Metal Cutting Tool Market Astonishing Growth and Latest Technology Will Change the Current Situation to Reach $107.3 Bn by 2032

Metal cutting tool 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 tool that are normally used; single point tool and multi-point tool. In addition, Single-point tool are mainly used to get rid of extra material through cutting edges in the process of shaping, turning and other related procedures. However, the multi-point tool is a part of crucial processes such as grinding, drilling, and milling.

The metal cutting tool market was valued at $65.5 billion in 2020, and is estimated to reach $107.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. The global metal cutting tool market size was 2,339 units million in 2020 and is projected to reach 3,237 million units by 2032, registering a CAGR of 2.8% from 2023 to 2032.

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Major factors such as rise in demand from several industries, such as automation and construction and rise in demand for power tool from household, are expected to boost the metal cutting tool market growth during the forecast period. In addition, rapid expansion in the automotive sector is expected to boost the demand for the metal cutting tools, and positively affect the metal cutting tool market forecast. Moreover, rise in manufacturing of light vehicles is anticipated to develop rapid need for welded automotive components, thus, creating demand for metal cutting tools.

Metal cutting tool have enabled hassle-free production of components, reducing the time required for manufacturing workpieces. In addition, several large manufacturing facilities are increasingly using these tools.

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 manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth. These factors boost the demand for metal cutting tool as they are extensively used in construction and automotive industries. In addition, the Asia-Pacific region is home to major metal cutting tool manufacturers, such as Ehwa Diamond, Iscar Ltd, and Makita Corporation.

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The solid round tools segment to maintain its leadership status throughout the forecast period
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.

The automotive segment to maintain its lead position during the forecast period

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.

Asia-Pacific to maintain its dominance by 2031

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.

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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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