Vast Investments in CNC Technology Act as Major Driving Force
Cutting tools are used in various material cutting tasks in building construction, carpentry, automotive, manufacturing, and other industries. There is a broader range of cutting tools with new and innovative stocked standards available in the market. These tools often come with refined formats that include supplemental technical and application information, making tool selection intuitive and straightforward.
Cutting tools and clamping devices need expert explanation, and they are extensively used in boring operations and manufacturing numerous parts with geometrically complex surfaces. The growing use of cutting tools in major industries has changed the market dynamics dramatically. However, the aerospace manufacturing sector is the main consumer of these tools.
Looking at the growing market landscape, cutting tool companies have strengthened their efforts to develop and manufacture more advanced designs to meet increased customer demands. Advances in workpiece manufacturing technologies, such as metal injection molding, 3D printing, investment casting, and close-tolerance forging, drive the market growth.
The cutting tools market outlook looks extremely promising, mainly due to rapidly growing manufacturing sectors worldwide. As manufacturing sectors continue to grow further, uses of cutting tools are expected to accelerate exponentially, meeting changing customer needs. Therefore, the cutting tools market share is projected to escalate further during the forecast period.
In this regard, Market Research Future (MRFR) asserts that the valuation of global cutting tools market in terms of value is estimated to reach USD 28.7 Billion by 2027, registering a CAGR of 6.02% during the forecast period. (2020 - 2027). Substantial investments in CNC technology act as a major driving force behind the market rise.
The onset of COVID-19 affected the cutting tools market briefly. The market remained reassuringly dynamic and constantly changing, more quickly than in the pre-pandemic era. Agility to respond to market changes became more important than ever in post-pandemic periods.
The pandemic-driven lockdown challenges fostered many cutting tools market trends, including production trends such as the vast adoption of CNC technology. There is a vast demand for these tools into a heritage industry, which would support the cutting tools market to grow steadily over the next six years.
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Overview
Cutting tools enable hassle-free production of components, reducing the time required for manufacturing workpieces. Several large manufacturing facilities are increasingly adopting these tools. The rising commercial demand for cutting tools increases the market size. Besides, rapid advances in production technology and emerging needs for smaller factory footprints boost cutting tools market revenues.
Despite the promising prospects, the cutting tools market still witnesses several challenges, such as volatility in prices and the demand-supply gap in raw materials required for production. Besides, high purchase and repairing cost, complexities of material selection, overheating inappropriate settings are major factors restraining the market growth.
Industry Trends
There is a huge market for complex cutting tools. Industry players are responding to this with their technical expertise and industry experience. Features such as tool simulation using 3D and CAD-CAM technologies and the ability to produce small batch sizes are giving increased flexibility, particularly relevant to the die and mold industry.
Almost all industries require cutting tools for accurate CNC parts that sometimes are complex to produce. Increasing demand for cutting tools from industries such as aerospace defense, agriculture, automotive, construction, firearms, and electronics fosters market growth.
Segmentation
The cutting tools market analysis is segmented into tool types, material types, applications, and regions. The tool type segment is sub-segmented into indexable inserts and solid round tools. The indexable inserts sub-segment is bifurcated into indexableturning boring, indexable milling, indexable hole making and indexable threading. Among these, the solid round tools segment holds the largest market share.
The material type segment is sub-segmented into cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, and exotic materials. Among these, the cemented carbide segment holds the largest market share.
The application segment is sub-segmented into aerospace defense, automotive, construction, electronics, oil gas, power generation, wood, die and mold, and others. Among these, the automotive segment holds the largest market share.
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Regional Analysis
The Asia Pacific region dominates the global cutting tools market. The region is home to major manufacturing industries for machine tools, automotive, electronics, and consumer products. Besides, raw material advantage and the availability of cost-competitive workforces in the region act as major driving forces impacting the cutting tools market growth. Rapid growth in construction and manufacturing sectors in countries such as China, India, and South Korea increases the demand for cutting tools.
North America acquires the second-best position in terms of the cutting tools market value. Market growth attributes to vast advances in cutting tools manufacturing techniques and the rapidly growing manufacturing sector in the region. Additionally, the high product demand from flourishing building construction and industrial sectors in the region substantiates the cutting tools market size.
Europe demonstrates a positive growth rate towards the adoption of cutting tools. Rapidly growing automotive and power generation industries in the region fuel the cutting tools market growth. Furthermore, the proliferation of fuel-efficient vehicles and lightweight automotive components creates significant growth opportunities for the cutting tools markets in the region.
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Competitive Analysis
The cutting tools market is increasingly experiencing several strategic deals, such as mergers acquisitions, expansion, collaboration, and product launches. Major industry players make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on May 03, 2021, Wilsonart Engineered Surfaces announced the acquisition of Flagg Incorporated, a leading wholesale distributor to the building and remodeling industry. Flagg distributes supplies and services for construction, carpentry, and engineering. This strategic acquisition represents significant growth potential allowing Wilsonart to expand its footprint in the Midwest.
Key players involved in the market are OSG Corporation, Kennametal Inc., Iscar Ltd, Mapal, Robert Bosch GmbH, Makita Corporation, Stanley Black Decker, Inc., ICS Cutting Tools, Inc., Klein Tools, Inc., Snap-on, OTTO Baier GmbH, Sandvik AG, Hilti Corporation, Ingersoll Cutting Tools, Asahi Diamond Industrial Co. Ltd, Fraisa SA, Kyocera Cutting Tools Group, J Schneeberger Maschinen AG, Ceratizit Group, Vollmer, and Hitachi Koki Co. Ltd.
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