Global Turning Tools Market

Global Turning Tools Market Size, Share, Growth Analysis, By Type(Rough turning tools, and Finish turning tools), By Application(Conventional lathe machines, and CNC lathe machines), By End user(Automotive, Electronics & electrical), By Product(Boring, Inserts) - Industry Forecast 2024-2031

Report ID: SQMIG15F2180 | Region: Global | Published Date: March, 2024
Pages: 157 | Tables: 117 | Figures: 75

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Global Turning Tools Market size was valued at USD 5891.68 million in 2022 and is poised to grow from USD 5440.15 million in 2023 to USD 12,075.22 million by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).

The competitive environment of the global Turning Tools market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global Turning Tools market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority. '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 driving the increasing use of intelligent manufacturing technologies in manufacturing and processing. This is due to advantages such as increased productivity, productivity and a strong workforce that is easy to manage. Manufacturing and machine operations will see a paradigm evolve from traditional methods to intelligent, integrated and flexible machine systems.

Large players have adopted various strategies such as product launches and acquisitions to maintain competitiveness and improve their brands. For example, in March 2022, ISCAR LTD. delivered a new generation of ISO-Turn inserts for the rail industry designed to complete a wide range of equipment from light to heavy. This is aimed at improving productivity.

North America is expected to dominate the global market during the forecast period. This is due to increased production capacity and increased demand from automobile plants in the region. The growing aerospace and automotive industries in the region are expected to boost the demand for turning tools in the region. Furthermore, the demand for the product is expected to increase with the rise in the capacity of various manufacturers, higher consumption of resources and higher levels of economic growth. During the forecast year 2024-2031, United States is estimated to be the major market. The region is expected to witness growth in construction and construction industry due to rising population, rise in per capita income and improvement in living standards The demand for comfort products has increased and is accelerating the growth of the global turning tools market.

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