Press release
Soaring Growth in Manufacturing Fuels Metal Cutting Tools Market to Reach $31.85 billion in 2025 at 7.7% CAGR
Metal Cutting Tools Market Size
What Is The Projected Market Size Of The Global Metal Cutting Tools Market And Its Growth Rate?
The metal cutting tools market has experienced significant growth in recent years:
• $29.57 billion in 2024 to $31.85 billion in 2025 at a CAGR of 7.7%. This growth can be tied to the growth of manufacturing industries, expansion of the automotive industry, and boom in construction and infrastructure development.
• Prospects for the coming years are even more promising. The market is predicted to expand to $41.64 billion in 2029 at a CAGR of 6.9%. The growth can be attributed to the rise in the aerospace industry, global push towards renewable energy projects, adoption of Industry 4.0 practices, growth in precision agriculture and expansion in the healthcare sector.
What Is Driving The Growth In The Metal Cutting Tools Market?
Rapid expansion in the manufacturing industries is propelling the growth of the metal cutting tools market. Increasing requirement for metal cutting products, combined with sizable investments in equipment to amp manufacturing capacity, has catalyzed the market growth. For instance, the global manufacturing production witnessed a significant spike of 9.4% in 2021, as reported by the United Nations Industrial Development Organization in March 2022.
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Who Are the Key Players Driving Metal Cutting Tools Market Growth?
Key players driving the global metal cutting tools market include:
• 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.
What Are The Key Trends In The Metal Cutting Tools Market?
Key trends influencing the metal cutting tools market include:
• Integration of automation and robotics
• Customization and specialization of tools
• Movement towards sustainable tooling solutions
• Incorporation of artificial intelligence (AI) in machining
• Advancements in coating technologies
What Are The Segments Of The Global Metal Cutting Tools Market?
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
Which Region Leads The Metal Cutting Tools Market?
North America was the largest region in the metal cutting tools market in 2024. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The metal cutting tools market report covers key regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Metal Cutting Tools Market Global Market Report?
- Market Size Analysis: Analyze the Metal Cutting Tools Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Metal Cutting Tools Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Metal Cutting Tools Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Metal Cutting Tools Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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