Turning Tools Market Size

The global turning tools market size is expected to rise at a CAGR of 6.9% over the forecast period from 2017 to 2023, according to a new research report from Market Research Future (MRFR). The turning tools market is mainly driven by the growing acceptance of automation solutions in the manufacturing sector. The growing manufacturing sector in emerging regions such as Asia Pacific and the Middle East could also play a key role in the global turning tools market’s growth over the forecast period.

The turning tools market has been mainly driven by the growth of the manufacturing sector in the last few years. Turning tools are used in the manufacturing sector for a variety of operations and play a key role in shaping the products and imparting a smooth finish. The global turning tools market has been driven primarily by the growing manufacturing sector, which has been driven primarily by the growing automotive and aerospace industries in developed regions. Automotive manufacturing has dominated the manufacturing sector in developed regions such as the U.S. and Europe and is likely to remain a major demand driver for the turning tools market over the forecast period. Growing airplane construction due to the increasing demand for new airplanes and the growing commercial airline industry is also likely to be a major driver for the global turning tools market over the forecast period.

The increasing demand for improved manufacturing methods and automation in the manufacturing sector is also likely to be a major driver for the global turning tools market over the forecast period. Automation has become a major buzzword for the manufacturing sector in the last few years due to the growing awareness about its benefits in terms of efficiency and product quality. This has driven the demand from the turning tools market. On the other hand, the rising popularity of electrochemical machining could emerge as a key threat to the global turning tools market over the forecast period.

Competitive Analysis:

Leading players in the global turning tools market include Ingersoll Cutting Tool Company, Mikron Tool SA Agno, WNT Tools India Pvt. Ltd., Hanjiang Tool Co. Ltd., Union Tool Corporation, ISCAR Ltd., Shanghai Tool Works Co. Ltd., Kennametal Foundation, NTK Cutting Tools, and Sandvik Group.

Industry Updates:

In November 2018, Hanwha Aerospace launched a new manufacturing facility in Vietnam. 30 Doosan vertical ram-type lathes were installed in the factory by January 2019.

Segmentation:

The global turning tools market is segmented on the basis of product type and region.

By product type, the global turning tools market is segmented into boring, inserts, and others.

Regional Analysis:

The global turning tools market is segmented on the basis of region into North America, Europe, Asia Pacific, and the rest of the world.

Asia Pacific is expected to be the major regional segment of the global turning tools market over the forecast period due to the growing manufacturing sector in the region. The manufacturing sector in countries such as China and India has grown immensely over the last few years due to the growing government support to enhancing the manufacturing sector in these countries and the growing presence of the automotive industry in the region. The automotive industry in Asia Pacific has exhibited rapid growth over the last few years due to the growing local demand as well as the increasing operations of foreign carmakers in the region. The growing government support to the manufacturing sector in countries such as India, where the Make in India scheme has had a promising effect on the manufacturing sector’s prospects, is likely to drive the turning tools market in Asia Pacific over the forecast period.

Europe is also likely to be a major player in the global turning tools market due to the growing demand for automation in the automotive and mining industries. North America is also likely to retain a sizeable share in the global turning tools market over the forecast period due to the presence of an advanced industrial framework and growing acceptance of automation protocols into the industrial sector.