Cutting Tools Market in terms of value is estimated to reach USD 31 Billion by 2030, registering a CAGR of 6.20% during the forecast period 2022-2030.
New York, United States - February 10, 2022 /MarketersMedia/ —
Cutting Tools Market in terms of value is estimated to reach USD 31 Billion by 2030, registering a CAGR of 6.20% during the forecast period 2022-2030.
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Cutting tools are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded, or clamped on to the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defense, construction, and oil and gas.
Key Competitors
The Key Players operating in the Global Cutting Tools Market include
Kennametal Inc.
OSG Corporation
ISCAR LTD
MAPAL
Makita Corporation
Robert Bosch GmbH
Stanley Black & Decker Inc.
Klein Tools Inc.
ICS Cutting Tools Inc.
Snap-on
OTTO BAIER GmbH
Hilti Corporation
Sandvik AG
Ingersoll Cutting Tools
FRAISA SA
KYOCERA Cutting Tools Group
Asahi Diamond Industrial Co. Ltd
J SCHNEEBERGER Maschinen AG
Vollmer
CERATIZIT Group and
Hitachi Koki Co. Ltd.
The major growth strategies adopted by these players are product development and expansion.
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Market Segmentation
By Tool Type -
Indexable Inserts (IndexableTurning & Boring, Indexable Milling, Indexable Holemaking and Indexable Threading) and Solid Round Tools)
By Material Type -
Cemented Carbide, High-Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride, and Exotic materials
By Application -
Automotive, Aerospace & Defence, Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold, and Other
Segmentation
Cutting Tools Market has been segmented based on tool type, material type, application, and region. On the basis of tool type, the solid round tools segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. It is projected to register a CAGR of 6% from 2020 to 2027.
Based on material type, the cemented carbide dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is projected to exhibit the highest CAGR of 6% from 2020 to 2027.
Based on application, the automotive segment dominated the market with a share of 6%, having accounted for USD 25.8 Billion in 2019. The segment is expected to register a CAGR of 6% from 2020 to 2027.
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Regional Analysis
Based on region, the report on the global cutting tools market has been segmented into the Americas, Europe, Asia-Pacific, and Middle East & Africa.
In 2019, Asia-Pacific dominated the cutting tools market with a 38.8% market share. Rapid growth in construction and manufacturing in countries such as China, India, and South Korea is expected to increase the demand for cutting tools in the coming years. Moreover, the region is home to one of the largest manufacturing industries for machine tools, automotive, electronics, consumer products, and others globally. Hence, the region is expected to witness the highest CAGR of 8.12% and retain its leading position in the global market during the forecast period.
Key Questions Addressed by the Report -
What is anticipated to be the rate of expansion of the cutting tools market?
By 2026, what is anticipated to be the value of revenues earned?
Who are the major players in the cutting tools market?
Based on tool type, what are the segments of the cutting tools market?
By material type, which segments of the cutting tools market are profiled?
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Source: MarketersMedia
Release ID: 89063678
