The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Metal Cutting Tools 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 (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Cutting Tools Global Market Report 2024, The metal cutting tools market size has grown strongly in recent years. It will grow from $27.71 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growth of manufacturing industries, rise of the automotive industry, spurred construction and infrastructure development, increased mining and exploration activities, globalization.The metal cutting tools market size is expected to see strong growth in the next few years. It will grow to $39.75 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
The increasing demand for automotive production is expected to drive the growth of the metal cutting tools market in the foreseeable future. Automotive production involves various processes such as design, development, manufacturing, and maintenance of motor vehicles like cars, trucks, and motorcycles. Metal cutting tools play a crucial role in automotive manufacturing by facilitating precision machining and shaping of metal components. These tools ensure efficient manufacturing processes and help achieve the required tolerances in the fabrication of automotive parts. For example, data from the European Automobile Manufacturers Association (ACEA) in May 2023 shows that global automotive vehicle production reached 85.4 million units in 2022, marking a 5.7% increase compared to 2021. Additionally, electric car sales surged in 2021, reaching a record high and nearly doubling to 6.6 million units compared to 2020, as reported by the International Energy Agency (IEA) in September 2022. This increase in automotive production, including electric vehicles, underscores the growing demand for metal cutting tools in the automotive manufacturing sector.
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The metal cutting tools market covered in this report is segmented –
1) By Product: Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, Other Products
2) By Material: Cemented Carbide, Ceramics, Polycrystalline Diamond, Cubic Boron Nitride, Exotic Materials, Other Materials
3) By Process: Milling, Turning, Drilling, Rotary, Other Process
4) By End-User: Automotive, Aerospace and Defense, Construction, Electronics, Power Generation, Other End-Users
Top Major Players
Kyocera Corporation,
Mitsubishi Materials Corporation,
Sandvik AB,
Hitachi Metals, Ltd.,
Ceratizit S.A.
The metal cutting tools market report table of contents includes:
1. Executive Summary
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Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Metal Cutting Tools Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Metal Cutting Tools Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Metal Cutting Tools Market, Segmentation By Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Kyocera Corporation Financial Performance
Table 76: Mitsubishi Materials Corporation Financial Performance
Table 77: Sandvik AB Financial Performance
Table 78: Hitachi Metals, Ltd. Financial Performance
Table 79: Ceratizit S.A. Financial Performance
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