Cutting Tools Market Overview:

The cutting tools market 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.

key aspects of the cutting tools market:

  • Market Size and Growth: The global cutting tools market had been witnessing substantial growth due to the increased demand for precision machining in sectors such as automotive, aerospace, construction, and oil & gas. Additionally, the introduction of innovative cutting tool materials and designs was driving market growth.
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  • 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.
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  • Cutting Tool Types: The market offers a wide variety of cutting tools, including drills, end mills, inserts, reamers, taps, and other specialized tools. Each type serves specific purposes and is used in different machining processes.
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  • 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.
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  • Regional Markets: The cutting tools market is influenced by regional factors such as industrialization levels, manufacturing capabilities, and economic conditions. Regions like Asia-Pacific and North America were among the key markets due to their strong industrial base and growing manufacturing activities.
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  • Competitive Landscape: The cutting tools market is highly competitive, with several established and emerging players offering a wide range of products. Key players in the market include Sandvik AB, Kennametal Inc., Mitsubishi Materials Corporation, OSG Corporation, and IMC Group, among others.
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  • 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.
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  • 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.

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Market Segmentation:

By Tool Type

  • Index Able Inserts
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  • Solid Round Tools

By Material Type

  • Cemented Carbide
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  • High-Speed Steel
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  • Ceramics
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  • Stainless Steel
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  • Polycrystalline Diamond
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  • Cubic Boron Nitride
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  • Exotic materials

By Application

  • Automotive
  •  
  • Aerospace & Defense
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  • Construction
  •  
  • Electronics
  •  
  • Oil & Gas
  •  
  • Power Generation
  •  
  • Wood
  •  
  • Die
  •  
  • Mold and Others

By Region

  • North America
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  • Europe
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  • Asia-Pacific
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  • Rest Of The World

Regional Analysis:

According to analysis, Asia-Pacific is estimated to hold the highest cutting tools market share in the current market studied. China is expected to be the major country due to its vast manufacturing sector. Although the world has entered the era of cemented carbide tools, domestically in China, high-speed steel tools still occupy a fairly strong share. However, China's high-speed steel tools are still mainly ordinary high-speed steel, and the grade of high-speed steel needs to be upgraded. In developed countries, the proportion of high-performance, high-speed steel is more than that of China. According to industry sources, the growing adoption of cemented carbides poses a threat to the current market study. There is room for major developments. 

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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