The size of the global market for Cutting Tools is expected to reach USD 31 billion by 2030, expanding at a compound annual growth rate (CAGR) of 6.2%.
Advancement in technology combined with innovation has proposed development of new tools which keep up with end-user complex requirements. Higher capacity of manufacturing of tools with readily available raw material led to strong demand for cutting tools market. Expenditure on electronics, automobiles and consumer goods has climbed due to rising disposable incomes in emerging nations. However, continual replacement of cutting tools blades cause a huge challenge for manufacturers. As a result manufacturers strive on innovating viable alternatives for better opportunities.
The latest global cutting tools market trends 2018 which are gaining momentum is additive manufacturing. Manufacturing industry has come across various revolutionary technology such as 3D printing.
Segmentation of global cutting tools market is based on material type, application and tool type. Based on application, the market of cutting tools is segmented into automotive, electronics, aerospace & defense, power generation, wood, construction, oil & gas, and die and mold. The largest segment remains automotive as it has extensive application in cutting tools. On the basis of material type, the market has been segmented into high-speed steel, cemented carbide, ceramics, polycrystalline diamond, stainless steel, cubic boron nitride, and exotic materials. Under the most attractive segments, comes cemented carbide segment. By tool type, the market is bifurcated into solid round tools and indexable inserts.
Key regions of global cutting tools industry are North America, Europe, Asia-Pacific and others. Asia-Pacific stand tall in the global cutting tools market and holds a favorable market share of more than 30% of global market. Addition to that, this region also labeled as fastest growing market with an optimistic growth rate in the forthcoming years. This region is considered base for significant manufacturing industries which significantly dominate the world. Coupled with that are government’s favorable policies of the region which aids industrialization too. After that, North America is stacked at second position which accounts enormous potential for market expansion. The growth is backed by heavy industries and development of residential and commercial structures that will definitely fuel the market growth in North America.
Companies persist to be the vital part of market in this competitive landscape. Most of the companies develop various strategies, involve in M&A activities and profoundly do R&D. Thus, companies with strong efforts have upper hand in the market. Some of the key players operating the market are Sandvik AG, FRAISA SA, Asahi Diamond Industrial Co. Ltd., Makita Corporation, KYOCERA Cutting Tools Group, and Stanley Black & Decker, Inc. Some other important players include Klein Tools, Inc., Snap-on, OTTO BAIER GmbH, Ingersoll Cutting Tools, Vollmer, Robert Bosch GmbH, ICS Cutting Tools, Inc., Hilti Corporation, J SCHNEEBERGER Maschinen AG, CERATIZIT Group and Hitachi Koki Co. Ltd.
Key segments of ‘Global Cutting Tools Market’
Based on material type, the market has been segmented into,
- Cemented Carbide
- High-Speed Steel
- Stainless Steel
- Polycrystalline Diamond
- Cubic Boron Nitride
- Exotic materials
Based on application, the market has been segmented into,
- Aerospace & Defence
- Oil & Gas
- Power Generation
- Die and Mold
Based on region, the market has been segmented into,
- Europe: U.K., Norway, Rest of Europe
- North America: U.S., Canada
- Asia Pacific: Indonesia, Malaysia, Australia, Rest of Asia Pacific
- Latin America
- Middle East & Africa