South East Asia Cutting Tools Market By Type (Cemented Carbide, High Speed Steel, Ceramics, Diamond), Application (Milling, Turning, Drilling, Grinding), End-Use (Automotive, Aerospace & Defence, Construction, Electronics)- Trends & Forecasts Upto 2026
The market for cutting tools in South East Asia was valued at is projected to reach 1540.0 million USD by 2026, at a CAGR of 6.31% between 2021 and 2026. The growth in the market size is expected to be driven by the increasing demand for advanced and intelligent cutting tools with innovative designs and geometry featuring better performance as well as predictive maintenance. The growth is also associated with the steady demand in all industries, especially automotive, aerospace and industrial sectors. Decrease in the cost of manufacturing with the advancement of innovative technologies, advanced materials and localizing manufacturing thus decreasing costs of production will drive the market for cutting tools in South East Asia.
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The cutting-tool industry has been transitioning for the future of part-making with innovative products and solutions. Digitalization is becoming the clear path forward for increasing productivity with the growing number of technologically minded workforce across industries.
On the basis of type, the cutting tools market has been segmented into cemented carbide, high speed steel, ceramics, diamond, others. In 2019, the sale of cemented carbide cutting tools accounted for the largest market with a share. However, the market for diamond cutting tools has increased at the highest growth of 10.03% between 2015 and 2020.
On the basis of application, the cutting tools market has been segmented into milling, turning, drilling, grinding and others. In 2019, the sale of milling cutting tools accounted for the largest market with a share of 42% in 2020. 3D printing is an innovative tool making strategy that helps to improve the over design, geometry, and performance as well as reduces the time to market and wastage of materials in prototypes. These tools help to achieve demanding accuracy, roundness and surface finish requirements across industries, especially the automotive industry.
On the basis of application, the cutting tools market has been as automotive, aerospace & defence, construction, electronics, oil & gas, power generation, wood, die and mold, and other. In 2019, The automotive sector accounted for the largest market for cutting tools worth 253.03 million USD in 2020. The market for cutting tools in South East Asia wad driven by the manufacturing industry, particularly in segments such as automobiles, aerospace, defense, railways, and other engineering sectors.
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Some of the major players covered in the South East Asia Cutting Tools Market Segment by Company are Sandvik, Kennametal, Iscar, Kyocera, Gfchring, SUMITOMO, Nachi-Fujikoshi, YG-1, Shanghai Tool, Korloy, Union Tool, Tiangong, Guhring, Tivoly, Ceratizit, Hitachi, Feidadrills, Chengdu Chengliang, BIG Kaiser, Addison, Hanjiang, EST Tools, Xiamen Golden Erge, AHNO, Sandhog and others. The market for cutting tools in the South East Asia region is intensely competitive and is highly fragmented. The market is dominated by the overseas companies operating in the South East Asia region through subsidiaries and sales representatives. The top 10 players accounted for 42.5% of the South East Asia cutting tools market in 2019. The vendors in the cutting tools market compete based on product portfolio, product differentiation, applications, and the pricing of products.
The prime objective of this report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing with 10 major regions and 30 major countries. Deep researches and analysis were done during the preparation of the report. The readers will find this report very helpful in understanding the market in depth. The data and the information regarding the market are taken from reliable sources such as websites, annual reports of the companies, journals, and others and were checked and validated by the industry experts. The facts and data are represented in the report using diagrams, graphs, pie charts, and other pictorial representations. This enhances the visual representation and also helps in understanding the facts much better.
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South East Asia Cutting Tools Market, By Segment by Type
• Cemented Carbide
• High Speed Steel
South East Asia Cutting Tools Market Segment by Application
South East Asia Cutting Tools Market Segment by End Use
• Aerospace & Defence
• Construction, Electronics
• Oil & Gas
• Power Generation
• Die And Mold
South East Asia Cutting Tools Market Segment by Country
• New Zealand
• South Africa
South East Asia Cutting Tools Market Segment by Company
• Shanghai Tool
• Union Tool
• Harbin No.1 Tool
• Chengdu Chengliang
• BIG Kaiser
• EST Tools
• Xiamen Golden Erge
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