Global Steel Cutting Tools Market 2024-2031

Description

List of Tables

Steel Cutting Tools Market Size, Share & Trends Analysis Report by Tool Type (Indexable Inserts, Solid Round Tools), by Process (Milling, Drilling, Boring, Turning, Others (Tapping and Grinding)), by Product Type (Lathe Machines, Drilling Machines, Grinding Machines, Milling Machines), and by Application (Automotive, Electronics, Construction, Aerospace & Defense, Others (Medical, Oil & Gas)) Forecast Period (2024-2031)

Steel Cutting Tools market is anticipated to grow at a CAGR of 6.5% during the forecast period (2024-2031).Steel Cutting Tools are used to remove leftover material from a manufactured piece of metal by using the process of shear deformation. It issued for companies involved in the manufacturing, design, and equipment used to cut, shape, and form metal components.

Source: OMR Analysis

Market Dynamics

Growing industrialization

Several sectors, including the automotive, manufacturing, aerospace, and defense sectors, have grown significantly as a result of the rapid industrialization and urbanization that has occurred in developed as well as emerging countries. There has been a notable global increase in the size of the population mostly in developing nations. As a result of these advancements, manufacturing firms have been producing more, which has subsequently increased the demand for metal-cutting tools.

Technological advancement and operational benefits

The development of sector 4.0 has had significant impacts on the metal-cutting industry. The adoption of Industry 4.0 in the steel-cutting industry resulted in the development of intelligent cutting tools that can communicate with other equipment, collect data, and make necessary adjustments to enhance performance. These machines can adjust their speed, feed, and other variables to optimize cutting. They also offer the ability to monitor the cutting process in real-time. Increased output, less waste, and better accuracy result from this. Manufacturers can now use data analytics to identify trends, patterns, and abnormalities in their production processes. For Instance, in October 2021, ARCH Cutting Tools, started the new era for smart tools in modern manufacturing.

Market Segmentation

Our in-depth analysis of the global steel-cutting tools market includes the following segments by tool type, by process, by product type, and by application:

Based on the tool type, the market is sub-segmented into indexable inserts and solid round tools.
Based on the process, the market is sub-segmented into milling, drilling, boring, turning, others (tapping and grinding).
Based on the product type, the market is sub-segmented into lathe machines, drilling machines, grinding machines and milling machines.
Based on the application, the market is sub-segmented into automotive, electronics, construction, aerospace & defense, others (medical, oil & gas).

Automotive is Projected to Emerge as the Largest Segment

Automotive Sector is emerging as the largest channel. Cutting tools are essential parts of the manufacturing process for automobiles in the development and manufacturing of different parts for new and high-end vehicles is shaping the market development. The traditional method has been changed by new cutting techniques such as high-speed cutting and new technologies. There are many different applications for professional tools in the automotive industry. Automotive parts such as modern disk, gearboxes and brakes requires steel cutting tools to maintain the efficient of product, this has increased the demand for cutting tools in the automotive sector.

Regional Outlook

The global steel cutting tools market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific Region Holds Major Market Share Due to Growth in the Automotive Sector

Rapid growth in automotive manufacturing and real estate industries is driving the steel cutting tools market in the Asia-Pacific region. There is a rise in the demand for commercial vehicles and passenger vehicles in China and India. They are also the world's largest producer of cars and related materials. The Asia-Pacific region's investments in renewable energy and infrastructure development, together with the focus on export-oriented industry. There is also a rise in demand for tool steel in the construction industry in China and India, which makes major contributions to the global GDP.

Global Steel Cutting Tools Market Growth by Region 2024-2031

Source: OMR Analysis

Europe is the Fastest Growing Steel Cutting Tools Market

Europe market is a growing market as there is an increase in the industrial sector in Europe region. These tools are used by the construction industry to make customized parts for heavy equipment, structural steel, and infrastructure projects. These instruments make construction more precise and increase the lifetime and safety of buildings. The cutting tools also plays a major role in manufacturing of automobile. Several car manufacturers such as Volkswagen, BMW, Mercedes-Benz, and Renault, are based in Europe. These firms manufacture a wide range of automobiles, including luxury, electric, and tiny cars. Europe's automotive manufacturing industry is renowned for its cutting-edge production techniques, novel technology, and high standards of quality. Germany is a major automotive manufacturing hub, home to the headquarters of numerous well-known corporations. Demand for cutting tools in the Europe region will therefore increase as the automobile industry grows in European nations.

Market Players Outlook

Note: Major Players Sorted in No Particular Order.

The major companies serving the global steel-cutting tools market include ERASTEEL, Kennametal Inc., Nachi America Inc., OSG Korea Corp., and Niagara Cutter LLC among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in March 2022, Sandvik Coromant launched an upgraded CoroDrill 860 assortment to offer customers improved productivity in drilling steel. The advanced technology offers high-performance drilling in ISO P steels while improving tool life.

The Report Covers:

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global steel cutting tools market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

Product Code: OMR2028272

1.Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1.Research Methods and Tools
1.2.Market Breakdown
- 1.2.1.By Segments
- 1.2.2.By Region

2.Market Overview and Insights

2.1.Scope of the Report
2.2.Analyst Insight & Current Market Trends
- 2.2.1.Key Findings
- 2.2.2.Recommendations
- 2.2.3.Conclusion

3.Competitive Landscape

3.1.Key Company Analysis
3.2.ERASTEEL
- 3.2.1.Overview
- 3.2.2.Financial Analysis
- 3.2.3.SWOT Analysis
- 3.2.4.Recent Developments
3.3.Kennametal Inc.
- 3.3.1.Overview
- 3.3.2.Financial Analysis
- 3.3.3.SWOT Analysis
- 3.3.4.Recent Developments
3.4.Nachi America Inc.
- 3.4.1.Overview
- 3.4.2.Financial Analysis
- 3.4.3.SWOT Analysis
- 3.4.4.Recent Developments
3.5.Key Strategy Analysis

4.Market Segmentation

4.1.Global Steel Cutting Tools Market by Tool Type
- 4.1.1.Indexable Inserts
- 4.1.2.Solid Round Tools
4.2.Global Steel Cutting Tools Market by Process
- 4.2.1.Milling
- 4.2.2.Drilling
- 4.2.3.Boring
- 4.2.4.Turning
- 4.2.5.Others (Tapping and Grinding)
4.3.Global Steel Cutting Tools Market by Product Type
- 4.3.1.Lathe Machines
- 4.3.2.Drilling Machines
- 4.3.3.Grinding Machines
- 4.3.4.Milling Machines
4.4.Global Steel Cutting Tools Market by Application
- 4.4.1.Automotive
- 4.4.2.Electronics
- 4.4.3.Construction
- 4.4.4.Aerospace & Defense
- 4.4.5.Others (Medical, Oil & Gas)

5.Regional Analysis

5.1.North America
- 5.1.1.United States
- 5.1.2.Canada
5.2.Europe
- 5.2.1.UK
- 5.2.2.Germany
- 5.2.3.Italy
- 5.2.4.Spain
- 5.2.5.France
- 5.2.6.Rest of Europe
5.3.Asia-Pacific
- 5.3.1.China
- 5.3.2.India
- 5.3.3.Japan
- 5.3.4.South Korea
- 5.3.5.Rest of Asia-Pacific
5.4.Rest of the World

6.Company Profiles

6.1.Addison & Co. Ltd.
6.2.Arch Cutting Tools
6.3.DeWALT
6.4.Morse Cutting Tools
6.5.NACHI-FUJIKOSHI CORP.
6.6.Niagara Cutter LLC
6.7.OSG Korea Corp.
6.8.Sandvik Group
6.9.Somta Tools (Pty) Ltd.
6.10.Sumitomo Electric Industries Ltd.
6.11.Tiangong International
6.12.Walter AG