Metal Cutting Tools Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
Metal cutting tools are a type of machine tools that ensure the effective manufacturing of critical and intricate components with ease and utmost precision. In ancient times, machines such as horizontal lathes existed in one form or another, whereas computer-numerical-controlled (CNC) metal cutting machines are recent additions. Metal cutting tools are powered by electric motors and are used for one of many cutting processes that includes turning, milling, grinding, and boring, to complete the desired cut on the metal work piece.
Metal cutting tools have varied forms which include plasma cutters, fiber cutters, and laser cutting devices. Plasma cutting is primarily used for the fabrication and welding of metals as they ensure accurate results in comparison to other product forms. Over the years, laser cutting industry has undergone significant improvements in quality and thickness of cutting material, power, and efficiency and this has resulted in development of laser cutting machines. Laser-based metal cutting machines are anticipated to have a positive impact on the market as they offer a high degree of precision.
The key driver identified for the metal cutting tools market is the exponential growth in the automotive industry. In addition, the global market for metal cutting tools is anticipated to expand due to growth aided by recovery in key end-use markets in the developed world. Furthermore, the growing production of light vehicles will create potential demand for new welded automotive components, as a result, creating demand for metal cutting tools during the forecast period. These tools will continue to account for majority of the total machine tools market.
One of the major factors hindering the market growth is fluctuating raw material prices. However, significant trends that will gain traction in the metal cutting tools market is the growth in demand for additive manufacturing. It is the process of creating 3D objects using a digital file. 3D printing in aerospace and automotive industries enables the production of complex geometries that are impossible with traditional manufacturing techniques, and will significantly help to reduce the capital costs, raw material costs, and cost to reclaim scrap during the forecast period.
The global market for metal cutting tools is segmented based on product type and application. Based on product type, the market is fragmented into milling tools, drilling tools, turning tools, and rotary tools among others. The application segment is segmented into automotive, aerospace & defense, construction, marine, and electronics. Milling tools are expected to hold the major market share as they find a wide variety of use in the automotive and aerospace industries.
Based on region, the global metal cutting tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is expected to dominate the market in the coming years due to growth in the automotive and industrial sectors. Moreover, another driving factor is that with the number of countries increasing their defense budgets, the global metal cutting tools market is expected to grow in the near future. Furthermore, rapid industrialization and expansion of manufacturing industries in India and China is propelling the need for tools and equipment, which will influence the growth of the metal cutting tools market.
The metal cutting tools market is highly fragmented with the presence of various players. Leading vendors in the market are BIG KAISER Precision Tooling Inc., Kennametal, Nachi-Fujikoshi Corp., OSG USA, INC., Sandvik AB, Ceratizit S.A., Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co., LIMITED, Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and ISCAR LTD. among others. Several regional and local players have started manufacturing customized, energy efficient equipment that is available at a lower price.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.