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Metal Cutting Tools Market Landscape 2025: Forecast Data and Growth Strategy Insights
Metal Cutting Tools Market
What Is the Expected CAGR for the Metal Cutting Tools Market Through 2025?
In recent times, there has been a significant expansion in the market size of metal cutting tools. The market, which was worth $29.84 billion in 2024, is projected to increase to $31.66 billion in 2025, with a 6.1% compound annual growth rate (CAGR). The substantial growth observed in the past is due to factors such as the expansion of manufacturing sectors, the surge in automotive industry, stimulated construction and infrastructural developments, heightened mining and exploration activities, and the impact of globalization.
What's the Projected Size of the Global Metal Cutting Tools Market by 2029?
The market for metal cutting tools is projected to witness robust expansion in the upcoming years, reaching a market value of $41 billion by 2029, at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth during the forecast period is due to factors like evolution in the aerospace industry, a worldwide shift towards renewable energy projects, the implementation of industry 4.0 standards, rise in precision farming, and development in the healthcare sector. Key trends to look out for during the forecast period encompass the integration of automation and robotics, customization and specialization, environment-friendly tooling solutions, the employment of artificial intelligence (AI) in machining, and progressive coating technologies.
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Top Growth Drivers in the Metal Cutting Tools Industry: What's Accelerating the Market?
The expansion of the manufacturing sector is anticipated to drive the growth of the metal cutting tools market. The term "manufacturing industries" encompasses any sector that employs technology or manual labor to produce goods from raw materials. This operation is often conducted in an organized way, with labor tasks divided. To manipulate basic materials such as steel, aluminum, and titanium, the proper machinery and tools are required. The demand for metal cutting items is bolstered even further by businesses that are concurrently investing in several units of equipment to enhance their manufacturing capabilities. For example, as per the United Nations Industrial Development Organization based in Austria, global manufacturing production rose by 9.4% in 2021 as reported in March 2022. Thus, it is the growth of the manufacturing sector that is fueling the expansion of the metal cutting tools market.
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Which Fast-Growing Trends Are Poised to Disrupt the Metal Cutting Tools Market?
The prominence of product innovations is a major trend observed in the metal-cutting tools market. To maintain their market presence, numerous key companies in this sector are heavily investing in the creation of innovative products. For example, Sandvick AB, a tools manufacturing business headquartered in Sweden, introduced an enhanced version of the CoroDrill 860 PM series in March 2022 to boost steel drilling productivity for its customers. This device boasts a novel grade of physical vapor deposition (PVD) coating with superior multilayers that facilitate eased drilling. Thanks to its Post Meridiem geometry design, the tool is capable of drilling High-performance ISOP steels, thereby significantly prolonging its lifespan. This device possesses extensive applications, proving beneficial particularly for industries such as automotive, general engineering, die-and-mold, and power generation.
What Are the Main Segments in the Metal Cutting Tools Market?
The metal cutting tools market covered in this report is segmented -
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
Subsegments:
1) By Machining Centers: Vertical Machining Centers, Horizontal Machining Centers
2) By Lathe Machines: CNC Lathes, Manual Lathes, Swiss-Type Lathes
3) By Boring Machines: Vertical Boring Mills, Horizontal Boring Machines
4) By Grinding Machines: Surface Grinding Machines, Cylindrical Grinding Machines, Tool and Cutter Grinders
5) By Milling Machines: Vertical Milling Machines, Horizontal Milling Machines, CNC Milling Machines
6) By Other Products: Tool Holders and Accessories, Cutting Tool Inserts, Saws and Cutting Blades
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Which Top Companies are Driving Growth in the Metal Cutting Tools Market?
Major companies operating in the 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.
Which Regions Will Dominate the Metal Cutting Tools Market Through 2029?
North America was the largest region in the metal cutting tools market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metal cutting tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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