Cutting Tools Market size
As per a research conducted by Market Research Future (MRFR), the global Cutting Tools Market size is expected to grow at a CAGR of 6.69% and attain more than USD 16,700 Mn by the end of the forecast period ending in 2023. The global Cutting Tools Market size has gained traction over the last few years on account of rapid industrialization on a global scale and expansion of industries such as manufacturing and construction which has made an affirming impetus on the growth of the market. There has been a strong demand for industrial tools and equipment from various industries due to growth in such industries. Growth in manufacturing capacity results in raw material sourcing, including cutting tools which fuel the growth of the market. In addition, new metal cutting technologies are being highly preferred in industrial setup owing to their superior characteristics and efficiency. With the expansion of the manufacturing sector, immense pressure is being created to increase overall output which induces high demand for cutting tools. Moreover, changing the complex nature of the manufacturing sector requires specific tools which are likely to influence the growth of the global Cutting Tools Market size. The growth of the Cutting Tools Market size has also been supported by improving economic conditions across important economies. However, cost remains a formidable challenge to the growth of the global Cutting Tools Market size. Cutting tools require frequent blade replacement which involves substantial cost and is likely to restrain the growth of the market over the forecast period.
Segmentation
The global Cutting Tools Market size has been segmented based on application, material type, and tool type. By application, the market has been segmented into automotive, aerospace & defense, construction, electronics, oil & gas, power generation, wood, and die and mold. The automotive segment is the largest segment as cutting tools find extensive application in various subsectors of automotive manufacturing.
By material type, the market has been segmented into cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, and exotic materials. The cemented carbide segment is expected to be one of the highly attractive segments over the forecast period.
By tool type, the market has been segmented into indexable inserts and solid round tools.
Regional Analysis Europe, North America, Asia Pacific and rest of the world (ROW) are the key markets for cutting tools. Asia Pacific dominates the global Cutting Tools Market size and accounts for more than 30% share of the global market. The region is also projected to be the fastest growing market with a CAGR of 6.98% over the forecast period. The region being the base for significant manufacturing industries dominates the global market. Favorable government policies in the region which support industrialization also is a driving factor. North America holds enormous potential for market expansion. Presence of heavy industries and the development of commercial and residential structures are likely to boost the growth of the market in North America.
Competitive Landscape
The global cutting tools is marked by the presence of players such as Hitachi Koki Co. Ltd, Makita Corporation, Vollmer, CERATIZIT Group, Asahi Diamond Industrial Co. Ltd., KYOCERA Cutting Tools Group, Klein Tools, Inc., FRAISA SA, J SCHNEEBERGER Maschinen AG, Ingersoll Cutting Tools, Robert Bosch GmbH, Sandvik AG, Stanley Black & Decker, Inc., OTTO BAIER GmbH, Hilti Corporation, Snap-on, and ICS Cutting Tools, Inc.
Browse Complete Report "Cutting Tools Market size Research Report – Forecast to 2023" @ https://www.marketresearchfuture.com/reports/cutting-tools-market-4027
