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Cutting Tool And Machine Tool Accessory Market Size Forecasted To Achieve $112.11 Billion By 2029 With Steady Growth
Cutting Tool And Machine Tool Accessory
What Is the Cutting Tool And Machine Tool Accessory Market Size and Projected Growth Rate?
The cutting tool and machine tool accessory market has grown steadily, rising from $77.03 billion in 2024 to $83.58 billion in 2025 at a CAGR of 8.5%, due to the growth of the manufacturing sector, automotive and aerospace production, tool replacement cycles, and the need for high-precision equipment.
The cutting tool and machine tool accessory market is anticipated to experience solid growth in the coming years. It will increase to $112.11 billion by 2029 at a compound annual growth rate (CAGR) of 7.6%. This growth is attributed to the integration of digitalization and Industry 4.0, sustainability in manufacturing, and the rise of automation and robotics. Trends in the forecast period will include advanced coating technologies, high-speed machining, tool monitoring systems, and custom tooling solutions.
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What Are the Major 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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What Are The Driving Cutting Tool And Machine Tool Accessory Market Evolution?
The rising industrial production is expected to contribute to the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a key indicator of economic output across industries. As production increases, the demand for cutting tools and machine tool accessories grows, as they are essential for processing raw materials into finished products. According to Eurostat in July 2023, industrial output in the euro area saw a 0.2% rise, while the European Union experienced a 0.1% increase between May and April 2023. Consequently, higher industrial production is expected to drive growth in the cutting tool and machine tool accessory market.
Which Firms Dominate The Cutting Tool And Machine Tool Accessory Market Segments?
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 Trends Are Expected to Dominate the Cutting Tool And Machine Tool Accessory Market in the Next 5 Years?
Companies in the cutting tool and machine tool accessory market are investing in global expansion to reach new markets and improve supply chain resilience. For instance, in June 2023, Japan-based Nidec Machine Tool Corporation began constructing a new plant in Ranipet, Tamil Nadu, India. This facility, operated by NMTI, will increase production capacity by 1.5 times and focus on hob and pinion cutters for the automotive and agriculture sectors.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cutting Tool And Machine Tool Accessory Market?
2. What is the CAGR expected in the Cutting Tool And Machine Tool Accessory Market?
3. What Are the Key Innovations Transforming the Cutting Tool And Machine Tool Accessory Industry?
4. Which Region Is Leading the Cutting Tool And Machine Tool Accessory Market?
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