Rapid industrialization, increase in population, surge in employment rate, and improvement in standard of living have resulted in the growth of manufacturing industries, which in turn, drive the growth of the global metal cutting tool market.
PORTLAND, Ore., July 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Metal Cutting Tool Market by Tool Type (Indexable Inserts, Solid Round Tools), by Product Type (Lathe, Drilling Machine, Milling Machine, Grinding Machine, Others), by Application (Automotive, Electronics, Construction, Aerospace and Defence, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global metal cutting tool industry generated $65.5 billion in 2021, and is anticipated to generate $97.9 billion by 2031, witnessing a CAGR of 4.1% from 2022 to 2031.
Prime determinants of growth
Rapid industrialization and urbanization, increase in population, surge in employment rate, and improvement in standard of living in countries such as India, China, Mexico, Canada, Russia, Malaysia, and Thailand have resulted in the growth of manufacturing industries, which in turn, drive the growth of the global metal cutting tool market. However, high initial cost along with high operating and maintenance cost restricts the market growth. Moreover, surge in demand for metal cutting tools, which consume less electricity and are efficient and safe, create potential opportunity for new product development in the market.
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- The COVID-19 pandemic has shut down production of various products in the metal cutting tools industry, mainly owing to prolonged lockdown in major global countries. This has hampered the metal cutting tool market growth significantly.
- Equipment and machinery manufacturers are focusing on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways to get back on track.
Based on tool type, the solid round tools segment held the highest market share in 2021, accounting for nearly three-fourths of the global metal cutting tool market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.4% from 2022 to 2031, owing to increase in urbanization and aerospace & desensitization in developing and developed countries.
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Based on application, the automotive segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global metal cutting tool market, and is projected to maintain its lead position during the forecast period. The metal cutting tool are required for fastening, buffering, finishing, sanding, metal working, and others for repair, retrofitting, and servicing of automobiles, which in turn, drives the segment. However, the electronics segment is expected to portray the largest CAGR of 5.5% from 2022 to 2031, due to increase in popularity and technological advancements in additive manufacturing.
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global metal cutting tool market. Moreover, the same region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. This is attributed to its large population and low-cost manufacturing sector. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players: -
- Fanuc America Corporation
- Amada Machine Tools Co. Ltd.
- BIG Kaiser Precision Tooling Inc.
- Sandvik
- Komatsu Ltd.
- Kennametal
- Doosan Machine Tools Co. Ltd.
- Ingersoll Cutting Tool Company
- Tiangong International Co.
- Hitachi Metals
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