Turning is the most common lathe machining operation. During the turning process, a cutting tool removes material from the outer diameter of a rotating workpiece. The main objective of turning is to reduce the workpiece diameter to the desired dimension. There are two types of turning operations: rough turning tools and finish turning tools. A variety of operations can be performed on the workpiece during the process cycle to obtain the desired shape of the part. These operations can be classified as external or internal.
Rise in use of turning tools in industrial applications is one of the main reasons for development of the turning tool market. In addition, another important market trend is increasing automation levels across various end-user industries. Moreover, e-commerce platforms that offer turning equipment at inexpensive prices are another significant factor boosting the sector. Emergence of e-commerce platforms aids producers of turning tools in increasing their geographical presence, leading to overall growth of the turning tools market. In addition, rise in advancements in industrial design, as well as increase in demand to improve production efficiency, are encouraging manufacturers to investigate improved machine tool products, and thus raising demand for turning tools. One of the major reasons expected to propel the market growth is the increase in use of turning tools, particularly in industrial applications. Furthermore, these turning tools are utilized in automobile, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries.
The market is segmented on the basis of type, application, end users, and region. On the basis of type, the market is divided into rough turning tools and finish turning tools. On the basis of application, the market is divided into conventional lathe machine and CNC lathe machine. On the basis of end users, the market is divided into automotive, electronics & electrical, aerospace, construction & mining, and others. Region-wise, the global market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA
COMPETITION ANALYSIS
The key players that operate 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, and WNT Tools India Pvt Ltd.KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of turning tools market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- Turning tools market forecast analysis from 2022 to 2031 is included in the report.
- The key players in the turning tools market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of turning tools market industry.
Key Market Segments
By Type
- Rough turning tools
- Finish turning tools
By Application
- Conventional lathe machine
- CNC lathe machine
By End-user industry
- Automotive
- Scope of work
- External
- Internal
- Electronics and electrical
- Aerospace
- Construction and mining
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- 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
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Table of Contents
Executive Summary
According to the report, titled, “Turning Tools Market," the turning tools market size was valued at $5.3 billion in 2021, and is estimated to reach $12.1 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.Turning tools market scope consists of a replaceable insert in the body of the tool. It involves a fixed and non-rotating cutter as in turning, the workpiece spins instead of the tool. The tool inserts vary in shape, material, coating, and geometry. These tools can be round in shape to increase the strength of the edges; tools in diamond shape allow sharp points to cut into fine features; square shaped tools maximize the number of separate edges to change it if it wears out.
Rise in global population significantly increased the demand for private and public vehicles for transportation purposes. According to the U.S. Department of Transportation, as of 2020, there were as many as 274 million vehicles on the roads in the U.S. This large number of on-road vehicles has significantly increased the number of garages and service centers, as they are vital for maintaining safe working condition of vehicles. Increase in number of garages and service centers, thereby creating a demand for turning tools market outlook. These are extensively used in garages and auto service centers for repair and maintenance of vehicles to extend the vehicle life. Furthermore, turning tools are cost-effective and have minimal maintenance requirements, making them ideal for use in small industries.
Major players are adopting product launch and acquisition as key strategies to sustain the competition and improve their product portfolios. For instance, in April 2022, Walter Doubles launched Tiger Tec Gold range for turning applications, specially designed for turning operations. Such instances are expected to boost the turning tools market growth during the forecast period.
Asia-Pacific registered the highest share of the global turning tools market share in terms of revenue in 2021, owing to increasing manufacturers of automobiles and construction machines, which is expected to boost the demand for the turning tools market. In addition, the construction and manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth during the forecast period.
However, during the COVID-19 pandemic, various manufacturers in the turning tools market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the salesm od turning tools companies. In addition, lack of manpower and raw materials constricted supply of equipment for turning tools, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of turning tools companies.
Key Findings of the Study
- The report provides an extensive analysis of the current and emerging global turning tools market trends and dynamics.
- On the basis of type, the rough turning tools segment has dominated the turning tools market in terms of revenue in 2021, while finish turning tool is projected to grow at a significant CAGR during the forecast period.
- By end user, the automotive segment registered the highest revenue in 2021.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the global turning tools market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the turning tools industry.
- The turning tools market forecast analysis from 2022 to 2031 is included in the report.
- In-depth global turning tools market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 205 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 5295.9 million |
Forecasted Market Value ( USD | $ 12075.22 million |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
No. of Companies Mentioned | 17 |