Market Overview
Global Metal Cutting Tools Market in terms of value is estimated to register 6. 73 % CAGR and projected to grow from USD 70.0 Billion in 2023 to USD 117.7 Billion by 2032 during the forecast period 2023 – 2032.
The global metal cutting tools market has been witnessing steady growth due to the thriving manufacturing and industrial sectors. Metal cutting tools are essential equipment used in various industries for cutting, shaping, and machining metal workpieces into desired shapes and sizes.
Metal cutting tools are specialized equipment used in various industries for cutting, shaping, and machining metal workpieces. These tools play a crucial role in manufacturing processes that require precision and accuracy in metalworking.
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Market Segmentation
The metal cutting tools market is bifurcated based on tool type, material type, and application.
- By tool type, the solid round tools will lead the market over the forecast period followed by indexable inserts. The indexable tool inserts have witnessed rapid growth owing to the development in the manufacturing sector and the adoption of advanced working tools to design indexable inserts like CAM and CAD.
- By material type, the cemented carbide will dominate the market over the forecast period for the increase in the automotive component manufacturing activities in the world.
- By application, the automotive segment will spearhead the market over the forecast period. The development of carbon fiber and other forms of advanced materials for manufacturing lightweight vehicles and creation of electric vehicles are adding to the growth of the segment.
Key Players
Eminent market players profiled in the global metal cutting tools industry report include
- Hartmetall-Werkzeugfabrik Paul Horn GmbH (Germany)
- Zhuzhou Cemented Carbide Cutting Tool Co. Ltd (ZCCCT) (China)
- Kennametal Inc. (US)
- OSG Corporation (Japan)
- ISCAR LTD (Israel)
- MAPAL Dr. Kress KG (Germany)
- Makita Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Stanley Black & Decker, Inc. (US)
- Klein Tools, Inc. (US)
- ICS Cutting Tools, Inc. (US)
- Snap-on Incorporated (US)
- Hilti Corporation (Schaan, Liechtenstein)
- Sandvik AG (Sweden)
- Ingersoll Cutting Tools (US)
- FRAISA SA (Switzerland)
- KYOCERA Cutting Tools Group (Japan)
- Asahi Diamond Industrial Co. Ltd. (Japan)
- J SCHNEEBERGER Maschinen AG (Switzerland)
- Vollmer (Germany)
- CERATIZIT Group (Luxembourg)
- Koki Co. Ltd. (Japan).
Metal Cutting Tools Industry Developments
August 2022:
In a significant development in the metal cutting tools industry, Sandvik, a leading player in the sector, acquired P. Rieger Werkzeugfabrik AG and Sphinx Tools Ltd. These companies are producers of precision solid round tools based in Switzerland. Through this acquisition, Sandvik aims to strengthen its position in the market for round cutting tools. The addition of P. Rieger Werkzeugfabrik AG and Sphinx Tools Ltd to Sandvik's portfolio is expected to enhance its capabilities in providing high-quality and precise cutting solutions to customers in various industries.
June 2022:
Milwaukee Tools, a prominent player in the tools and equipment industry, introduced its cutting-edge wrecker combined with NITRUS CARBIDE SAWZALL Blade. This innovative cutting tool is specifically designed for use in remodeling and demolition tasks at construction sites. The NITRUS CARBIDE SAWZALL Blade is engineered to work more effectively on a wide range of metals, offering improved cutting performance and durability. This development showcases Milwaukee Tools' commitment to advancing cutting technologies and providing efficient solutions for metal cutting applications in construction and demolition industries.
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