Selbyville, Delaware, May 21, 2023 (GLOBE NEWSWIRE) —
Metal Cutting Tools Market size exceeded USD 69.5 billion by 2032, according to the latest report report by Global Market Insights Inc.
The advent of modern technologies incorporated in metal cutting tools is supporting industry progression. The effectiveness and durability of metal cutting tools have been enhanced by the introduction of sophisticated cutting tools, such as coated carbide, diamond, and ceramic tools, which have boosted product demand. Furthermore, ongoing efforts by industry participants to deliver high-performance solutions are likely to accelerate market expansion. To cite an instance, in March 2023, a leading manufacturer of cutting tools, Dormer Pramet, launched new products designed to make the machining process simpler and provide machinists and operators with easy access to machines.
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Turning process to witness rising adoption
The metal cutting tools market share from the turning segment will be valued at USD 18 billion by 2032. Shorter lead time and flexibility of the process are fueling segment penetration. Turning is a flexible process that is compatible with any material, including wood and plastic. Due to the high tolerances and surface finishes that turning can provide, the procedure is frequently used to add precise rotational characteristics to a product. Additionally, turning does not need a highly skilled operator, which contributes to its rising adoption rate.
High product uptake for electrical & electronics applications
The industry size from the electrical & electronics segment will grow at 5% CAGR from 2023 to 2032. The widespread utilization of metal cutting tools for a variety of applications, including the manufacture of electronic components, printed circuit boards, and electrical equipment, is expected to boost segment revenue. The demand for metal cutting tools is likely to remain steady through 2032 resulting from the increasing number of supportive government initiatives promoting domestic electronic device manufacture and fostering export trades.
Asia Pacific to record notable growth opportunities
The Asia Pacific metal cutting tools market is estimated to generate more than USD 30 billion by 2032. The infrastructural development, along with the growing industrial sector, particularly in the major APAC nations like China and India, are projected to drive the APAC market expansion by 2032. Additionally, cutting tool producers are adopting growth strategies such as partnerships and acquisitions to take advantage of the lucrative APAC market and gain access to technologies and expertise to enhance their manufacturing processes, technical capabilities, and product quality, which is anticipated to have a positive impact on the regional market.
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Metal cutting tools industry leaders
Yamazaki Mazak Corporation, Doosan Corp, JTEKT Corporation, Towajapan, Hyundai Wai Corp., Amada Co. Ltd, Makino Okuma Corporation, Sandvik AB, and TrumpF, are some of the leading firms engaged in the metal cutting tools market. To further strengthen their market position, these businesses focus on the development of novel manufacturing processes and implementing growth strategies.
Recent developments
- In September 2022, a leading provider of supplies for metalworking, repair, and maintenance, MSC Industrial Supply Co. UK, partnered with cutting tool manufacturer, ZCC Cutting Tools, to offer engineering companies in the UK access to cost-effective, high-quality solid carbide cutting tools produced using the ZCC Cutting Tools line.
- In January 2023, MSC Industrial Supply UK (MSC) and Walter Tools established a supplier agreement to ensure that engineering and subcontracting companies receive high-precision tools and value-added services.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Metal Cutting Tools Market 360º synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Tool type trends
2.1.3 Process trends
2.1.4 Material trends
2.1.5 End Use trends
2.1.6 Regional trends
Chapter 3 Metal Cutting Tools Market Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2032
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Growing demand from various end-use industries
3.5.1.2 Technological advancements
3.5.1.3 Emerging economies
3.5.2 Industry pitfalls & challenges
3.5.2.1 Fluctuating raw material prices
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Regional price trends
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 COVID-19 impact on policosanol demand
3.13 Impact of Russia – Ukraine war on Metal Cutting Tools Market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.