Press release
Metal Cutting Tool Market Is Growing To Reach $97.9 billion by 2031 | Latest Research Report
Metal Cutting Tool Market
Metal cutting tools have a primary purpose of removing leftover material from a manufactured piece of metal by using the process of shear deformation. There are mainly two types of metal cutting tools that are normally used; single-point tools and multi-point tools. In addition, single-point tools are mainly used to get rid of extra material through cutting edges in the process of shaping, turning, and other related procedures. On the other hand, the multi-point tool is a part of crucial processes like grinding, drilling, and milling.
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Major factors such as rise in demand for metal cutting tools from several industries such as automation and construction and rise in demand for power tools from household, are expected to boost the growth of the metal cutting tool market during the forecast period. In addition, the rapid expansion in the automotive sector is expected to boost the demand for the market. Moreover, the rise in manufacturing of light vehicles is expected to develop rapid need for welded automotive components, thus creating demand for metal cutting tools.
Regional Analysis:
Region-wise, the metal cutting tools market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In terms of revenue, Asia-Pacific dominated the market in 2021. Asia-Pacific is one of the fastest growing regions globally, attributed to its large population and low-cost manufacturing sector. China and Japan are leading manufacturers of automobiles and construction machines. Furthermore, the construction and automotive industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth. These factors boost the metal cutting tool market growth.
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Top Players:
The key players profiled in the metal cutting tool market report include, EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tools, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-on Incorporated.
Key Findings Of Study
• The report provides an extensive analysis of the current and emerging global metal cutting tool market trends and dynamics.
• By tool type, the solid round tool segment dominated the market in terms of revenue in 2021.
• By product type, the lathe segment registered the highest growth in terms of revenue in the global metal cutting tool industry in 2021.
• By application, the electronic segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market.
• In depth, the global metal cutting tool market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.
• The global metal cutting tool market forecast analysis from 2022 to 2031 is included in the report.
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