Press release
2021 Global Cutting Tools Market is anticipated to grow at a CAGR% of 5.01% | Sandvik, Mapal, OSG, Kennametal, Sumitomo, Iscar, LMT, Kyocera and Forecasts Up to 2030
Cutting tools being part and parcel of manufacturing, particularly in segments such as automobiles, aerospace, defence, railways, and other engineering sectors, the cutting tool market is closely associated with the ups and downs of each specific industry. The cutting tools market in Singapore was accelerated by the increased demand in the manufacturing industry. Automotive industry has boosted the market for cutting tools in Indonesia. Manufacturing and high-tech industries has increased the demand for cutting tools globally.
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3D printing is an innovative toolmaking 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.
Cemented Carbide Cutting Tools Captured The Largest Market Share In 2020
The Cemented Carbon Cutting tools captured the largest in 2020, and is anticipated to grow at a CAGR of 4.46% from 2020-2025. Cemented Carbide Cutting is produced by powder metallurgy technique and it consists of tungsten, tantalum, and titanium carbide with cobalt as binder. These are very hard and can withstand in applications that require high-speed cutting operations.
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Turning application will experience the highest CAGR% of 6.92% from 2020-2025
The market for turning cutting tools has increased at the highest growth of 6.92% between 2019-2025, due to the increasing demand from automotive, aerospace and engineering sectors. Turning tool is used in metal cutting process to produce cylindrical surfaces. It generates any cylindrical surface with a single point tool. In turning, the direction of the feeding motion is predominantly axial with respect to the machine spindle and a radial feel is dominant in facing.
Automotive Sector accounted for maximum share in 2020
The demand for cutting tools in automotive will increase slightly, due to the launch of hybrid cars and electric cars, where the use of cutting tools is even more than present vehicles. In the future, major part of the future business of cutting tools will come from e-vehicles with a range of tools for e-vehicle components, led by intelligent tools.
Some of the prominent players in the market are Sandvik, Mapal, OSG, Kennametal, Sumitomo, Iscar, LMT, Kyocera, Mitsubishi, Nachi-Fujikoshi, Union Tool, Harbin No.1 Tool, ZCCCT, Ceratizit, Tiangong, Korloy, YG-1, Tivoly, Guhring, Shanghai Tool, EST Tools, Hitachi, Hanjiang, Addison, AHNO, BIG Kaiser, Sandhog, Feidadrills, Xiamen Golden Erge, Chengdu Chengliang.
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Report Scope
Global Cutting Tools Market Estimates & Forecasts, By Segment by Type 2020-2025
Cemented Carbide
High Speed Steel
Ceramics
Diamond
Others
Global Cutting Tools Market Estimates & Forecasts, By Application by Type 2020-2025
Milling
Turning
Drilling
Grinding
Others
Global Cutting Tools Market Estimates & Forecasts, By Segment by End-Use 2020-2025
Automotive
Aerospace & Defence
Construction, Electronics
Oil & Gas
Power Generation
Wood
Die And Mold
Other
Global Cutting Tools Market Estimates & Forecasts, By Company by End-Use 2020-2025
Sandvik
Mapal
OSG
Kennametal
Sumitomo
Iscar
LMT
Kyocera
Mitsubishi
Nachi-Fujikoshi
Union Tool
Harbin No.1 Tool
ZCCCT
Ceratizit
Tiangong
Korloy
YG-1
Tivoly
Guhring
Shanghai Tool
EST Tools
Hitachi
Hanjiang, Addison
AHNO
BIG Kaiser
Sandhog
Feidadrills
Xiamen Golden Erge
Chengdu Chengliang
Others
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