The Cutting Tool And Machine Tool Accessory Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Cutting Tool And Machine Tool Accessory Global Market Report 2024, The cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from $72.27 billion in 2023 to $78.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to manufacturing industry growth, automotive and aerospace manufacturing, tool wear and replacement, tooling efficiency and precision,.
The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to $106.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to digitalization and industry 4.0 integration, sustainability and eco-friendly manufacturing, customization and agile manufacturing, automation and robotics integration, globalization of manufacturing. Major trends in the forecast period include advanced coating technologies, high-speed machining, tool monitoring and predictive maintenance, custom tooling solutions, sustainable tooling practices.
Rising industrial production is propelling the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a valuable tool for tracking the physical output of industrial sectors within an economy. As industrial production grows, there is a higher demand for cutting tools and machine tool accessories because these tools are essential for machining, shaping, and processing raw materials into finished products. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area witnessed a 0.2% increase. Further, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, rising industrial production across industries will drive the future growth of the cutting tool and machine tool accessory market going forward.
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The cutting tool and machine tool accessory market covered in this report is segmented –
1) By Type: Metalworking Knives And Bits; Measuring Attachments; Metalworking Drill Bits; Machine Tool Taps And Dies
2) By Application: Automotive; Manufacturing; Other Applications
3) By Sales Channel: Direct; Indirect
The cutting tool and machine tool accessory market report table of contents includes:
1. Executive Summary
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