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Metal Cutting Tools Market Size, Share | Growth Report
Metal Cutting Tools Market Size
As per the report, 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 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%.
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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.
Sandvik Launches Upgraded Corodrill 860 Pm Assortment For Enhanced Steel Drilling Productivity
Product innovations are the key trends gaining popularity in the metal-cutting tools market. Major companies operating in the metal-cutting tools sector are focused on introducing new products to sustain their position in the market. For instance, in March 2022, Sandvick AB, a Sweden-based tools manufacturing company, launched an upgraded CoroDrill 860 PM assortment to provide clients with increased steel drilling productivity. This device contains a new grade of physical vapor deposition (PVD) coating with better multilayers which helps in smooth drilling. With the help of Post Meridiem geometry design, it can drill High-performance ISOP steels, which also greatly extends tool life. This device can be widely used in automotive, general engineering, die-and-mold, and power-generating industries are ideal for the drill.
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
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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.
Contents of the report:
1. Executive Summary
2. Metal Cutting Tools Market Report Structure
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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