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Global Metal Cutting Tools Market Expected to Grow at a CAGR of 4% During 2021-2026, Driven by Accelerating Automotive Industry

According to a new report by EMR titled, Global Metal Cutting Tools Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of 4% in the forecast period of 2021-2026.

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.

Market Analysis by Product, Application and Region:

  • The metal cutting tools industry, on the basis of product, is divided into machining centre, lathe machine, boring machine, grinding machine, milling machine, drilling machine, and others.
  • Based on application, it is divided into automotive, industrial machinery manufacturing, energy and power, marine, aerospace and defence, and others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for metal cutting tools is driven by the advancements in technology across automotive and manufacturing industries.
  • The anticipated growth in the market can be attributed to the growing demand for additive manufacturing.
  • The increasing disposable income in urbanized areas propels the growth of the market.
  • Other factors driving the market growth is rise in the replacements of traditional equipment with the latest ones.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for metal cutting tools for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the product, application, and major regions of metal cutting tools. 
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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