Global Cutting Tools Market Analysis 2019 Forecasts To 2023
Cutting Tools Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2022. Cutting Tools Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2022
Global Cutting Tools Market Information Report by Product Type (Hand Cutting Tools and Power Cutting Tools), by Application (Industrial, Construction, Household and Others) and By Region - Global Forecast To 2022
Cutting Tools Market is expected to grow at a CAGR of 6.9% during the forecast period.
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Market Insights
Market Research Future's report on the global cutting tools market has projected growth at a CAGR of 6.69% during the forecast period from 2017 to 2023. Increasing concentrated demand for cutting tools in the burgeoning automotive and construction sectors has significantly impacted the market. Other large-scale manufacturing sectors such as aerospace, wood, and electronics are also important segments of the market where cutting tools are used. The growth of the market is expected to result in a valuation of USD 16,700 Mn by the end of 2023.
Evolution of technology combined with innovation has resulted in the development of new tools which keep up with complex requirements from various end-use industries. Moreover, increased capacity for manufacturing of such tools, and ease in sourcing raw materials for the same has led to a strong demand for cutting tools among other industrial equipment. Market opportunities are aplenty in the global cutting tools market due to the ever increasing pressure to increase overall output in the manufacturing sector. Expenditure on consumer goods, electronics and automobiles have increased significantly due to rising disposable incomes, particularly in emerging economies. frequent replacement of cutting tools blades pose a challenge to the market as they represent consistently incurred costs which are expected to prompt market players to innovate viable alternatives for future opportunities.
Notable Market Players Included In MRFR’s Competitive Analysis Are:
Makita Corporation, CERATIZIT Group, FRAISA SA, Hilti Corporation, Hitachi Koki Co. Ltd. , KYOCERA Cutting Tools Group, Stanley Black & Decker, Inc., Vollmer, J SCHNEEBERGER Maschinen AG, Snap-on Inc., Sandvik AG, ICS Cutting Tools Inc., Ingersoll Cutting Tools, OTTO BAIER GmbH, Asahi Diamond Industrial Co. Ltd., and Klein Tools, Inc.
Market Segmentation
The global cutting tools market in MRFR's report has been segmented according to tool type, material type, application, and region. Tool types re broadly segmented into indexable inserts, and solid round tools. Between these, indexable inserts are significant in market size due to their extensive use in the manufacturing sector and metal cutting industries.
By material type, the market is segmented into high-speed steel, ceramics, cemented carbide, stainless steel, cubic boron nitride, polycrystalline diamond, and exotic materials. The cemented carbide segment is the most lucrative segment due to the growing use of cemented carbide for cutting hard material.
Applications for cutting tools can be found in automotive, construction, aerospace & defense, electronics, oil & gas, power generation, wood & die, and mold. The automotive segment accounts for the most significant share due to the sheer size of this sector and the important use of cutting tools in the automotive manufacturing process.
Regional Analysis
The Asia Pacific is projected to have the most significant share of the market during the assessment period. The region accounts for over a third of the total share of the market. The regions economic boom with a focus in construction and manufacturing activities have been highly lucrative for market players operating in the APAC. Countries such as India and China are the leading country-level markets with large manufacturing sectors. Moreover, increasing disposable income has led to the increased demand for construction, automotive, electronics, furniture and several others which use cutting tools, thus increasing the consumption of cutting tools. The APAC is expected to grow at a CAGR of 6.98% during the review period. North America, which is led by the US is also a significant market for the global cutting tools market due to the presence of strong constructed structures in the US and the presence of market players who are actively involved in innovations of existing tools. Moreover, investments in aerospace, aircraft manufacturing, and automotive are expected to increase further the demand for cutting tools in the North American market.
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