Turning Tools Market By Type (Rough turning tools, Finish turning tools), By Application (Conventional lathe machine, CNC lathe machine), By End-user industry (Automotive, Electronics and electrical, Aerospace, Construction and mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global turning tools market size was valued at $5,295.9 million in 2021, and is projected to reach $12,075.22 million by 2031, registering a CAGR of 8.3% from 2022 to 2031.
Turning is the most common lathe machining operation. During the turning process, a cutting tool removes material from the outer diameter of a rotating workpiece. The main objective of turning is to reduce the workpiece diameter to the desired dimension. There are two types of turning operations: rough turning tools and finish turning tools. A variety of operations can be performed on the workpiece during the process cycle to obtain the desired shape of the part. These operations can be classified as external or internal.
Rise in use of turning tools in industrial applications is one of the main reasons for development of the turning tool market. In addition, another important market trend is increasing automation levels across various end-user industries. Moreover, e-commerce platforms that offer turning equipment at inexpensive prices are another significant factor boosting the sector. Emergence of e-commerce platforms aids producers of turning tools in increasing their geographical presence, leading to overall growth of the turning tools market. In addition, rise in advancements in industrial design, as well as increase in demand to improve production efficiency, are encouraging manufacturers to investigate improved machine tool products, and thus raising demand for turning tools. One of the major reasons expected to propel the market growth is the increase in use of turning tools, particularly in industrial applications. Furthermore, these turning tools are utilized in automobile, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries.
The market is segmented on the basis of type, application, end users, and region. On the basis of type, the market is divided into rough turning tools and finish turning tools. On the basis of application, the market is divided into conventional lathe machine and CNC lathe machine. On the basis of end users, the market is divided into automotive, electronics & electrical, aerospace, construction & mining, and others. Region-wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA
COMPETITION ANALYSIS
The key players that operate in the turning tools market are ALESA AG, Aloris Tool Technology Co., Inc., Applitec Moutier SA, Beijing Worldia Diamond Tools Co., Ltd., Ceratizit, Danobat Group, Dorian Tool International Incorporated., Dormer Pramet, Hanjiang Tool Co., Ltd., Ingersoll Cutting Tool Company, ISCAR LTD., Kennametal Foundation, Kyocera Unimerco, Seco Tools, Shanghai Tool Works Co., Ltd., Walter Tools, and WNT Tools India Pvt Ltd.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current and emerging market trends and dynamics.
In-depth market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
Extensive analysis of turning tools market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
Turning tools market forecast analysis from 2022 to 2031 is included in the report.
The key players in the turning tools market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of turning tools market industry.
Key Market Segments
By Type
Rough turning tools
Finish turning tools
By Application
Conventional lathe machine
CNC lathe machine
By End-user industry
Automotive
Scope of work
External
Internal
Electronics and electrical
Aerospace
Construction and mining
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ALESA AG
Aloris Tool Technology Co. Inc
Applitec Moutier SA
Beijing Worldia Diamond Tools Co.Ltd.,
Ceratizit
Danobat Group
Dorian Tool International Incorporated.,
Dormer Pramet
Hanjiang Tool Co., Ltd.,
Ingersoll Cutting Tool Company
ISCAR LTD.,
Kennametal Foundation
Kyocera Unimerco
Seco Tools
Shanghai Tool Works Co.Ltd
Walter Tools
WNT Tools India Pvt Ltd
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