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Metal Cutting Tool Market Trends, Analysis, Forecast 2031 | CAGR of 4.1%
Metal Cutting Tool Market
The metal cutting tool market size was valued at $65.5 billion in 2021, and is estimated to reach $97.9 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.
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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.
The metal cutting tool market refers to the industry that produces and sells tools specifically designed for cutting and shaping metal materials. These tools are essential in various industries such as manufacturing, construction, automotive, aerospace, and more, where metal components are used extensively.
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.
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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.
Top Players:
Key players in the metal cutting tool market include global companies such as Kennametal, Hitachi Metals, Amada Machine Tools Co. Ltd., Fanuc America Corporation, BIG Kaiser Precision Tooling Inc., Tiangong International Co., Doosan Machine Tools Co. Ltd., Komatsu Ltd., Ingersoll Cutting Tool Company, Sandvik
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Overall, the metal cutting tool market plays a vital role in supporting various industries' manufacturing processes and is expected to continue growing as industrialization and infrastructure development continue worldwide.
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