Global Cutting Tools Market, By Product Type, By Chip Breaker, By Material, By Application, By End Users, Estimation & Forecast, 2017-2030

Global cutting tools market is projected to grow at a CAGR of 4.2% during the forecast period 2017-2030

The global cutting tools market held a market value of USD 33,056.3 million in 2021 and is likely to reach USD 47,828.3 million by the year 2030. The market is anticipated to register a CAGR of 4.2% during the forecast period. In addition to that, the market volume is projected to be 14,203.9 million units in 2021, along with a growth rate of 3.7% over the forecast period.

Growth Influencers:

Growing market for high-speed steel cutting tools

The market expansion of all high-speed steel (HSS) metal cutting tools is also attributed to the product's quality and growing customer satisfaction concerns. The demand for HSS tools is strong and growing as a result of factors like fewer product errors, greater machining precision, cheaper manufacturing costs, improved surface polish, and quick lead times. The aeroplane drill bits that will be used in fixtures and portable drilling are produced and manufactured using these HSS equipment. In order to balance the demand for a variety of items including aircraft, automobiles, and other heavy equipment, manufacturing activities are rising, which is a major driver of the global market for high-speed steel metal cutting tools. The capacity to cut heavy metals has greatly improved thanks to these tools.

The increase in production and manufacturing activities in the automotive, aerospace, infrastructural equipment, and industrial machinery industries has a significant impact on the market for high-speed steel (HSS) metal cutting tools. The demand for products in the aerospace sector is influenced by a few variables, including growing need for new aircraft manufacture, air travel, and booming activity in the jet sector. Additionally, as a result of improved operational efficiency, innovative cabin design, and other facilities, consumer demand has been trending upward.

Rising demand for cutting tools in end-use industries such as the construction and development industry
By 2030, it is predicted that the global construction market would reach USD 8 trillion, capitalising on various inevitabilities like strong industrialisation, housing demand from an expanding population, and rising disposable income. The demand for construction cutting tools for various operations, including drilling and earth mining, will disrupt the market demand since India and China account for more than 50% of the growth in global construction.

Segments Overview:

The global Cutting tools market is segmented into product type, chip breaker, material, application, and end users.

By Product Type

• Solid Round Tools
• Indexable Cutting Tools
• Indexable Inserts
• Boring Inserts
• Turning & Profiling Inserts
• Indexable Turning & Boring
• Indexable Grinding
• Indexable Hole Making

The solid round tools segment dominated the market with the 65.9% market share in 2020.

By Chip Breaker

• Refrigeration
• Solid Mechanical Chip Breakers
• Adjustable Mechanical Chip Breakers

The refrigeration segment is projected to hold an opportunity of USD 9498.4 million during the forecast period.

By Material

• Cemented carbide
• High-speeded steel tool (HSS)
• Carbon tool steel
• Ceramics tool
• Cubic boron nitride Tool (CBN)
• Diamond tool
• Others

The cemented carbide segment held the largest market share of about 50.7% in 2020.

By Application

• Threading & Milling
• Shearing & Parting
• Grooving & Drilling
• Boring

The threading and milling segment held the highest market share with revenue of USD 13,508.8 million in 2020. The shearing and parting segment is estimated to grow fastest with a rate of 4.9% over the forecast period.

By End Users

• Machinery Industry
• Automotive Industry
• Aerospace Industry
• Defense Industry
• Energy Industry
• Others

The defense industry segment is estimated to hold the highest CAGR of 4.7% during 2021 to 2030.

Regional Overview

By region, the global cutting tools market is divided into Europe, North America, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific market for cutting tools held the largest market share of more than 50% in 2020, with a revenue of USD 26,608.4 million. The market is estimated to grow fastest with a CAGR of more than 4.8%.

Competitive Landscape

Key players operating in the global cutting tools market include Sumitomo Electric Industries, Ltd, Sandvick, CERATIZIT S.A., KYOCERA Corporation, and OSG Corporation.

The major five players in the market hold approximately 15% of the market share. These market players are investing in collaborations, product launches, mergers, acquisitions, expansions to sustain in the market. For instance, in July 2022, Sandvik acquired Preziss, a manufacturer of cutting tools and solutions for high-precision drilling, reaming, milling, and tooling systems with headquarters in Spain. A division of Sandvik Manufacturing and Machining Solutions called Sandvik Coromant will be where the business will be reported.

The global cutting tools market report provides insights on the below pointers:

• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global cutting tools market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
• Pricing Analysis: Pricing analysis of various components used in the manufacturing of cutting tools
• Manufacturing Cost Analysis: Cost-share of various components in cutting tools, cost analysis of cutting tools

The global cutting tools market report answers questions such as:

• What is the market size and forecast of the global cutting tools market?
• What are the inhibiting factors and impact of COVID-19 on the global cutting tools market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the global cutting tools market?
• What is the competitive strategic window for opportunities in the global cutting tools market?
• What are the technology trends and regulatory frameworks in the global cutting tools market?
• What is the market share of the leading players in the global cutting tools market?
• What modes and strategic moves are considered favorable for entering the global cutting tools market?