Global Cutting Tools Market Growth 2023-2029

Global Cutting Tools Market Growth 2023-2029

In the context of machining, a cutting tool or cutter is any tool that is used to remove material from the workpiece by means of shear deformation. Cutting may be accomplished by single-point or multipoint tools. Single-point tools are used in turning, shaping, planing and similar operations, and remove material by means of one cutting edge. Machinery Industry and drilling tools are often multipoint tools. Energy Industry tools are also multipoint tools. Each grain of abrasive functions as a microscopic single-point cutting edge (although of high negative rake angle), and shears a tiny chip.
LPI (LP Information)' newest research report, the “Cutting Tools Industry Forecast” looks at past sales and reviews total world Cutting Tools sales in 2022, providing a comprehensive analysis by region and market sector of projected Cutting Tools sales for 2023 through 2029. With Cutting Tools sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Cutting Tools industry.
This Insight Report provides a comprehensive analysis of the global Cutting Tools landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Cutting Tools portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Cutting Tools market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Cutting Tools and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Cutting Tools.
The global Cutting Tools market size is projected to grow from US$ 23470 million in 2022 to US$ 35570 million in 2029; it is expected to grow at a CAGR of 35570 from 2023 to 2029.
Global cutting tools key players include Sandvik, IMC Group, Mitsubishi, Kennametal, OSG etc. Global top 5 manufacturers hold a share over 40%.
Europe is the largest market, with a share about 30%, followed by North America and China, both have a share over 48% percent.
In terms of product, high speed steel is the largest segment, with a share over 45%. And in terms of application, the largest application is machinery, followed by automotive.
This report presents a comprehensive overview, market shares, and growth opportunities of Cutting Tools market by product type, application, key manufacturers and key regions and countries.
Market Segmentation:
Segmentation by type
Cemented Carbide
High Speed Steel
Ceramics
Diamond
Others
Segmentation by application
Machinery
Automotive
Aerospace
Energy
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Sandvik
IMC Group
Mitsubishi
Kennametal
OSG
Sumitomo Electric
Mapal
Kyocera
YG-1
Nachi-Fujikoshi
ZCC·CT
Union Tool
Korloy
LMT
Ceratizit
Jiangsu Tiangong Tools Co., Ltd.
Shanghai Tool Works Co., Ltd.
OKE Precision Cutting Tools Co., Ltd.
Guhring
Tivoly
Key Questions Addressed in this Report
What is the 10-year outlook for the global Cutting Tools market?
What factors are driving Cutting Tools market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Cutting Tools market opportunities vary by end market size?
How does Cutting Tools break out type, application?
What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.