Cutting Tools Market Overview
Cutting tools enable hassle-free production of components, reducing the time required for manufacturing workpieces. These tools are being increasingly adopted by many large production facilities. The global Cutting Tools market is projected to grow at a significant rate in the forecast period.
Cutting tools are required in almost every industry for accurate CNC parts that sometimes are complex to produce. Growing demand for cutting tools from industries such as aerospace & defense, agriculture, automotive, construction, firearms, and electronics is expected to rise the growth of the global Cutting Tools market. The market for cutting tools is growing due to increased commercial demand. Furthermore, cutting tool market sales are also boosted by significant developments in manufacturing technology and rising needs for smaller plant footprints.
Despite its bright potential, the cutting tools market faces several challenges, including price instability and a demand-supply gap in the raw materials necessary for production. Besides, high purchase and repair costs, material selection difficulties, overheating, and unsuitable settings are also important factors limiting market expansion.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Tool Type, Material Type, Application and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | Kennametal Inc., OSG Corporation, ISCAR LTD, MAPAL, Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Klein Tools, Inc., ICS Cutting Tools, Inc., Snap-on, OTTO BAIER GmbH, Hilti Corporation, Sandvik AG, Ingersoll Cutting Tools, FRAISA SA. |
Covid-19 Impact on Cutting Tools Market
The outbreak of the covid-19 has a severe and swift impact on the automobile and transportation industry. This is majorly due to the shutdown of assembly plants in the US, interruptions across Europe in large-scale manufacturing, and disruption in the export of Chinese parts. In addition to this, the industry is dealing with reduced demand across the globe due to changes in customer behavior and shifts in a supply-demand chain. A recent study shows a 39% decline in sales of automotive all over the world. Moreover, the nationwide lockdowns have substantially affected the transportation sector. Restrictions on transportation accounted for a 45 to 55% decline in public as well as private transport sectors.
Cutting Tools Market Segment Overview
According to Tool Type, the Solid Round Tools segment holds the largest share in the global Cutting Tools market. The solid round tools range covers all applications types within the areas of solid carbide drilling, milling, HSS tapping, reaming, and threading. Further, each solid round tool is designed to fulfill the demands of high quality, precision, and maximum productivity so it is possible to get the most out of the machining process. Based on the Material Type, the Cemented Carbide segment grasps the maximum share in the market. Additionally, by application, Automotive is one of the prominent segments in the market.
Cutting Tools Market, By Tool Type
- Indexable Inserts Tools
- Indexable turning & Boring
- Indexable Milling
- Indexable Hole Making
- Indexable Threading
- Solid Round Tools
Cutting Tools Market, By Material Type
· Cemented Carbide
· High-Speed Steel
· Ceramics
· Stainless Steel
· Polycrystalline Diamond
· Cubic Boron Nitride
· Exotic Materials
Cutting Tools Market, By Application
· Aerospace & Defense
· Automotive
· Construction
· Electronics
· Oil & Gas
· Power Generation
· Wood
· Die And Mold
· Others
Cutting Tools Market Regional Overview
In terms of region, the Asia Pacific region holds the largest share in the global cutting tools market. The region is home to prominent manufacturing industries for machine tools, automotive, electronics, and consumer products. Further, speedy growth in construction and manufacturing sectors in countries such as China, India, and South Korea rises the demand for cutting tools. Similarly, North America is another most important region for the cutting tools market. Market growth is mainly attributed to huge advances in cutting tools manufacturing techniques and the rapidly increasing manufacturing sector in the region. Also, the adoption of cutting tools in Europe is increasing at a healthy rate. Rapidly increasing automotive and power generation industries in the region propels the growth of the cutting tools market.
Cutting Tools Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Cutting Tools Market, Key Players
· Kennametal Inc.
· OSG Corporation
· ISCAR LTD
· MAPAL
· Makita Corporation
· Robert Bosch GmbH
· Stanley Black & Decker, Inc.
· Klein Tools, Inc.
· ICS Cutting Tools, Inc.
· Snap-on
· OTTO BAIER GmbH
· Hilti Corporation
· Sandvik AG
· Ingersoll Cutting Tools
· FRAISA SA
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Cutting Tools market?
Growing demand for cutting tools from industries such as aerospace & defense, agriculture, automotive, construction, firearms, and electronics is expected to rise the growth of the global Cutting Tools market.
Q2. What are the restraining factors for the Cutting Tools market?
High purchase and repair costs, material selection difficulties, overheating, and unsuitable settings are important factors limiting the growth of the Cutting Tools market.
Q3. Which segment is projected to hold the largest share in the Cutting Tools Market. ?
Solid Round Tools segment is projected to hold the largest share in the Cutting Tools Market.
Q4. Which region holds the largest share in the Cutting Tools market?
the Asia Pacific held the largest share in the global Cutting Tools market.
Q5. Which are the prominent players in the Cutting Tools Market?
Kennametal Inc., OSG Corporation, ISCAR LTD, MAPAL, Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Klein Tools, Inc., ICS Cutting Tools, Inc., Snap-on, OTTO BAIER GmbH, Hilti Corporation, Sandvik AG, Ingersoll Cutting Tools, FRAISA SA. are some key players in the Cutting Tools Market.
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Cutting Tools Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Tool Type
- 5.2.1. Indexable Inserts Tools
- 5.2.1.1. Indexable turning & Boring
- 5.2.1.2. Indexable Milling
- 5.2.1.3. Indexable Hole Making
- 5.2.1.4. Indexable Threading
- 5.2.2. Solid Round Tools
- 5.2.1. Indexable Inserts Tools
- 5.3. Market Analysis, Insights and Forecast – By Material Type
- 5.3.1. Cemented Carbide
- 5.3.2. High-Speed Steel
- 5.3.3. Ceramics
- 5.3.4. Stainless Steel
- 5.3.5. Polycrystalline Diamond
- 5.3.6. Cubic Boron Nitride
- 5.3.7. Exotic Materials
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Aerospace & Defense
- 5.4.2. Automotive
- 5.4.3. Construction
- 5.4.4. Electronics
- 5.4.5. Oil & Gas
- 5.4.6. Power Generation
- 5.4.7. Wood
- 5.4.8. Die And Mold
- 5.4.9. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America, Middle East and Africa
6. North America Cutting Tools Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Tool Type
- 6.2.1. Indexable Inserts Tools
- 6.2.1.1. Indexable turning & Boring
- 6.2.1.2. Indexable Milling
- 6.2.1.3. Indexable Hole Making
- 6.2.1.4. Indexable Threading
- 6.2.2. Solid Round Tools
- 6.2.1. Indexable Inserts Tools
- 6.3. Market Analysis, Insights and Forecast – By Material Type
- 6.3.1. Cemented Carbide
- 6.3.2. High-Speed Steel
- 6.3.3. Ceramics
- 6.3.4. Stainless Steel
- 6.3.5. Polycrystalline Diamond
- 6.3.6. Cubic Boron Nitride
- 6.3.7. Exotic Materials
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Aerospace & Defense
- 6.4.2. Automotive
- 6.4.3. Construction
- 6.4.4. Electronics
- 6.4.5. Oil & Gas
- 6.4.6. Power Generation
- 6.4.7. Wood
- 6.4.8. Die And Mold
- 6.4.9. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
7. Europe Cutting Tools Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Tool Type
- 7.2.1. Indexable Inserts Tools
- 7.2.1.1. Indexable turning & Boring
- 7.2.1.2. Indexable Milling
- 7.2.1.3. Indexable Hole Making
- 7.2.1.4. Indexable Threading
- 7.2.2. Solid Round Tools
- 7.2.1. Indexable Inserts Tools
- 7.3. Market Analysis, Insights and Forecast – By Material Type
- 7.3.1. Cemented Carbide
- 7.3.2. High-Speed Steel
- 7.3.3. Ceramics
- 7.3.4. Stainless Steel
- 7.3.5. Polycrystalline Diamond
- 7.3.6. Cubic Boron Nitride
- 7.3.7. Exotic Materials
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Aerospace & Defense
- 7.4.2. Automotive
- 7.4.3. Construction
- 7.4.4. Electronics
- 7.4.5. Oil & Gas
- 7.4.6. Power Generation
- 7.4.7. Wood
- 7.4.8. Die And Mold
- 7.4.9. Others
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
8. Asia Pacific Cutting Tools Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Tool Type
- 8.2.1. Indexable Inserts Tools
- 8.2.1.1. Indexable turning & Boring
- 8.2.1.2. Indexable Milling
- 8.2.1.3. Indexable Hole Making
- 8.2.1.4. Indexable Threading
- 8.2.2. Solid Round Tools
- 8.2.1. Indexable Inserts Tools
- 8.3. Market Analysis, Insights and Forecast – By Material Type
- 8.3.1. Cemented Carbide
- 8.3.2. High-Speed Steel
- 8.3.3. Ceramics
- 8.3.4. Stainless Steel
- 8.3.5. Polycrystalline Diamond
- 8.3.6. Cubic Boron Nitride
- 8.3.7. Exotic Materials
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Aerospace & Defense
- 8.4.2. Automotive
- 8.4.3. Construction
- 8.4.4. Electronics
- 8.4.5. Oil & Gas
- 8.4.6. Power Generation
- 8.4.7. Wood
- 8.4.8. Die And Mold
- 8.4.9. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. South East Asia
- 8.5.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Cutting Tools Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Tool Type
- 9.2.1. Indexable Inserts Tools
- 9.2.1.1. Indexable turning & Boring
- 9.2.1.2. Indexable Milling
- 9.2.1.3. Indexable Hole Making
- 9.2.1.4. Indexable Threading
- 9.2.2. Solid Round Tools
- 9.2.1. Indexable Inserts Tools
- 9.3. Market Analysis, Insights and Forecast – By Material Type
- 9.3.1. Cemented Carbide
- 9.3.2. High-Speed Steel
- 9.3.3. Ceramics
- 9.3.4. Stainless Steel
- 9.3.5. Polycrystalline Diamond
- 9.3.6. Cubic Boron Nitride
- 9.3.7. Exotic Materials
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Aerospace & Defense
- 9.4.2. Automotive
- 9.4.3. Construction
- 9.4.4. Electronics
- 9.4.5. Oil & Gas
- 9.4.6. Power Generation
- 9.4.7. Wood
- 9.4.8. Die And Mold
- 9.4.9. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Saudi Arabia
- 9.5.3. UAE
- 9.5.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. Kennametal Inc.
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. OSG Corporation
- 10.6. ISCAR LTD
- 10.7. MAPAL
- 10.8. Makita Corporation
- 10.9. Robert Bosch GmbH
- 10.10. Stanley Black & Decker, Inc.
- 10.11. Klein Tools, Inc.
- 10.12. ICS Cutting Tools, Inc.
- 10.13. Snap-on
- 10.14. OTTO BAIER GmbH
- 10.15. Hilti Corporation
- 10.16. Sandvik AG
- 10.17. Ingersoll Cutting Tools
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
