Future of the Cutting Tool And Machine Tool Accessory Market: Trends, Innovations, and Key Forecasts Through 2034

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

Cutting Tool And Machine Tool Accessory Market Size Growth Forecast: What to Expect by 2025?
Recent years have witnessed robust growth in the market size of cutting tools and machine tool accessories. The market, estimated at $77.22 billion in 2024, is projected to climb to $82.37 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.7%. This growth trajectory over the historical period can be largely attributed to factors such as the expansion of the manufacturing industry, growth in automotive and aerospace manufacturing, the necessity of tool wear and replacement, as well as improvements in tooling efficiency and precision.

How Will the Cutting Tool And Machine Tool Accessory Market Size Evolve and Grow by 2029?
Expectations for the cutting tool and machine tool accessory market are geared towards robust growth over the next few years, with projections of a market value of $109.82 billion in 2029, implying a compound annual growth rate (CAGR) of 7.5%. The anticipated growth during the forecast period can be linked to factors such as industry 4.0 integration and digitalization, environmentally friendly and sustainable manufacturing, automation and integration of robotics, bespoke and agile manufacturing, and globalisation of production. Presiding trends for the forecast period encompass progressive coating technologies, high-velocity machining, monitoring of tool and predictive maintenance, custom tooling resolutions, and sustainable tooling methods.

View the full report here:
https://www.thebusinessresearchcompany.com/report/cutting-tool-and-machine-tool-accessory-global-market-report

What Drivers Are Propelling the Growth of Cutting Tool And Machine Tool Accessory Market Forward?
The expansion of the cutting tool and machine tool accessory market is being fueled by increasing industrial production. The Industrial Production Index, which measures the physical output of industrial sectors in an economy, is a crucial indicator in this regard. The growth of industrial production escalates the demand for cutting tools and machine tool accessories, which are indispensable for machining, shaping, and transforming raw materials into final goods. For example, Eurostat, a UK-based government statistical agency, reported that the euro area observed a 0.2% rise in industrial output in July 2023. Additionally, a 0.1% increase was noted in the European Union between May and April 2023. Consequently, the future expansion of the cutting tool and machine tool accessory market will be propelled by the escalation of industrial production across various sectors.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2856&type=smp

What Are the Key Trends Driving Cutting Tool And Machine Tool Accessory Market Growth?
Leading businesses in the cutting tool and machine tool accessory market are putting their investments towards expanding their international footprint, accessing new markets, diversifying their customer portfolio, and mitigating supply chain vulnerabilities. This growth trend pertains to the enlargement of the firm's production facilities to enhance production output. For example, Nidec Machine Tool Corporation, a Japanese firm specializing in machine and cutting tool production, revealed plans in June 2023 to build a new facility in Ranipet, Tamil Nadu, India, under Nidec India Precision Tools Ltd. (NMTI), their cutting tool production and sales subsidiary. This new facility will boast 1.5 times the production capacity of their current capabilities, concentrating on the production of hob cutters, pinion cutters, and other cutting tools. This new operation aims to effectively meet the demands of its Indian clients, especially within the rising automotive, construction, and agriculture machinery industries.

What Are the Key Segments in the Cutting Tool And Machine Tool Accessory Market?
The cutting tool and machine tool accessorymarket 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

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=2856&type=smp

Who Are the Key Players Shaping the Cutting Tool And Machine Tool Accessory Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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 2024. 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.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2856

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Speak With Our Expert:
Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info

The Business Research Company - www.thebusinessresearchcompany.com

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.