Cutting Tools Market Overview:
The cutting tools market size is expected to rise at a CAGR of 6.20 %, with a value of USD 32.30 Billion by 2032 over the estimated forecasting year of 2022-2032.
In industrial terms, a cutting tool, also recognized as a cutter, is employed to eliminate material from the work piece through shear deformation. Industrialization and manufacturing are vital obligations for the sustainable development of any economy. The essentiality of adequate production serving the unprecedented demand across the global economies is the foremost driver of the cutting tools market from the manufacturing sector.
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Key players of the cutting tools market:
Cutting Tools market Key Companies in the include
· Kennametal Inc. Ltd.
· OSG Corporation
· ISCAR LTD
· MAPAL
· Makita Corporation
· Robert Bosch GmbH
· Stanley Black & Decker Inc.
· Klein Tools Inc.
· ICS Cutting Tools Inc.
· Snap-on
· OTTO BAIER GmbH
· Hilti Corporation
· Sandvik AG
· Ingersoll Cutting Tools
· FRAISA SA
· KYOCERA Cutting Tools Group
· Asahi Diamond Industrial Co.
Cutting Tools Market Drivers
· End-Use Industries: The primary end-users of cutting tools include automotive, aerospace, construction, energy, electronics, and general machinery industries. The automotive sector is one of the largest consumers of cutting tools due to the high volume of production and the need for precision components.
· Materials: Cutting tools are made from various materials, such as high-speed steel (HSS), carbide, ceramics, cubic boron nitride (CBN), and polycrystalline diamond (PCD). The choice of material depends on the application and material being machined.
· Technological Advancements: The market has seen continuous advancements in cutting tool technology, including the development of new coatings, cutting geometries, and tool materials. These innovations aim to improve tool life, cutting performance, and overall efficiency.
· Sustainability and Environmental Concerns: With increasing environmental awareness, there has been a growing emphasis on sustainable and eco-friendly cutting tool solutions. Manufacturers are exploring ways to reduce material waste and energy consumption during the machining process.
Market Segmentation:
The cutting tool market is characterized by a diverse array of tools designed to cater to various machining needs. The tools are classified based on tool type into indexable inserts and solid round tools, providing options that offer different advantages and applications in machining processes.
In terms of material types, the cutting tool market encompasses a wide range of materials, reflecting the industry's commitment to providing solutions for different machining requirements. These materials include cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, and exotic materials. The selection of materials allows for flexibility in addressing the specific challenges posed by different machining applications.
The market is further segmented based on application, showcasing the versatility of cutting tools across various industries. Applications include automotive, aerospace & defense, construction, electronics, oil & gas, power generation, wood, die, mold, and others. This segmentation provides a comprehensive understanding of the diverse sectors that rely on cutting tools for precision machining in their manufacturing processes.
Geographically, the cutting tool market is divided into regions, comprising North America, Europe, Asia-Pacific, and the Rest of the World. This regional breakdown acknowledges the variations in demand, industry practices, and technological advancements in different parts of the world. Understanding the market dynamics in each region allows stakeholders to tailor their strategies to meet the unique requirements and challenges presented by diverse global markets in the cutting tool industry.
Cutting Tools Industry Developments
· June 2020:
Miranda Tools, a wholly-owned subsidiary of the Ashok Piramal Group, was acquired by Dormer Pramet. This acquisition may have led to potential synergies and advancements in cutting tool technology and market presence for Dormer Pramet.
· June 2022:
Milwaukee Tools launched an innovative wrecker, integrated with a Nitrous Carbide Sawzall Blade. This product is designed to offer enhanced performance when cutting through a wide range of metals, making it particularly suitable for demolition and remodeling tasks at construction sites. The introduction of this new tool reflects Milwaukee Tools' commitment to developing cutting-edge solutions for its customers.
· September 2019:
Star Micronics Co., Ltd. announced plans to launch the SX-38, a high-functioning large-diameter (38 mm) model automatic lathe. The SX-38 is specifically designed for manufacturing sectors like automotive, aerospace, and medical applications. With its release targeted for April 2020, this Swiss-type automatic lathe aimed to provide advanced machining capabilities for industries requiring precision and high-performance components.
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