacturers can benefit from operational savings, efficient energy usage, enhanced and automatic virtual metrology, and improved human-machine interfaces by implementing Industry 4.0 solutions. Quality assurance is critical in the manufacturing industry and is directly related to the equipment used. The implementation of Industry 4.0 solutions has brought about real-time quality assurance via an Automated Virtual Metrology (AVM) system. Real-time quality assurance is also expected to increase cutting machine tool penetration.

In the recent past, novel technologies in the field of additive manufacturing have advanced and been introduced, gaining unprecedented market traction worldwide. Because of its effective time optimization and cost-effective manufacturing, 3D printing is expected to emerge as the future of prototype manufacturing across a wide range of industries. Furthermore, 30 printing offers advantages such as optimal raw material use, waste reduction, and ease of production of various complex geometries, which are expected to drive the market. The widespread use of 3D printing in the automotive industry, construction, apparel and bio-printing, medical devices, and robots is expected to drive future growth in the additive manufacturing industry.

Asia Pacific has the largest market share and is expected to maintain its dominance throughout the forecast period. This is due to rising demand from industries like construction, automotive, and food and beverage. The market is expected to be pushed by rising government initiatives to promote electric vehicles. For example, China has limited investment in new traditional vehicle manufacturing plants, and local governments have imposed quotas on EV production for all manufacturers. Significant efforts across the country to strengthen the network of manufacturing clusters are expected to emerge as a driving factor behind India's fast-paced market development. Favorable policies encouraging the establishment of manufacturing facilities for automotive manufacturing and precision engineering products are enhancing the market's growth prospects. India is also interested in developing its transportation hubs to facilitate easy and convenient cross-border trade from its manufacturing hubs in order to have a broad export reach in the market.

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Global Metal Cutting Tools Market

Report ID: SQMIG20I2044