Metal Cutting Tools Market Size to Hit USD 120.44 Billion, at CAGR 6.2% during 2023-2030
Companies Profiled in Metal Cutting Tools Market are Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (U.S.), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), Hyundai WIA (South Korea), FANUC America Corporation (Japan), Komatsu Ltd. (Japan), Makino (Japan)
Pune, India, June 13, 2023 (GLOBE NEWSWIRE) — The global metal cutting tools market size was valued at USD 76.05 billion in 2022 and is expected to be worth USD 78.89 billion in 2023. The market is projected to be valued at USD 120.44 billion by 2030, recording a CAGR of 6.2% during the forecast period.
The metal cutting tools sector involves several companies that are engaged in the manufacturing, design, and sales of tools and machines that are used to cut, form, and shape metal components. Some of the prominent examples of these tools include saws, grinders, shears, milling machines, and CNC machines. The demand for metal products is growing across a wide range of industry verticals, such as automotive and industrial manufacturing, thereby augmenting the metal cutting tools market growth. Fortune Business Insights™ presents this information in a report titled, “Global Metal Cutting Tools Market, 2023-2030.”
Segments:
CNC Lathe Machines Witness High Demand for Their Favorable Properties
Based on product, the market is segmented into machining centers, lathe machines, boring machines, grinding machines, milling machines, and others. The lathe machines segment is predicted to be the fastest-growing segment in the market due to the increasing demand for this product from the automotive sector.
Metal Cutting Machines to be Widely Used in Automotive Sector to Manufacture Complex Vehicle Parts
Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, and others. The automotive segment had generated significant revenue for the market in the recent past. The need to manufacture complex automotive parts for high-end and modern vehicles is one of the key factors driving the market during the forecast period.
Based on region, the market covers North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
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Report Coverage:
The report offers an in-depth analysis of the industry’s dynamics and competitive landscape. It also provides a wide range of key insights including SWOT analysis, recent developments in the market, such as mergers & acquisitions, macro & microeconomic factors, and profiles of leading metal cutting tools manufacturers.
Drivers and Restraints:
Industry 4.0 Widely Adopted to Boost Industrial Automation, Augmenting Product Demand
Industrial automation has picked up significant pace, which has boosted the demand for smart manufacturing technologies. One of these technologies, Industry 4.0, has gained immense popularity in recent years as it can help manufacturers save costs on their operations, use energy efficiently, and improve human-machine interfaces. The usage of Industry 4.0 solutions has launched a real-time quality assurance process, thereby boosting the penetration of metal cutting instruments.
However, high initial investments and volatile prices of raw materials may hamper the market growth.
COVID-19 Impact:
Pause on Manufacturing Activities During COVID-19 Pandemic Stifled Market Growth
The COVID-19 pandemic had a heavy impact on the operations of the global manufacturing sector as governments across the world had imposed several restrictions and lockdowns. This had a major effect on the metal cutting tools market as the demand for metal cutting machines declined dramatically during this period. However, most industries that are dependent on metal cutting instruments are expected to recover post the pandemic crisis, thereby expanding the market size.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/metal-cutting-tools-market-101751
Regional Insights:
Growing Demand for Metal Cutting Devices from Different Sectors to Boost the Asia Pacific Market Progress
Asia Pacific has captured a large metal cutting tools market share and is predicted to maintain its dominant position during the forecast period. This is due to the rising demand from sectors such as automotive, construction, and food & beverage. Favorable government initiatives to promote the sales of Electric Vehicles (EVs) are expected to push the market development. For example, China has put restriction on investments in new production factories for conventional vehicles, with the local governments introducing a quota for EV production for all manufacturers.
In Europe, Germany recorded the highest revenue for 2022 and the country is expected to continue this trend during the forecast timeframe as well due to the growing expansion of industrial and manufacturing sectors.
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Competitive Landscape:
Leading Players Focus on New Product Developments to Maintain their Market Position
The key market players, such as Doosan and Okuma Corporation, are planning on introducing innovative products in the market. The growing number of manufacturers in this industry vertical is increasing the competition in the global market. Thus, many prominent companies in the market are focusing on improving their capacity and functional efficiency.
Key Industry Development:
January 2020: ARCH Global Precision confirmed the acquisition of Arundel Machine Tool LLC, a producer of high-precision components and assemblies, especially for aerospace & defense sector, oil & gas, and semiconductor sectors.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Yamazaki Mazak Corporation (Japan)
- Doosan Machine Tools Co., Ltd. (U.S.)
- Trumpf (Germany)
- Amada Machine Tools Co., Ltd (Japan)
- JTEKT Corporation (Japan)
- Okuma Corporation (Japan)
- Hyundai WIA (South Korea)
- FANUC America Corporation (Japan)
- Komatsu Ltd. (Japan)
- Makino (Japan)
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints and Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Metal Cutting Tools Market Key Players Market Share Insights and Analysis, 2022
- Global Metal Cutting Tools Market Size Estimates and Forecast (Quantitative Data), By Segment, 2019-2030
- Key Findings
- By Product (USD)
- Machining Centres
- Lathes
- Boring
- Grinding
- Milling
- Others
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Geography (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Metal Cutting Tools Market Size Estimates and Forecast (Quantitative Data), By Segment, 2019-2030
- Key Findings
- By Product (USD)
- Machining Centres
- Lathes
- Boring
- Grinding
- Milling
- Others
- By Application (USD)
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Country (USD)
- U.S.
- By Application
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application
- Canada
- By Application
- Automotive
- General Machinery
- Precision engineering
- Transport Machinery
- Others
- By Application
- U.S.
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