The Global Turning Tools market size was valued at USD 5.74 billion in 2022 and is projected to reach USD 12.1 billion by 2030, also growing at a CAGR of 8.3% from 2022 to 2030.
Turning Tools Market Overview:
Turning tools are used on lathes to cut or finish the outside diameter of workpieces. Can be used to produce cylindrical parts. In its basic form, turning tools can be defined as the machining of external surfaces by rotation of the workpiece or by the use of a single-point cutting tool. In addition, there are two types of turning tools, rough turning tools, and fine turning tools. Rough turning tools are used to quickly remove large parts of the workpiece while finishing tools are used to remove small parts of the workpiece.
The increase in the use of turning tools in industrial applications is one of the major reasons for the growth of the turning tools market. Moreover, another important market trend is the increasing level of automation in various end-user industries. In addition, an important factor boosting the industry is the e-commerce platform offering turning tools at low prices. The emergence of e-commerce platforms helps to turn tool producers to expand their geographical presence, leading to overall growth in the turning tools market outlook. Furthermore, the rise of industrial design advancements, along with the increased need for increased productivity, has driven manufacturers to research improved machine tool offerings, thereby increasing the demand for turning tools. One of the major reasons expected to drive the growth of the market is the increase in the use of turning tools, especially in industrial applications. Additionally, these turning tools are used in the automotive, aerospace, railroad, furniture and woodworking, energy and power, and healthcare equipment industries.
Turning Tools market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Turning Tools market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Turning Tools market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
The top Key Players included in the Turning Tools Market are
ALESA AG, Aloris Tool Technology Co. Inc, Applitec Moutier SA, Beijing Worldia Diamond Tools Co.Ltd.,, Ceratizit, Danobat Group, Dorian Tool International Incorporated., Dormer Pramet, Hanjiang Tool Co., Ltd.,, Ingersoll Cutting Tool Company, ISCAR LTD.,, Kennametal Foundation, Kyocera Unimerco, Seco Tools, Shanghai Tool Works Co.Ltd, Walter Tools, WNT Tools India Pvt Ltd and Others.
The Turning Tools market research report is categorized based on type, applications and region.
On the Basis of Type:
- Rough turning tools
- Finish turning tools
On the Basis of Application:
- Conventional lathe machine
- CNC lathe machine
- Electronics and electrical
- Construction and mining
On the Basis of Region:
Geographically, the global Turning Tools market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Turning Tools region is dominating this market in the upcoming future.
Asia Pacific dominates the global turning tools market. Growing automotive and manufacturing industries in countries such as China and India drive the growth of the market in Asia Pacific. The region is expected to show the fastest growth during the forecast period. Automation in the automotive and mining industries is driving the market demand in the European region.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Turning Tools Market report scope
CAGR of 8.30% during the forecast period.
Rough turning tools, Finish turning tools
Conventional lathe machine, CNC lathe machine
ALESA AG, Aloris Tool Technology Co. Inc, Applitec Moutier SA, Beijing Worldia Diamond Tools Co.Ltd.,, Ceratizit, Danobat Group, Dorian Tool International Incorporated.,, Dormer Pramet, Hanjiang Tool Co., Ltd.,, Ingersoll Cutting Tool Company, ISCAR LTD.,, Kennametal Foundation, Kyocera Unimerco, Seco Tools, Shanghai Tool Works Co.Ltd, Walter Tools, WNT Tools India Pvt Ltd and Others.
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Turning Tools market?
Who are the key vendors of the global Turning Tools market?
What are the leading key industries of the global Turning Tools market?
Which factors are responsible for driving the global Turning Tools market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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