Cutting Tool And Machine Tool Accessory Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Cutting Tool And Machine Tool Accessory Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $106.2 billion In 2028 At A CAGR Of 7.9% :

The cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from $72.27 billion in 2023 to $78.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to manufacturing industry growth, automotive and aerospace manufacturing, tool wear and replacement, tooling efficiency and precision,.

The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to $106.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to digitalization and industry 4.0 integration, sustainability and eco-friendly manufacturing, customization and agile manufacturing, automation and robotics integration, globalization of manufacturing. Major trends in the forecast period include advanced coating technologies, high-speed machining, tool monitoring and predictive maintenance, custom tooling solutions, sustainable tooling practices.

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Cutting Tool And Machine Tool Accessory Market Major Segments
The cutting tool and machine tool accessory market covered in this report is segmented -

1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
2) By Application: Automotive, Manufacturing, Other Applications
3) By Sales Channel: Direct, Indirect

Key Driver - Industrial Production Growth Fuels Surge In The Cutting Tool And Machine Tool Accessory Market

Rising industrial production is propelling the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a valuable tool for tracking the physical output of industrial sectors within an economy. As industrial production grows, there is a higher demand for cutting tools and machine tool accessories because these tools are essential for machining, shaping, and processing raw materials into finished products. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area witnessed a 0.2% increase. Further, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, rising industrial production across industries will drive the future growth of the cutting tool and machine tool accessory market going forward.

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Prominent Trend - Global Expansion Into Emerging Markets

Major companies operating in the cutting tool and machine tool accessory market are focused on investments to expand their global presence to access new markets, diversify their customer base, and reduce supply chain risks. This expansion trend involves the physical growth of the company's manufacturing facilities to increase production capacity. For instance, in June 2023, Nidec Machine Tool Corporation, a Japan-based machine and cutting tool manufacturer, announced the construction of a new facility in Ranipet, Tamil Nadu, India, for Nidec India Precision Tools Ltd. (NMTI), a cutting tool manufacturing and selling arm. This expanded facility will have 1.5 times the production capacity of the company's current capabilities and will focus on manufacturing hob cutters, pinion cutters, and other cutting tools. With the new factory, the company aims to efficiently cater to its Indian customers' needs, particularly in the growing automotive, construction, and agriculture machinery sectors.

Cutting Tool And Machine Tool Accessory Market Players
Major companies operating in the cutting tool and machine tool accessory market include Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp.

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Largest And Fastest Growing Region In The Market
The Western Europe was the largest region in the cutting tool and machine tool accessory market in 2023. Asia-Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cutting Tool And Machine Tool Accessory Market Report Structure
3. Cutting Tool And Machine Tool Accessory Market Trends And Strategies
4. Cutting Tool And Machine Tool Accessory Market - Macro Economic Scenario
5. Cutting Tool And Machine Tool Accessory Market Size And Growth
…..
27. Cutting Tool And Machine Tool Accessory Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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