Metal Cutting Tool Market By Tool Type (Indexable Inserts, Solid Round Tools), By Product Type (Lathe, Drilling Machine, Milling Machine, Grinding Machine, Others), By Application (Automotive, Electronics, Construction, Aerospace and Defence, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The metal cutting tool market was valued at $65,485.40 million in 2020 and is estimated to reach $107,287.20 million by 2032, exhibiting a CAGR of 4.1% from 2023 to 2032. The global metal cutting tool market was 2,339 units million in 2020 and is projected to reach 3,237 million units by 2032, registering a CAGR of 2.8% from 2023 to 2032. A metal cutting tool is used to remove material from a metal work piece through the process of shear deformation. The cutting process may be achieved by using a single-point or multi-point tool. Single-point tools are used to remove material by means of one cutting edge, in shaping, turning, plaining, and other similar operations. Multi-point tools are used in milling, drilling, and grinding.
Rise in popularity and technological advancements in machine and machine parts manufacturing have increased the demand for metal cutting tool. For instance, the 3D printing technology that permits to make three-dimensional objects through printing is rapidly gaining the interest of key players within the industry. 3D printing benefits such as optimum use of raw materials, waste reduction, and simple production of varied complex geometries are expected to drive the growth of the market. Metal cutting tools are designed with inserts or replaceable tips and solid round tool. In addition, metal cutting tool inserts and solid round tool are utilized in many applications across various industries, such as automotive, aerospace and defense, construction, and electronics.
Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of the metal cutting tool market. For instance, Makita Corporation offers 18V LXT cordless brushless threaded rod cutter, metal hole puncher, and 12 Amp Recipro Saw, which improve the product portfolio of the company.
The metal cutting tool market is segmented on the basis of tool type, product type, application, and region. On the basis of tool type, the market is segmented into indexable inserts and solid round tool. In 2022, the solid round tool segment accounted for the largest share of the overall metal cutting tool market. By product type, the metal cutting tool market is segmented into lathe, drilling machine, milling machine, grinding machine, and others. The lathe segment held the largest market share in 2022. On the basis of application, the market is categorized into automotive, aerospace & defense, construction, electronics, and others. The automotive segment held the largest market share of 36.97% of the metal cutting tool market in 2022. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominated the market in 2022.
The COVID-19 pandemic forced many companies in the global metal cutting tool market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global metal cutting tool market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global metal cutting tool market and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the metal cutting tool market report include, EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tool, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-On Incorporated.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the metal cutting tool market analysis from 2020 to 2032 to identify the prevailing metal cutting tool market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the metal cutting tool market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global metal cutting tool market trends, key players, market segments, application areas, and market growth strategies.
Capital Investment breakdown
Installed Base analysis
Product Life Cycles
Technology Trend Analysis
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Average Selling Price Analysis / Price Point Analysis
Brands Share Analysis
Criss-cross segment analysis- market size and forecast
Expanded list for Company Profiles
Historic market data
Import Export Analysis/Data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
Per Capita Consumption Trends
Product Consumption Analysis
Reimbursement Scenario
SWOT Analysis
Volume Market Size and Forecast
Key Market SegmentsBy Tool TypeIndexable Inserts
Solid Round Tools
By Product TypeLathe
Drilling Machine
Milling Machine
Grinding Machine
Others
By ApplicationAutomotive
Electronics
Construction
Aerospace and Defence
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersKomatsu Ltd.
Tiangong International Co.
DN Solutions
Proterial, Ltd.
Kennametal Inc.
BIG DAISHOWA Inc.
FANUC CORPORATION
Sandvik AB
Amada Machine Tools Co. Ltd.
Berkshire Hathaway Inc. (Ingersoll Cutting Tool Company)
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