Metal Cutting Tools Market | Contrive Datum Insights

The Global Metal Cutting Tools Market Size Was Valued At USD 73.29 Billion In 2021. The Market Is Projected To Grow From USD 75.97 Billion In 2022 To USD 105.46 Billion By 2029, Exhibiting A CAGR Of 4.8% During The Forecast Period.

Metal Cutting Tools Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for metal cutting tools is lower than expected in all regions compared to levels before the pandemic. According to our research, the world market fell by 5.1% in 2020 compared to 2019.

The market is growing because there is more demand for metal-cutting equipment from different industries, such as aerospace, defence, automotive, and industrial machinery. In the near future, the industry is likely to be driven by the growing need for efficient equipment in critical and complex machine component needs. Also, the market is growing because CNC machines are becoming more and more popular. This is because CNC metal cutting tools have many benefits, such as high efficiency, transparency, saving money, and saving time. The research report gives market estimates and growth opportunities in different parts of the world.

Market Dynamics:

Latest Trends:

Additive manufacturing is becoming more and more popular on the market around the world because it is getting better and new technologies are being added to it all the time. 3D printing is expected to become the future of making prototypes in many industries because it saves time and money. Also, 3D printing has benefits like making the best use of raw materials, reducing waste, and making it easy to make different complex shapes. These benefits are expected to drive the market. The additive manufacturing industry is expected to grow in the future because 3D printing is used so often in the construction industry, the auto industry, the fashion industry, bio-printing, medical devices, and robots.

Driving Factors:

Smart manufacturing technologies are being used more in production processes and product development because factories need to be more automated. This is because of the benefits, like increased productivity, better product quality, and an easier time dealing with a lack of workers. The way manufacturing and machinery work will change from the way it has always been done to using smart, connected, and streamlined machine systems. Through Industry 4.0 solutions, manufacturers can save money on operations, use energy more efficiently, improve and automate virtual metrology, and make it easier for humans and machines to work together.

Quality control is an important part of manufacturing, and it has a lot to do with the tools that are used. With the help of an Automated Virtual Metrology (AVM) system, Industry 4.0 solutions have made it possible to check quality in real time. Real-time quality assurance is also expected to lead to more cutting machine tools being used.

Restraining Factors:

Many companies that make things are putting a lot of effort into automating the manufacturing processes in their facilities. This helps them save money on high wages for workers, boost productivity, and improve process optimization in their overall operations. But the whole process requires buying, installing, and taking care of all kinds of machinery on time. But a severe lack of cash during the restrictions of the pandemic and after the pandemic has made it hard for the market to grow. Also, the conflict between Ukraine and Russia has made it harder to trade across borders, which has made it harder to get raw materials and made the market more uncertain and prone to disruptions.

Segmentation Analysis:

By Product:

Due to the need for metal cutting tools, the lathe machines segment is expected to grow the fastest. This is because the demand from the auto industry is growing. Also, the market will be pushed forward by how popular CNC lathe machines are. The metal cutting tools market is growing because CNC lathes have benefits like high efficiency, making complex devices, mass production that works well, and low maintenance.

Also, the machining centers segment has the biggest share of the market and is expected to continue to lead in the coming years. This is because more and more industries, like the auto industry, want to make things in large quantities. Milling and boring machines are in higher demand because cutting has become more precise. Surface grinders, cylindrical machine grinders, tools, and cutter grinders are being used more and more, which is making grinding machines more popular in the machine tools industry.

By Application:

In recent years, the automotive industry has been at the top of the list for applications that bring in the most money from the market. The development and production of different auto parts for new and high-end cars have been the most important factors in the market's growth. Automotive parts like gearboxes, clutch plates, and modern disc brakes are driving up the market demand for good metal cutting tools. Also, the demand for industrial machinery is going up because industries like aerospace, construction, and food and beverage are growing.

The precision engineering segment is expected to grow faster than its competitors because of a steady rise in demand for precise components and the production of highly accurate parts for use in aerospace and defense machinery or military equipment. Transport equipment is also expected to get a lot more popular as cross-border trade between many economies around the world grows.

Regional Insights:

Asia-Pacific has the biggest share of the market, and this is expected to stay true for the next few years. This is because industries like construction, auto manufacturing, and food and drink are using more of them. As the government does more to promote electric cars, the market is likely to grow. For example, China has put limits on how much can be invested in new factories that make traditional cars, and local governments have set limits on how many EVs each manufacturer can make.

India is expected to have a big jump in market growth because of its growing manufacturing clusters.

The fast growth of the market in India is likely to be driven by the fact that a lot of work is being done all over the country to improve the network of manufacturing clusters. The market's growth prospects are getting better because of policies that make it easier for companies to build factories to make cars and precision engineering products. India also wants to improve its transportation hubs to make it easy and simple for its manufacturing hubs to trade across borders and reach a large number of export markets around the world.

Due to the growing demand for prefabricated metals, Europe and North America are expected to have profitable growth over the next few years. The Middle East and Africa are likely to grow because more money is being put into businesses that don't deal with oil. Due to rising demand from the auto industry, the Latin American market is likely to grow.

Scope Analysis

Recent Development:

• May 2022: Sandvik AB, which operates as one of the prominent manufacturers of metal cutting tools, recently acquired Prezisss, a developer of solutions for aluminum and composite machining.
• June 2020: Miranda Tools, a wholly owned subsidiary of Ashok Piramal Group, is acquired by Dormer Pramet.
• 2019: Star Micronics Co., Ltd. plans to release SX-38, a high-performance large diameter (38mm) model by April 2020. , aerospace and medical applications.
• June 2022: Milwaukee Tools recently introduced an innovative wrecker integrated with the NITROUS CARBIDE SAWZALL blade. It is designed to work better on a wide range of metals, ideal for demolition and remodeling work on construction sites.
• March 2022: Sandvik Coromant announces the launch of the CoroDrill 860-PM, which provides excellent performance in drilling applications and provides the tool with outstanding durability, improving tool operating life.
• April 2022: Mitsubishi Materials Corporation Metalworking Solutions Company expanded its product portfolio and launched two double-sided inserts, a wiper type and a precision grade M class type.

Market Segmentation

By Product Type:

• Machining Centers
• Lathes
• Boring
• Grinding
• Milling
• Others

By Application:

• Automotive
• General Machinery
• Precision engineering
• Transport Machinery
• Other

By Companies:

• Yamazaki Mazak Corporation (Japan)
• Doosan Machine Tools Co., Ltd. (U.S.)
• Trumpf (Germany)
• Amada Machine Tools Co., Ltd (Japan)
• JTEKT Corporation (Japan)
• Okuma Corporation (Japan)
• Hyundai WIA (South Korea)
• FANUC America Corporation (Japan)
• Komatsu Ltd. (Japan)
• Makino (Japan)
• Others