Press release
Metal Cutting Tools Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033| By The Business Research Company
The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033The Business Research Company offers in-depth market insights through Metal Cutting Tools Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The metal cutting tools market size has grown strongly in recent years. It will grow from $27.71 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growth of manufacturing industries, rise of the automotive industry, spurred construction and infrastructure development, increased mining and exploration activities, globalization.
The metal cutting tools market size is expected to see strong growth in the next few years. It will grow to $39.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to rise in aerospace industry, global push towards renewable energy projects, adoption of industry 4.0 practices, growth in precision agriculture, growth in the healthcare sector. Major trends in the forecast period include automation and robotics integration, customization and specialization, sustainable tooling solutions, artificial intelligence (AI) in machining, advanced coating technologies.
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Market Segmentation:
The metal cutting tools market covered in this report is segmented -
1) By Product: Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, Other Products
2) By Material: Cemented Carbide, Ceramics, Polycrystalline Diamond, Cubic Boron Nitride, Exotic Materials, Other Materials
3) By Process: Milling, Turning, Drilling, Rotary, Other Process
4) By End-User: Automotive, Aerospace and Defense, Construction, Electronics, Power Generation, Other End-Users
Major Driver - Manufacturing Industry Surge Propels Growth In The Metal Cutting Tools Market
The growth of manufacturing industries is expected to propel the growth of the metal cutting tools market going forward. Manufacturing industries refer to any industry that uses technology or physical labor to create goods from raw materials. This process is often done in a methodical manner with a division of labor. To work with basic materials including steel, aluminum, and titanium, manufacturers require the appropriate machinery and tools. The need for metal cutting products is being further boosted by firms who are simultaneously investing in multiple pieces of equipment to increase their manufacturing capacity. For instance, in March 2022, according to United Nations Industrial Development Organization, an Austria-based agency, global manufacturing production increased by 9.4% in 2021. Similarly, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had a growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21. Therefore, the growth of manufacturing industries is driving the growth of the metal cutting tools market.
Competitive Landscape:
Major companies operating in the metal cutting tools market report are Kyocera Corporation, Mitsubishi Materials Corporation, Sandvik AB, Hitachi Metals, Ltd., Ceratizit S.A., Kennametal Ltd., Nachi-Fujikoshi Corp, Seco Tools AB, Tungaloy Corporation, Emuge Corporation, Mapal Dr. Kress KG, OSG USA INC, Walter AG, Iscar Ltd., Widia Products Group, Dormer Pramet, Nachi America Inc., Greenleaf Corporation, Allied Machine & Engineering Corp, Guhring, Inc., Ingersoll Cutting Tool Company, LMT Onsrud LP, Niagara Cutter LLC, Komet Group GmbH, BIG KAISER Precision Tooling Inc., Sumitomo Electric Industries Ltd.
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Top Trend - Advances In Metal-Cutting Tools With The Introduction Of Next-Generation Laser Scanning Cutting Machines
Major companies operating in the metal-cutting tools market are focusing on introducing innovative products such as laser scanning cutting machines to sustain their position in the market. A laser scanning cutting machine is a cutting-edge technology in the laser cutting industry, offering several advantages over conventional laser cutting machines. For instance, in March 2022, Bodor Laser, a China-based laser cutting machine manufacturer, launched the next-generation laser scanning cutting machine. This innovative machine has created a new category in the laser cutting industry and is expected to bring significant improvements in speed and cutting thickness based on current laser machine power options.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Metal Cutting Tools Market Characteristics
3. Metal Cutting Tools Market Trends And Strategies
4. Metal Cutting Tools Market - Macro Economic Scenario
5. Metal Cutting Tools Market Size And Growth
…..
27. Metal Cutting Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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