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Global Cutting Tool And Machine Tool Accessory Market Projected to Surpass $112.11 Billion by 2029 with 7.6% Annual Growth
What Are the Market Size and Growth Forecast for the Cutting Tool And Machine Tool Accessory Market?Over the past few years, significant growth has been noted in the cutting tool and machine tool accessory market. A spurt from $77.03 billion in 2024 to $83.58 billion in 2025 with an 8.5% compound annual growth rate (CAGR) is projected. Factors contributing to this growth during the historic period include development in the manufacturing industry, expansion of automotive and aerospace manufacturing, wear and replacement of tools, as well as improvements in tooling efficiency and precision.
The market for cutting tools and machine tool accessories is predicted to undergo significant expansion over the upcoming years, swelling to a total value of $112.11 billion by 2029, with a compound annual growth rate (CAGR) of 7.6%. This robust growth throughout the forecast period can be credited to a range of factors such as the incorporation of Industry 4.0 and digitalization, the rise of sustainable and environmentally responsible manufacturing, the increased demand for customized and agile manufacturing, the inclusion of automation and robotics, and the globalization of manufacturing. Key trends expected during this forecast period encompass sophisticated coating technologies, high-speed machining, the anticipation of tool monitoring and maintenance, tailor-made tooling solutions, and ecologically-friendly tooling methods.
What Is Contributing to the Growth of the Cutting Tool And Machine Tool Accessory Market?
The expansion of the cutting tool and machine tool accessory market is being driven by the surge in industrial production. The Industrial Production Index, which is pivotal in monitoring the tangible output of the industrial sectors within an economy, substantiates this growth. As industries expand, the need for cutting tools and machine tool accessories, which are key for machining, shaping, and converting raw materials into final products, also escalates. For example, in July 2023, Eurostat, a government statistical agency based in the UK, reported that the euro area experienced a 0.2% increase in industrial output. Additionally, between May and April 2023, there was a reported 0.1% growth in the European Union. Consequently, the surge in industrial production across various sectors signifies a promising future for the cutting tool and machine tool accessory market.
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Which Key Market Leaders Are Driving Cutting Tool And Machine Tool Accessory Industry Growth?
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.
What Are the Emerging Trends in the Cutting Tool And Machine Tool Accessory Industry?
Leading firms in the machine tool and cutting tool accessory sector are placing emphasis on strategic investments to enhance their worldwide reach. This development tactic seeks to tap into new markets, broaden their customer demographics and mitigate risks related to the supply chain. It encompasses the geographical enlargement of the manufacturing setups to boost product output. For instance, in June 2023, Japan's Nidec Machine Tool Corporation, renowned for producing machine and cutting tools, revealed plans for building a new unit in Ranipet, Tamil Nadu, India. This is for Nidec India Precision Tools Ltd. (NMTI), their manufacturing and trading subsidiary for cutting tools. This expansion implies 1.5 times production efficiency than the existing capacity. The focus remains on producing hob cutters, pinion cutters, among other tools. This newer manufacturing unit aims to address the requirements of their Indian clientele, especially in the escalating domains of automotive, construction, and agricultural machinery.
What Are the Main Segments in the Cutting Tool And Machine Tool Accessory Market?
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
Subsegments:
1) By Metalworking Knives And Bits: Turning Knives, Boring Tools, Milling Cutters, Shaping Tools, Other Metalworking Knives And Bits
2) By Measuring Attachments: Micrometers, Calipers, Height Gauges, Depth Gauges, Other Measuring Attachments
3) By Metalworking Drill Bits: Twist Drill Bits, Step Drill Bits, Core Drill Bits, Countersink Drill Bits, Other Metalworking Drill Bits
4) By Machine Tool Taps And Dies: Taps (Hand Taps, Machine Taps), Dies (Threading Dies, Die Sets), Other Machine Tool Taps And Dies
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Which Geographic Area Leads the Cutting Tool And Machine Tool Accessory Market?
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.
What Is Covered In The Cutting Tool And Machine Tool Accessory Global Market Report?
- Market Size Analysis: Analyze the Cutting Tool And Machine Tool Accessory Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cutting Tool And Machine Tool Accessory 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 Cutting Tool And Machine Tool Accessory Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cutting Tool And Machine Tool Accessory Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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