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The global market for cutting tools is projected to capture a CAGR of 6.69% during the forecast period (2017-2023). The market size is estimated to reach a valuation of over USD 16,700 Mn by 2023-end. Demand for such tools is concentrated in the automotive and the construction sectors. Even so, other large scale manufacturing sectors such as aerospace, electronics and wood also make up for a considerable share of the pie. The manufacturing sector has continued to witness unending transformation over the years. The incessant evolution in manufacturing ingenuity and technology is also resulting in development of new tools that can easily put up with the complex design requirements. Modern manufacturing is highly complex and requires specific tools. Factors as such will continue to influence the growth of the cutting tools market in the forthcoming years.Increased manufacturing capacity and raw material sourcing has created a strong demand for industrial equipments and tools including cutting tool. Metal cutting is a core segment of the machine working and fabrication industry. New metal cutting technologies are coming into lime light owing to superior characteristics and efficiency. Dry cutting is a broadly used cutting technology in modern manufacturing, especially in high volume production operations.
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The growing pressure on the global manufacturing sector to increase overall output has led to an increased adoption of new-age manufacturing solutions, consequently creating market opportunities. Rising disposable income and per capita expenditure is driving the global demand for consumer goods, electronics, automobile and other household products (furniture, kitchen utensils etc.). This is also partly due to the increasing purchasing power in fast developing countries such China, Mexico, Brazil and India. These countries have emerged as the new growth markets.
Despite the presence of such as favorable conditions cost remains a formidable challenge. Cutting tools sustain intense amount of stress and wear and tear, thus require frequent blade replacement, which often become an expansive affair for manufacturers. The high cost of cutting tools continues to prompt the manufacturing industry to seek out viable alternatives.
Global Cutting Tools Market: Segmental Analysis
The global market for cutting tools is segmented based on tool type, material type and application. By tool type, the market is segmented into indexable inserts and solid round tools. The indexable inserts segment is likely exhibit a health growth during the assessment period. Indexable inserts are significant in manufacturing and metal cutting industries. These tools are used extensively by manufacturing industries for the shaping of several end-use constituents. Based on material type, the market has been segmented into, cemented carbide, high speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, exotic materials. Among these, the cemented carbide segment is expected to remain highly attractive throughout the assessment period. This is mainly owing to the growing use of cemented carbide for cutting hard materials. Cemented carbide comprises of fine particles of carbide cemented into a composite by the binder metal. Cemented carbide are most prominently used for the metal cutting, mining tools, steel roll formation through hoot-roll and cold-roll application. On the basis of application the market has been segmented into automotive, aerospace & defence, construction, electronics, oil & gas, power generation, wood and die and mold. The automotive segment currently holds the largest share of the market and is likely to retain its dominance over 2023. Cutting tools find application is various subsectors of automotive manufacturing, making them an important part of the manufacturing force.
Global Cutting Tools Market: Regional Analysis
Asia Pacific (APAC) is expected to remain the most the lucrative market for cutting tools during the forecast period. In 2017, the region accounted for over one-third share of the global market. The ongoing boom in sectors such the construction and manufacturing is has augured well for the market players operating in the region. Countries such as China and India are steadily capturing the top positions in the global manufacturing landscape, which is reflecting favorably on the region’s market. During the forecast period, the market in APAC is expected to exhibit a CAGR of 6.98%. North America, led by the U.S. is expected represent the other growth market for cutting tools in 2018 and beyond. Strong development in commercial and residential structures in U.S. will continue to drive the demand for cutting tools in the region. Moreover, growing investments in aerospace, aircraft manufacturing and automotive is expected to have a positive impact on the region’s market.
Competitive Analysis
Some of notable companies operating in the global market for cutting tool include Sandvik AG, FRAISA SA, KYOCERA Cutting Tools Group, Asahi Diamond Industrial Co. Ltd., Makita Corporation, Stanley Black & Decker, Inc., Makita Corporation, Stanley Black & Decker, Inc. Klein Tools, Inc., ICS Cutting Tools Inc., Snap-on Inc., OTTO BAIER GmbH, Hilti Corporation, Ingersoll Cutting Tools, J SCHNEEBERGER Maschinen AG, Vollmer, CERATIZIT Group, and Hitachi Koki Co. Ltd. Many of these market participants are actively focusing on expanding capabilities and strengthening distribution channels to improve their market position.
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