Press release
Rising Applications across Automotive Industry to Help Global Metal Cutting Tools Market Exhibit 9% CAGR from 2017 to 2021
A market research report recently added to MarketResearchReports.biz presents a detailed overview of the global market for metal cutting tools. The report, titled “Global Metal Cutting Tools Market 2017-2021,” states that the market will exhibit a promising 9% CAGR by 2021.
The exponential growth of the global automotive industry in the past few years has been one of the key factors driving the market. Factors such as rising disposable incomes, strengthening economies, and rising population will continue to drive the increased global demand for a variety of vehicles, small and large, personal and public, transport and commercial. This trend will continue to have a significant impact on the overall development of the metal cutting tools market over the report’s forecast period.
The report segments the global metal cutting tools market on the basis of product type into drilling tools, milling tools, rotary tools, and turning tools. Of these, the segment of milling tools dominated the global market in 2016, accounting for a dominant share in market revenue and overall demand. Milling and gear cutters find extensive usage in industries such as aerospace and automotive. These industries are expected to grow at an exponential pace in the next few years, driving the increasing demand for a variety of milling tools in the next few years, helping the segment retain dominance over the report’s forecast period as well.
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The report segments the global metal cutting tools market on the basis of geography into APAC (Asia Pacific), EMEA (Europe, Middle East, and Africa), and Americas (North America and South America). Of these, the report states that the APAC market will dominate the global metal cutting tools market over the forecast period owing to the high demand for automotive across countries such as Thailand, India, Vietnam, and Indonesia.
The rising geopolitical tensions in the region are also significantly contributing to the overall development of the APAC metal cutting tools market. The tensions arisen due to the South China Sea conflict have compelled neighboring countries to focus more and increase expenditures towards military modernization operations. With a rising number of countries continuously increasing defense expenditure and budgets, the funds diverted towards the region’s metal cutting tools market are also expected to significantly rise in the next few years.
The global market for metal cutting tools features a highly fragmented competitive landscape owing to the presence of a large number of players. The level of competition among leading vendors is also high in the market. Apart from leading and big companies, the market features several regional and domestic vendors holding significant share in overall supply with low-cost, energy-efficient, and customized products, further intensifying the overall competition. However, international vendors defeat new entrants in terms of features, quality, and services of their offerings.
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Some of the leading vendors operating in the global metal cutting tools market are Kennametal Foundation, NACHI-FUJIKOSHI, Sandvik, BIG KAISER, LMT Onsrud, Shanghai Tool Works, Mitsubishi Materials, Jiangsu Feida Drills, Guhring, Ingersoll Cutting Tools, Tiangong International, Raymond, SUMITOMO ELECTRIC Hartmetall, Hanjiang Tool, ZCC Cutting Tools, CERATIZIT, KYOCERA UNIMERCO, Travers Tool, DEWALT, and UNION TOOL.
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