Metal Cutting Tools Global Market Report 2024

Metal cutting tools are devices used to remove material from metal workpieces through the process of shear deformation. They are employed to shape metals into various forms and sizes with precision. The two main types of metal cutting tools are single-point tools and multi-point tools, each suited to specific machining tasks.

Metal cutting tools encompass a range of products, including machining centers, lathe machines, boring machines, grinding machines, milling machines, and others. Machining centers, for instance, are versatile CNC tools capable of performing multiple operations such as milling, boring, drilling, tapping, and reaming without repositioning the workpiece. These tools are made from materials such as cemented carbide, ceramics, polycrystalline diamond, cubic boron nitride, exotic materials, and others, and are used in various industries such as automotive, aerospace and defense, construction, electronics, power generation, and others.

The metal cutting tools report is one of a series of new reports from The Business Research Company that provides metal cutting tools statistics, including metal cutting tools industry global market size, regional shares, competitors with a metal cutting tools share, detailed metal cutting tools segments, market trends and opportunities, and any further data you may need to thrive in the metal cutting tools industry. This metal cutting tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metal cutting tools market size has grown strongly in recent years. It will grow from $27.71 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth during the historical period can be attributed to the expansion of manufacturing industries, the burgeoning automotive sector, the impetus provided by construction and infrastructure development, the uptick in mining and exploration activities, and the effects of globalization on these sectors.

The metal cutting tools market size is expected to see strong growth in the next few years. It will grow to $39.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period is influenced by several factors: the expansion of the aerospace industry, the global momentum towards renewable energy projects, the adoption of Industry 4.0 practices across sectors, the growth of precision agriculture, and the increasing demand within the healthcare sector. Major trends expected during this period encompass the integration of automation and robotics into manufacturing processes, a focus on customization and specialization in production, the development of sustainable tooling solutions, the utilization of artificial intelligence (AI) in machining processes, and advancements in coating technologies for enhanced performance and durability of tools and machinery.

The expansion of manufacturing sectors is anticipated to drive the advancement of the metal cutting tools market in the future. These sectors encompass various industries utilizing technology or physical labor to transform raw materials into goods, typically employing systematic processes and specialized labor divisions. To manipulate fundamental materials such as steel, aluminum, and titanium, manufacturers rely on specific machinery and tools. The demand for metal cutting products is further amplified by companies investing in multiple equipment pieces to bolster their manufacturing capacities. For instance, in March 2022, the United Nations Industrial Development Organization reported a global manufacturing production surge of 9.4% in 2021. Similarly, in April 2022, Goldman Sachs noted a remarkable 210% growth in the Indian manufacturing sector for the fiscal year 2021-2022 compared to 2020-2021. Consequently, the ascent of manufacturing industries fuels the expansion of the metal cutting tools market.

The metal cutting tools market is anticipated to experience growth due to the escalating need in automotive manufacturing. Automotive production involves the entire process from designing and developing to producing and maintaining various motor vehicles such as cars, trucks, motorcycles, and more. Metal cutting tools play a vital role in precision machining and shaping of metal components within automotive manufacturing. Their usage ensures efficient production processes and meets the necessary tolerances for fabricating automotive parts. For instance, as per the European Automobile Manufacturers Association (ACEA) in May 2023, global automotive vehicle production reached 85.4 million in 2022, marking a 5.7% increase from 2021. Moreover, the International Energy Agency (IEA) reported in September 2022 that electric car sales surged to a new peak in 2021, rising by four percent. The sales nearly doubled, reaching 6.6 million compared to 2020, consequently elevating the total number of electric vehicles on the road to 16.5 million. Consequently, the surging demand in automotive production is a key driver for the expansion of the metal cutting tools market.

In the metal-cutting tools market, product innovation is a prominent trend gaining significant traction. Major players within the metal-cutting tools sector are dedicated to introducing new and enhanced products to maintain their market positions. A notable example is Sandvick AB, a Sweden-based tools manufacturing company, which, in March 2022, unveiled an upgraded CoroDrill 860 PM assortment aimed at boosting steel drilling productivity for their clients. This tool incorporates a novel grade of physical vapor deposition (PVD) coating featuring improved multilayers, enhancing the smoothness of the drilling process. Utilizing the Post Meridiem geometry design, it facilitates the drilling of High-performance ISOP steels while significantly extending the tool's lifespan. This versatile device finds applications across various industries such as automotive, general engineering, die-and-mold, and power-generating sectors, making it an ideal choice for drilling needs.

Prominent companies in the metal-cutting tools market are directing their efforts towards introducing cutting-edge products such as laser scanning cutting machines to maintain their market standing. A laser scanning cutting machine represents advanced technology within the laser cutting industry, presenting multiple advantages over conventional laser cutting machines. For example, in March 2022, Bodor Laser, a China-based manufacturer specializing in laser cutting machines, unveiled the next-generation laser scanning cutting machine. This pioneering machine has introduced a new category in the laser cutting industry and is anticipated to deliver substantial enhancements in speed and cutting thickness, leveraging current laser machine power options.

In January 2022, CORE Industrial Partners, a private equity firm headquartered in the US, acquired Precision Metal Fab and Precision Tool & Die for an undisclosed sum. This move marks CORE Industrial Partners' venture into a fresh metal cutting enterprise. The acquisition not only facilitates the organic growth of these companies but also enables CORE to actively pursue strategic precision opportunities. Precision Metal Fab and Precision Tool & Die, both based in the US, specialize in metal cutting and forming services.

Major companies operating in the metal cutting tools market report are Kyocera Corporation, Mitsubishi Materials Corporation, Sandvik AB, Hitachi Metals, Ltd., Ceratizit S.A., Kennametal Ltd., Nachi-Fujikoshi Corp., Seco Tools AB, Tungaloy Corporation, Emuge Corporation, Mapal Dr. Kress KG, OSG USA Inc., Walter AG, Iscar Ltd., Widia Products Group, Dormer Pramet, Nachi America Inc., Greenleaf Corporation, Allied Machine & Engineering Corp., Guhring, Inc., Ingersoll Cutting Tool Company, LMT Onsrud LP, Niagara Cutter LLC, Komet Group GmbH, BIG KAISER Precision Tooling Inc., Sumitomo Electric Industries Ltd.

North America was the largest region in the metal cutting tools market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metal cutting tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the metal cutting tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The metal cutting tools market consists of sales of single-point tools, multi-point tools. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Metal Cutting Tools Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on metal cutting tools market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for metal cutting tools ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The metal cutting tools market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product: Machining Centers; Lathe Machines; Boring Machines; Grinding Machines; Milling Machines; Other Products
• 2) By Material: Cemented Carbide; Ceramics; Polycrystalline Diamond; Cubic Boron Nitride; Exotic Materials; Other Materials
• 3) By Process: Milling; Turning; Drilling; Rotary; Other Process
• 4) By End-User: Automotive; Aerospace and Defense; Construction; Electronics; Power Generation; Other End-Users
• Companies Mentioned: Kyocera Corporation; Mitsubishi Materials Corporation; Sandvik AB; Hitachi Metals, Ltd.; Ceratizit S.A.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.