Metal Cutting Tools Market Size By Tool (Indexable, Solid), By Process (Milling, Drilling, Boring, Turning, Grinding), By Material (Carbide, High-Speed Steel, Stainless Steel, Ceramics), End-Use & Global Forecast Report, 2023-2032

Metal Cutting Tools Market Size By Tool (Indexable, Solid), By Process (Milling, Drilling, Boring, Turning, Grinding), By Material (Carbide, High-Speed Steel, Stainless Steel, Ceramics), End-Use & Global Forecast Report, 2023-2032

Global Metal Cutting Tools Market is estimated to grow remarkably between 2023 to 2032, owing to the increasing investments in infrastructure and manufacturing across emerging economies such as China and India.
The demand for advanced cutting tools capable of handling complex cutting operations and producing intricate designs will accelerate product use. Moreover, the development of urban infrastructure, including roads, bridges, railways, and buildings, requiring metal components manufactured using cutting tools, will further streamline industry growth.
In February 2022, India contributed over USD 32 billion in capital for railway infrastructure under its National Budget 2022-2023. The positive outlook of several end-use industries, such as automotive, aerospace, construction, and electronics, will also fuel the demand for metal cutting tools.
The top companies in the metal cutting tools industry are focusing on introducing innovative cutting tools with improved precision, durability, and efficiency, along with expanding production capacity. For instance, in January 2022, Okuma Corporation, a metal cutting equipment manufacturer, introduced MA-600HIII Horizontal Machining Center, a new heavy-duty machining that removes residual coolants inside the tool and the spindle. With this, the company aims to strengthen its market position.
The metal cutting tools market is bifurcated based on tool, process, material, end-use, and region.
Based on the process, the drilling segment will garner over USD 4 billion in revenue by 2032. The rising demand for these tools in manufacturing and construction processes has bolstered the need for drilling. Different drilling applications require specific cutting tools tailored to their unique requirements. The strong efforts of manufacturers toward improving specific geometries, coatings, and materials to cater to distinct drilling requirements will augment segment growth.
The metal cutting tools market size from the general machining segment is estimated to grow at a decent CAGR through 2032. Metal cutting tools find widespread usage in general machining applications, such as milling, turning, drilling, and grinding. The increasing adoption of industrial automation, including computer numerical control machining, will drive the demand for metal-cutting tools. In April 2023, Mitsubishi Electric, an automotive firm, announced a partnership with SolidCAM to introduce automation in its manufacturing facilities in India. More strategic moves such as these will drive market growth through 2032.
Regionally, the North America metal cutting tools market will account for over USD 12.5 billion by the end of 2032. The escalating demand from the automotive and aerospace industries in the region will foster product adoption. In March 2023, GE invested nearly USD 450 million in its U.S. manufacturing facility for improved aerospace parts production. The strong presence of companies focusing on replacing or upgrading their existing machinery and equipment to increase productivity and stay competitive in the market is also complementing the industry outlook.