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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Metal Cutting Tools Market Outlook
The global metal cutting tools market is expected to grow at CAGR 4% in the forecast period of 2024-2032, being driven by the rising construction activities in emerging nations and an increasing need to develop superior-quality products.
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Growing Demand from the Automotive Sector in Developing Nations is Fuelling the Market Growth
Rapid growth in the automotive industry is the key driving factor for the metal cutting tools industry. Further, the global market for metal cutting tools is expected to witness recovery in major end-use industries in the developed countries. In addition, the rise in production of light vehicles will create significant demand for new welded automotive components, as a result, creating significant demand for metal cutting tools over the forecast period. These tools will continue to account for a major share of the total machine tools market in the forecast period.
Metal Cutting Tools: Market Segmentation
Metal cutting tools are a kind of machine tools that ensure effective manufacturing of critical and complex components with ease and absolute precision. Metal cutting tools are run by electric motors and are used for many cutting processes such as turning, milling, grinding, and boring, to finish the specified cut on the metal work piece.
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Based on product type, the market is divided into:
- Machining Centre
- Turning Centre
- Lathe Machine
- Boring Machine
- Grinding Machine
- Milling Machine
- Drilling Machine
- Others
By application, the market is divided into:
- Automotive
- Industrial Machinery Manufacturing
- Energy and Power
- Marine, Aerospace and Defense
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Adoption of Industry 4.0 is Boosting the Market for Metal Cutting Tools
The rise in demand for automation in factories is increasing the utilization of smart manufacturing technologies for the production process and product development. The rise of Industry 4.0 is pushing the need for interconnected machinery, which in turn is driving machines conducive to predictive maintenance. This is where more metal cutting tools are projected to be put to use. The growth in demand for metal cutting tools from various other sectors, such as food processing, construction, packaging is driving the general trend.
Key Industry Players in the Global Metal Cutting Tools Market
The report presents a detailed analysis of the following key players in the global metal cutting tools market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Amada Co., Ltd.
- Fanuc UK Ltd
- Nachi-Fujikoshi Corp.
- Sandvik AB
- Ceratizit Group
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global metal cutting tools market is projected to grow at a CAGR of 4% between 2024 and 2032.
The industry is primarily being driven by the growing demand to manufacture high-quality items, increase in demand for metal cutting tools from other industries, such as food processing, construction, and packaging, growth in the automotive industry, and rise in production of light vehicles.
The key trends propelling the industry forward are the increasing demand for networked machinery in industry 4.0 and expanding construction activity.
The major regions in the industry are North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
The various products are machining centre, turning centre, lathe machine, boring machine, grinding machine, milling machine, and drilling machine, among others.
By application, the market is divided into automotive, industrial machinery manufacturing, energy and power, marine, aerospace and defence, among others.
The major players in the industry are Amada Co., Ltd., Fanuc UK Ltd, Nachi-Fujikoshi Corp., Sandvik AB, and Ceratizit Group, among others.
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