Market Research Future’s report on the global cutting tools market has projected valuation of USD 16,700 million by the end of the year 2023. The reports have suggested the growth rate according to the latest developments and increased demand for cutting tools majorly in the construction and automotive sectors. The report, hence, encompasses factors that are driving the market and supporting in its growth along with segmentation and competitive scenario.
The emergence of technology combined with innovation has introduced new tool developments which are used for complex requirements in various industries. A cutting tool is one advanced tool primality used to remove material from the workpiece of shear deformation. These are made of hard material having the ability to cut and withstands in metal-cutting process. The cutting tools have a robust structure due to which there is upsurge demand for it.
The cutting tools market is proposed to grow at a CAGR of 6.9% from 2016 to 2023.
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Factors Driving the Market
Recently, the demand for cutting tools have raised due to ease in the source of raw materials which has eventually increased capacity for manufacturing such tools. These reasons have led the cutting tools market to grow splendidly and marked its position stronger for the coming years by 2023, reveals Market Research Future.
Market opportunities with the global cutting tools demands have turned up in recent years due to spontaneous pressure to increase of manufacturing and production. On the other side, expenditure is now more on consumer goods, electronics and automobiles significantly due to rising disposable income. In addition, with the frequent requirement in replacement of cutting tools blades have posed as a significant challenge to the market, where investments are essential to make in maintain the tool. Such factor has prompted the existing market players to innovate viable alternatives for frequent usage of cutting tools which will automatically open doors for future opportunities.
Moreover, inclination towards superior-quality of cutting tools development at reduced costs has also provoked the organizations to deploy HSS metal cutting tools. This factor has fueled up the global cutting tools market with substantial growth with a high CAGR which is eventually expected to rise in future. However, the fluctuating price of raw materials may hamper the growth of the market.
The large-scale manufacturing sectors such as aerospace, wood, and electronics are contributing the lion’s share in the market, resultantly, making to rise high with a valuation of USD 16,700 Mn by the end of 2023.
The MRFR report delivers a detailed and cohesive analysis of the cutting tools market on segments such as material type, application type, and tool type.
By material type, the market has been segmented into high-speed steel, stainless steel, cubic boron nitride, cemented carbide, ceramics, polycrystalline diamond, exotic materials.
By application, the market share is high in the areas such as aerospace & defense, oil & gas, wood, die and mold, automotive, electronics, construction and power generation.
By tool type, the market has been segmented into indexable inserts and solid round tools.
The report studies highlight of the global cutting tools market share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
Of these, the Asia Pacific region is projected to have the highest market share during the forecast period due to the booming economic status in construction and manufacturing activities, which have been lucrative in the recent years. India and China are the leading countries for the same. The APAC is expected to grow at a CAGR of 6.98% during the review period.
Whereas, North America also has a significant share in the growth of cutting tools market due to abundance of strong constructed structures and organizations actively investing in innovation of existing tools.
Major player operating in the market are Makita Corporation, Sandvik AG, FRAISA SA, KYOCERA Cutting Tools Group, Asahi Diamond Industrial Co. Ltd., and Stanley Black & Decker, Inc. Other major players are Robert Bosch GmbH, Klein Tools, Inc., ICS Cutting Tools, Inc., Snap-on, OTTO BAIER GmbH, Hilti Corporation, Ingersoll Cutting Tools, J SCHNEEBERGER Maschinen AG, Vollmer, CERATIZIT Group and Hitachi Koki Co. Ltd.
March 2017: Stanley Black & Decker, Inc. completes acquisition of Newell Brands tools business to expand the product portfolio.
April 2017: Hilti Corporation announced new 22 V tool line.
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TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL CUTTING TOOLS MARKET VALUE ANALYSIS, BY TOOL TYPE, 2016-2023 (
TABLE 4 GLOBAL CUTTING TOOLS MARKET VOLUME ANALYSIS, BY TOOL TYPE, 2016-2023
TABLE 5 GLOBAL CUTTING TOOLS MARKET VALUE ANALYSIS, BY INDEXABLE INSERTS, 2016-2023
List of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DRIVERS, RESTRAINTS, AND OPPORTUNITY OF GLOBAL CUTTING TOOLS MARKET
FIGURE 4 WORLD: INDUSTRY VALUE ADDED (ANNUAL % GROWTH), 2012-2016
FIGURE 5 DRIVERS IMPACT ANALYSIS: CUTTING TOOLS MARKET
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