The metal cutting tool market was valued at $65,485.40 million in 2020 and is estimated to reach $107,287.20 million by 2032, exhibiting a CAGR of 4.1% from 2023 to 2032. The global metal cutting tool market was 2,339 units million in 2020 and is projected to reach 3,237 million units by 2032, registering a CAGR of 2.8% from 2023 to 2032. A metal cutting tool is used to remove material from a metal work piece through the process of shear deformation. The cutting process may be achieved by using a single-point or multi-point tool. Single-point tools are used to remove material by means of one cutting edge, in shaping, turning, plaining, and other similar operations. Multi-point tools are used in milling, drilling, and grinding.
Rise in popularity and technological advancements in machine and machine parts manufacturing have increased the demand for metal cutting tool. For instance, the 3D printing technology that permits to make three-dimensional objects through printing is rapidly gaining the interest of key players within the industry. 3D printing benefits such as optimum use of raw materials, waste reduction, and simple production of varied complex geometries are expected to drive the growth of the market. Metal cutting tools are designed with inserts or replaceable tips and solid round tool. In addition, metal cutting tool inserts and solid round tool are utilized in many applications across various industries, such as automotive, aerospace and defense, construction, and electronics.
Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of the metal cutting tool market. For instance, Makita Corporation offers 18V LXT cordless brushless threaded rod cutter, metal hole puncher, and 12 Amp Recipro Saw, which improve the product portfolio of the company.
The metal cutting tool market is segmented on the basis of tool type, product type, application, and region. On the basis of tool type, the market is segmented into indexable inserts and solid round tool. In 2022, the solid round tool segment accounted for the largest share of the overall metal cutting tool market. By product type, the metal cutting tool market is segmented into lathe, drilling machine, milling machine, grinding machine, and others. The lathe segment held the largest market share in 2022. On the basis of application, the market is categorized into automotive, aerospace & defense, construction, electronics, and others. The automotive segment held the largest market share of 36.97% of the metal cutting tool market in 2022. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominated the market in 2022.
The COVID-19 pandemic forced many companies in the global metal cutting tool market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global metal cutting tool market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global metal cutting tool market and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the metal cutting tool market report include, EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tool, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-On Incorporated.
Rise in popularity and technological advancements in machine and machine parts manufacturing have increased the demand for metal cutting tool. For instance, the 3D printing technology that permits to make three-dimensional objects through printing is rapidly gaining the interest of key players within the industry. 3D printing benefits such as optimum use of raw materials, waste reduction, and simple production of varied complex geometries are expected to drive the growth of the market. Metal cutting tools are designed with inserts or replaceable tips and solid round tool. In addition, metal cutting tool inserts and solid round tool are utilized in many applications across various industries, such as automotive, aerospace and defense, construction, and electronics.
Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of the metal cutting tool market. For instance, Makita Corporation offers 18V LXT cordless brushless threaded rod cutter, metal hole puncher, and 12 Amp Recipro Saw, which improve the product portfolio of the company.
The metal cutting tool market is segmented on the basis of tool type, product type, application, and region. On the basis of tool type, the market is segmented into indexable inserts and solid round tool. In 2022, the solid round tool segment accounted for the largest share of the overall metal cutting tool market. By product type, the metal cutting tool market is segmented into lathe, drilling machine, milling machine, grinding machine, and others. The lathe segment held the largest market share in 2022. On the basis of application, the market is categorized into automotive, aerospace & defense, construction, electronics, and others. The automotive segment held the largest market share of 36.97% of the metal cutting tool market in 2022. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominated the market in 2022.
The COVID-19 pandemic forced many companies in the global metal cutting tool market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global metal cutting tool market. In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global metal cutting tool market and the market is anticipated to witness a slow recovery during the forecast period.
The key players profiled in the metal cutting tool market report include, EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tool, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-On Incorporated.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the metal cutting tool market analysis from 2020 to 2032 to identify the prevailing metal cutting tool market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the metal cutting tool market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global metal cutting tool market trends, key players, market segments, application areas, and market growth strategies.
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- Capital Investment breakdown
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- Per Capita Consumption Trends
- Product Consumption Analysis
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- SWOT Analysis
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Key Market Segments
By Tool Type
- Indexable Inserts
- Solid Round Tools
By Product Type
- Lathe
- Drilling Machine
- Milling Machine
- Grinding Machine
- Others
By Application
- Automotive
- Electronics
- Construction
- Aerospace and Defence
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Komatsu Ltd.
- Tiangong International Co.
- DN Solutions
- Proterial, Ltd.
- Kennametal Inc.
- BIG DAISHOWA Inc.
- FANUC CORPORATION
- Sandvik AB
- Amada Machine Tools Co. Ltd.
- Berkshire Hathaway Inc. (Ingersoll Cutting Tool Company)
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: METAL CUTTING TOOL MARKET, BY TOOL TYPE
CHAPTER 5: METAL CUTTING TOOL MARKET, BY PRODUCT TYPE
CHAPTER 6: METAL CUTTING TOOL MARKET, BY APPLICATION
CHAPTER 7: METAL CUTTING TOOL MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the metal cutting tool market was valued at $65.5 billion in 2020, and is estimated to reach $107.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. The global metal cutting tool market was valued at $65.48 billion in 2020, and is projected to reach $107.28 billion by 2032, registering a CAGR of 4.1%. Asia-Pacific was the highest revenue contributor, accounting for $33.72 billion in 2020, and is estimated to reach $59.43 billion by 2032, with a CAGR of 4.7%.The major metal cutting tool manufacturers are focused on the North America region, mainly due to the high adoption rates. The U.S. is a major manufacturing hub of metal cutting tool for many major companies, such as Stanley Black & Decker, Techtronic Industries Co., Ltd., and others. Stanley Black & Decker manufactures most of its tool through its production locations in various states of the U.S. Moreover, Robert Bosch GmbH based in Germany through its consumer goods segment, consisting of power tool and home appliances, in North America, aims to provide an extensive range of metal cutting tool for non-professional operations.
Furthermore, the wide network of retailers and wholesalers provide easy availability of metal cutting tool, ultimately improving its sales in this region. The online retail platforms also facilitate the sale of metal cutting tool as consumers can avail the desired tool easily at the comfort of home. The Mexico metal cutting tool market is still in the development stage due to availability of labor and resources. The manufacturers are focusing on setting up production units in this region. This is expected to further drive the growth of the metal cutting tool market in Mexico.
The growth of the market is driven by rise in construction, oil & gas, automotive, aerospace & defense industries, which creates the demand for using metal cutting tool. In addition, to meet the demand for metal cutting tools of consumers, various players are offering metal cutting tool. For instance, Kennametal Inc. is U.S.-based company offering metal cutting tools, such as milling tool, grooving and cut off tool, hole making tool, and thread milling. The major players have adopted various strategies, such as product launch and business expansion to fuel the growth of the market. For instance, AMP Robotics Makita Corporation launched 18V LXT cordless compact band saw (XBP03) and 18V LXT cordless brushless threaded rod cutter (XCS03) for a range of metal-cutting tasks, including electrical, HVAC, installation, metal building, metal fabrication, and plumbing. All such instances are anticipated to drive the growth of the market.
Rise in development of road infrastructure need the milling machine to make the hole, and rise in government initiatives in railway projects is anticipated to drive the growth of the market. For instance, construction of the Fehmarnbelt tunnel between Denmark and Germany started on January 2021 in Denmark and the project is expected to be completed by 2029. Rapid industrialization and urbanization in the developing and the developed countries, such as India, China, Brazil, the U.S., UK, Mexico, and Canada has boosted the growth of various industries such as automotive, manufacturing, and aerospace & defense industries. This, in turn, is expected to boost the demand for metal cutting tool during the forecast period. Furthermore, the advent of technologies, such as additive manufacturing, industrial automation, computerized numeric control (CNC), computer-aided manufacturing (CAM), and 3D printing has resulted in significant reduction of material cost and capital cost, which has positively impacted the demand for metal cutting tool. All such instances drive the growth of this segment.
Increase in urbanization and aerospace & desensitization in developing and developed countries, is expected to boost the automotive, constructions, electronics, and aerospace and defense industries. Such factors are expected to surge in demand for metal cutting tool. Moreover, manufacturing sectors have grown in developing countries, such as China, India, and Thailand. In addition, adoption of new technologies such as additive manufacturing, aerospace & defense automation, computerized numeric control (CNC), computer aided manufacturing (CAM), and 3D printing, helps in cost reduction and maximizes the productivity.
In addition, major players such as Hilti Corporation, Makita Corporation, and Robert Bosch GmbH are engaged in adopting product launch business expansion, and acquisition as a key development strategy to improve the product portfolio. For instance, Makita Corporation offers 18V LXT cordless brushless threaded rod cutter, metal hole puncher, and 12 Amp Recipro Saw. This product launch aims to improve the product portfolio of the company. All such favorable instances drive the growth of the metal cutting tool market.
Key Findings Of Study
The report provides an extensive analysis of the current and emerging global metal cutting tools market trends and dynamics.
By tool type, the solid round tool segment dominated the market in terms of revenue in 2020.
By product type, the lathe segment registered the highest growth in terms of revenue in the global metal cutting tools market in 2020.
By application, the electronic segment are projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the trends and emerging opportunities of the market.
In depth, the global metal cutting tools market analysis is conducted by constructing estimations for the key segments between 2020 and 2032.
Companies Mentioned
- Komatsu Ltd.
- Tiangong International Co.
- DN Solutions
- Proterial, Ltd.
- Kennametal Inc.
- BIG DAISHOWA Inc.
- FANUC CORPORATION
- Sandvik AB
- Amada Machine Tools Co. Ltd.
- Berkshire Hathaway Inc. (Ingersoll Cutting Tool Company)
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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