Market Overview
According to MRFR, the global Metal Cutting Tools Market in terms of value is estimated to register 6.51% CAGR during the forecast period.
Market Highlights
The growth of the cutting tool market is driven by numerous factors such as growing industry demand, increasing demand for DIY and household power tools, and growing market for high-speed steel cutting tools. But market growth can be slowed by the high cost of carbide devices.
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Regional Analysis
The global market for metal cutting tools is segmented by area into Europe, Asia-Pacific (APAC), North America , and the rest of the world (RoW).
The Asia-Pacific market was led in 2018, followed by Americas and Europe, respectively. Rapid growth in construction and manufacturing in countries like China , India and South Korea is expected to boost demand for cutting tools in Asia-Pacific in the coming years. In addition, one of the largest manufacturing industries, such as automotive , electronics and consumer products, is home to Asia-Pacific. Consequently, the region is projected to experience the highest CAGR and sustain its leading position in the global market during the forecast period.
The Asia Pacific region is slated to dominate the global charge break turn market. The market is expected to expand rapidly in the region, with major power generation projects and grid modernization projects being introduced in countries such as China , India and Indonesia. With remote grid access being another major agenda in those countries, remote power generation projects also contribute to the growth of the switch markets for load breaks. The market is expected to witness an enormous opportunity by digitizing the utilities sector. It is estimated that the Europe region will have the second largest market share with major countries in the world concentrating on grid upgrade projects.
During the review period, the cutting tools market in Europe is expected to develop at a significant rate, mainly owing to the increased adoption of advanced technology and increased import and export activities in the region. Europe is the base of major car manufacturers such as Audi , BMW and Volvo, which also boosts business demand. In addition, heightened reconstruction of existing infrastructure is expected to fuel business growth. The Us, Germany, France and Spain are the main contributors to the expansion of the European cutting tool market.
Market Segmentation
The global metal cutting tools market is segmented by type of tool, type of material, application, and location. The global market was segmented into strong round tools and indexable inserts, depending on the product form. In 2018 the global metal cutting tool market was led by the segment of solid round tools, followed by the segment of indexable inserts, based on tool size.
In this study, the global market has been segmented by material type into high-speed steel , ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, cemented carbide, and exotic materials. The global market for metal cutting tools is segmented by type of tool, type of material, application, and location. The global market was segmented into strong round tools and indexable inserts, depending on the product form. In 2018, the global metal cutting tool market was dominated by the segment of solid round tools, followed by the segment of indexable inserts, based on tool size.
In this study, the global market has been segmented by material type into high-speed steel , cemented carbide, stainless steel, ceramics, cubic boron nitride, polycrystalline diamond, and exotic materials. The cemented carbide segment held the largest market in 2018 based on the material type.
Key Competitors
The major players of the global metal cutting tools market are Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China), Kennametal Inc. (US), Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany), OSG Corporation (Japan), MAPAL Dr. Kress KG (Germany), ISCAR LTD (Israel), Makita Corporation (Japan), Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Klein Tools, Inc. (US), Snap-on Incorporated (US), ICS Cutting Tools, Inc. (US), Sandvik AG (Sweden), Hilti Corporation (Schaan, Liechtenstein), Ingersoll Cutting Tools (US), KYOCERA Cutting Tools Group (Japan), FRAISA SA (Switzerland), Asahi Diamond Industrial Co. Ltd. (Japan), Vollmer (Germany), J SCHNEEBERGER Maschinen AG (Switzerland), CERATIZIT Group (Luxembourg), and Koki Co. Ltd. (Japan).
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