PUBLISHER: The Business Research Company | PRODUCT CODE: 1712390
PUBLISHER: The Business Research Company | PRODUCT CODE: 1712390
A cutting tool serves to compress a thin layer of material on a workpiece, facilitating the shearing or cutting of that layer. Conversely, a machine tool is designed to secure the cutting tool during this process. Machine tool accessories encompass stationary power-driven machines utilized for shaping or forming parts crafted from metal or other materials.
Within the cutting tools and machine tool accessories market, the primary categories include metalworking knives and bits, measuring attachments, metalworking drill bits, and machine tool taps and dies. Metalworking knives and bits pertain to the machinery responsible for metal cutting. These products are distributed through both direct and indirect sales channels and find application in various industries, including automotive and manufacturing.
The cutting tool and machine tool accessory market research report is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market statistics, including cutting tool and machine tool accessory industry global market size, regional shares, competitors with a cutting tool and machine tool accessory market share, detailed cutting tool, and machine tool accessory market segments, market trends and opportunities, and any further data you may need to thrive in the cutting tool and machine tool accessory industry. This cutting tool and machine tool accessory 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 cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from $77.03 billion in 2024 to $83.58 billion in 2025 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to manufacturing industry growth, automotive and aerospace manufacturing, tool wear and replacement, tooling efficiency and precision.
The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to $112.11 billion in 2029 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to digitalization and industry 4.0 integration, sustainability and eco-friendly manufacturing, customization and agile manufacturing, automation and robotics integration, globalization of manufacturing. Major trends in the forecast period include advanced coating technologies, high-speed machining, tool monitoring and predictive maintenance, custom tooling solutions, sustainable tooling practices.
The growth in the cutting tool and machine tool accessory market is being driven by the increasing industrial production. The Industrial Production Index is a valuable metric for monitoring the physical output of various industrial sectors within an economy. As industrial production expands, there is a greater demand for cutting tools and machine tool accessories because these tools are indispensable for machining, shaping, and processing raw materials into finished products. For example, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area increased by 0.2%. Additionally, there was a 0.1% increase reported in the European Union between May and April 2023. Hence, the growth in industrial production across various industries is expected to be a driving force behind the future expansion of the cutting tool and machine tool accessory market.
The rapid advancements in technology are anticipated to stimulate innovation within the cutting tool and machine tool accessory manufacturing sector, ultimately boosting the market in the forecast period. Moreover, technologies like 3D printing, artificial intelligence, and big data analytics are finding applications in the manufacturing industry, resulting in increased productivity, reduced operational expenses, and improved profit margins. For example, a global survey conducted by The Economist Intelligence Unit revealed that approximately 90% of corporate executives believed that artificial intelligence (AI) would positively impact their company's growth, and 86% of respondents considered AI as a means to enhance productivity. Lower operational costs contribute to improved profit margins, allowing companies to diversify their product offerings and expand into new markets by reinvesting cost savings. These devices are also incorporating IoT applications to enable services such as remote monitoring and centralized feedback systems, offering additional benefits. The utilization of mobile applications, advanced sensors, and embedded software is creating fresh opportunities for companies in this market. These factors are expected to be key drivers of the cutting tool and machine tool accessory manufacturing market in the forecast period.
Leading companies in the cutting tool and machine tool accessory market are actively pursuing strategies to enhance their global presence, thereby gaining access to new markets, broadening their customer base, and mitigating supply chain risks. This expansion strategy involves physical expansion of their manufacturing facilities to boost production capacity. For instance, in June 2023, Nidec Machine Tool Corporation, a Japanese manufacturer of machinery and cutting tools, disclosed its plans to construct a new facility in Ranipet, Tamil Nadu, India. This facility is intended for Nidec India Precision Tools Ltd. (NMTI), a subsidiary specializing in the manufacturing and distribution of cutting tools. The expanded plant will offer 1.5 times the production capacity of the company's existing capabilities and will primarily focus on producing items like hob cutters and pinion cutters. This expansion aims to serve the needs of the company's Indian clientele more efficiently, particularly in the thriving sectors of automotive, construction, and agriculture machinery.
Machine tool manufacturers are responding to the demand for efficiency by introducing 3D laser processing machines designed to reduce processing time, primarily benefiting laser cutting and welding applications. These 3D laser machines are equipped with 5 axes and excel at cutting sheet-metal components in three dimensions. They are versatile, capable of cutting various metals, including mild steel, stainless steel, and aluminum, utilizing laser technology. The application of lasers in cutting processes substantially decreases processing time, leading to cost savings. Additionally, these machines offer advantages such as localized laser energy input, high feed rates, and minimal heat generation. The automotive and aerospace sectors often employ 3D lasers for tasks like cutting or welding aluminum components, drilling engine parts, and enhancing the surface of used parts through laser technology. An article on engineering.com highlights that laser cutting machines represent the largest segment in the metal cutting machinery market, reflecting the growing adoption of this technology. Prominent companies engaged in the production of 3D laser cutting machines include Mitsubishi Electric, Trumpf, LST GmbH, and Mazak.
Major companies operating in the cutting tool and machine tool accessory market include Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp.
The Western Europe was the largest region in the cutting tool and machine tool accessory market in 2024. Asia-Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cutting tool and machine tool accessory market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The cutting tool and machine tool accessory market consists of sales of carbon tool steel, high speed steel tool (HSS), cemented carbide, ceramics tool, cubic boron nitride tool (CBN), and diamond tool. 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.
Cutting Tool And Machine Tool Accessory Global Market Report 2025 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 cutting tool and machine tool accessory 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.
Where is the largest and fastest growing market for cutting tool and machine tool accessory ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cutting tool and machine tool accessory 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.