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The exponential growth in the automotive industry aids the growth of the metal cutting tools industry. The advancements in the automotive and manufacturing industry, such as additive manufacturing, is predicted to be the key driver for the market in the forecast period. Additive manufacturing is the process of creating 3D objects using a digital file. With the advent of 3D printing in the aerospace and automotive industries, production of intricate geometries that are either laborious or impossible with traditional manufacturing techniques has become easier. The increasing demand for lightweight passenger vehicles and increasing aerospace and defense budgets in North America are expected to enhance the metal cutting tools industry.
The technological advancements in the manufacturing industry have aided the growth of the metal cutting tools industry. Further, growing competition between the industry key players is bolstering the market growth. In 2019, Sandvik (STO: SAND) presented a new digital solution for machining processes and efficient connected manufacturing in EMO. One of the highlights included upgraded CoroPlus ToolPath software for Prime Turning, which is a recently introduced all-directional turning concept from Sandvik Coromant that is completely unlike anything seen before. The software is designed to support manufacturers who use PrimeTurning technology in accelerating their operations and planning processes. In addition to the previous version, the software now offers the option to import CAD models and create 3D simulations with collision detection. The introduction of advanced products by the industry key players are expected to foster market growth over the forecast period.
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Amada Co., Ltd., Fanuc UK ltd, Nachi-Fujikoshi Corp., Sandvik AB, and Ceratizit Group, among others are the key players in the global metal cutting tools market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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