Cutting Tools Market Growing at 6.9% CAGR To Perceive Huge Accretions By 2022

Market Research Future published a research report on “Cutting Tools Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.

Global Cutting Tools Market Information Report by Product Type (Hand Cutting Tools and Power Cutting Tools), by Application (Industrial, Construction, Household and Others) and By Region - Global Forecast To 2022

Makita Power Tools India Pvt. Ltd. (India), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (U.S.), J.C. Bamford Excavators Limited (U.K.), ICS Cutting Tools, Inc. (U.S.), Hitachi Koki Co., Ltd. (Japan), Klein Tools, Inc. (U.S.), Snap on (U.S.), OTTO BAIER GmbH (Germany) and Hilti Corporation (Liechtenstein)., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Cutting Tools market.

Cutting Tools Global Market – Overview

Cutting tools are universal tools, integral to every technological progress in commercial as well as industrial sectors. Mechanical hand tools are manufactured suitably to fulfil the tasks for which they have been designed to. Mechanical hand tools are manufactured by using highest-grade materials, which ensure efficiency and adhere to tolerances. The current manufacturing techniques require proper understanding of ergonomic design, tool shape, handles to improve grip possibilities and strength, and vibration health effects reducing injuries. They are intended to do multiple operations for variety of applications in various industries, such as construction, decoration, and for household applications, serving numerous potential users. Power tools are various types of tools and mechanical devices that operate when they are initiated by an additional power source and mechanism and not the manual labour used with hand tools. This could generally be electric motors, compressed or internal combustion engines. Power tools include many types of tools from hand held machine drills to hydraulic presses and pneumatic tools. Power tools can be used for various types of applications such as household tasks, construction, gardening etc.

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The manufacturing industry is one of the major contributors for the economic growth of any country. The growth in the industrial sector is expected to drive the cutting tools market. The adoption of cutting power tools across industries in the developed and the developing nations is expected to be increased owing to the lack of availability of skilled workforce and the high cost of labour. Organizations are increasingly adopting the use of power tools for reducing the labour costs and improving the efficiency, although the initial cost of procuring a set of power tools is high, but once used they offer higher productivity, efficiency, and profits. The governments across the globe are making investments in the industrial sector to boost the GDP of the country, with various initiatives being introduced such as Make in India which will further boost the growth of power tools market.

The professional field is primarily driven by the carpenters, electricians, plumbers, craftsmen etc. The need for power tools is likely to increase with the rising demand from furniture industry. The key factors responsible for the growth of the furniture market is growth in construction and renovation activities. Increase in the number of single-person and two person households, has resulted in the increase in demand for small and convenient furniture. This increase in demand for furniture will result in the growth of the power tool market. According to Business and Institutional Furniture Manufacturers Association (BIFMA), the U.S. office furniture market production had increased from USD 9,335 million in 2013 to USD 10,254 million in 2015.

Developing economies such as India, China, Indonesia and Brazil have a wide opportunity for the use of cutting tools. Indonesia is emerging as one of the leading economies of Asia with a substantial growth rate and fast paced development. In order to sustain stable growth and development in infrastructure sector, the government has started investing in this sector. This will lead to huge development in infrastructure projects. The increase in infrastructure sector will create an increased opportunity in developing nation for cutting tool market.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global Cutting Tools market are that of new product development.

In March 2017, Stanley Black & Decker, Inc. completes acquisition of Newell Brands tools business to expand the product portfolio.

On April 2017, Hilti Corporation announced new 22 V tool line.

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Cutting Tools Market – Segmentation
The global cutting tools market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Product Type : Comprises Hand Cutting Tools and Power Cutting Tools
Segmentation by Application : Comprises Industrial, Construction, Household and Others.
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Cutting Tools Market: Regional Analysis

In Asia Pacific, Factors such as growing automation across the region and rapid industrialization in developing economies like China and India are expected to propel the market in the region. In addition, growing trend for DIY activities in the region due to lack of skilled labour is also expected to boost the growth of power tools market in the region.

North America is expected dominates the global cutting tools market. Factors such as high labour cost and growth in the distribution channel, are expected to drive the growth of the market in North America region. The Asia-Pacific region is expected to be the fastest growing region for the cutting tools.

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