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Cutting Tool And Machine Tool Accessory Market on Track for Strong Growth, Estimated to Grow at 7.6% CAGR Through 2029
Cutting Tool And Machine Tool Accessory
What Is the Expected CAGR for the Cutting Tool And Machine Tool Accessory Market Through 2025?
In the past few years, there has been a robust growth in the market size of cutting tool and machine tool accessory. It is anticipated to increase from $77.03 billion in 2024 to $83.58 billion in 2025, with a compound annual growth rate (CAGR) of 8.5%. The augmentation during the historic period can be credited to factors such as expansion in the manufacturing sector, advancements in automotive and aerospace manufacturing, requirements for tool replacement and wear, as well as improvements in tooling efficiency and precision.
What's the Projected Size of the Global Cutting Tool And Machine Tool Accessory Market by 2029?
The market forecast predicts solid expansion for the cutting tool and machine tool accessory sector in the forthcoming years. The market is set to escalate to $112.11 billion by 2029, advancing at a compound annual growth rate (CAGR) of 7.6%. The predicted upswing during the forecast phase can be linked to factors like increased digitalization and incorporation of industry 4.0, sustainable and eco-conscious production practices, customization and adaptability in manufacturing, as well as incorporation of automation and robotics. Furthermore, the forecast period is likely to observe trends such as advanced coating technologies, high-speed machining, tool monitoring and predictive upkeep, made-to-order tooling solutions, and environment-friendly tooling methodologies.
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Top Growth Drivers in the Cutting Tool And Machine Tool Accessory Industry: What's Accelerating the Market?
The expansion of the cutting tool and machine tool accessory market is being powered by an increase in industrial production. The Industrial Production Index, which monitors the material output of various industrial sectors within an economy, is crucial in this context. The growth in industrial production means that there is a higher necessity for cutting tools and machine tool accessories. These tools are vital for machining, shaping and converting raw materials into end products. For example, per data from Eurostat-an agency responsible for government statistics in the UK-the industrial output in the eurozone observed a rise of 0.2% in July 2023. Similarly, between May and April 2023, there was a reported growth of 0.1% in the European Union. Thus, the escalating industrial production across different sectors is set to fuel the future expansion of the cutting tool and machine tool accessory market.
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What Trends Will Shape the Cutting Tool And Machine Tool Accessory Market Through 2029 and Beyond?
Leading businesses in the cutting tool and machine tool accessory market are making strategic investments to broaden their global reach, penetrate into new markets, diversify their clientele, and mitigate supply chain risks. This expansion pattern is characterized by the physical enlargement of the company's manufacturing sites to augment production capacity. For instance, in June 2023, Japan-based Nidec Machine Tool Corporation, a machine and cutting tool production company, publicized the building of a new establishment in Ranipet, Tamil Nadu, India, for its subsidiary, Nidec India Precision Tools Ltd. (NMTI), committed to manufacturing and selling cutting tools. This enlarged facility will enhance the company's production capacity by 1.5 times, specializing in the production of hob cutters, pinion cutters, among other cutting tools. With this new plant, the company is planning to effectively meet the demands of its Indian consumers, especially in the escalating sectors of automotive, construction, and agriculture 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 Top Companies are Driving Growth in the Cutting Tool And Machine Tool Accessory Market?
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.
Which Regions Will Dominate the Cutting Tool And Machine Tool Accessory Market Through 2029?
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.
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