Manufacturing and construction are the fastest growing industries in emerging economies, due to which these sectors are robustly expanding and commercializing, hence processing an uplift for its vast pool of adjacent sectors. Owing to this, the global cutting tools market size is witnessing sound growth being imperative operations supporting gear. According to IndustryARC, the global cutting tools market size valued $34.42 billion in 2018, and the demand is projected to grow at a compound annual growth rate (CAGR) of 3.25% during the forecast period.
This can be better conceived from the IndustryARC’s report titled “Cutting Tools Market: By Application (Milling, Turning, Drilling and Other); By Tool Grade (High Speed Steel, Ceramics, Cermets, cBN/PcBN, Diamond); By Type (Indexable, Solid) & By Region – Forecast (2019 – 2025).” The report also documents that in recent times, cutting technologies have had a drastic demand rise in the cutting tools market size. They are more application-specific rather than being only efficient. One of the driving factors for Cutting Tools Market Share is that large-scale manufacturing companies have started to adopt advanced industrial tools.
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Global Cutting Tools Market: Leading Segments
APAC is an emerging region that held 33% of the global demand share in 2018. APAC has a very strong foothold in the automotive and construction sector due to which there is a lucrative demand for cutting tools, owing to the increasing manufacturing output serving unprecedented demand. Additionally, India and China are the leading countries that contribute the maximum in terms of steel processing where cutting tools are employed at a large scale. The potential investors are also investing in aircraft manufacturing, aerospace, and automotive which has increased the demand for the cutting tools market in APAC.
Furthermore, the key application sector of the cutting tools market is milling which is anticipated to grow at an increasing CAGR of 3.3% during the aforementioned forecast period. Miller cutters are very high in demand in various sectors such as the multiple billion dollar metal recycling sector due to its high performing skills and high tolerance power. On the other hand, the demand for metal cutting tools is also increasing in the APAC region due to the strong presence of OEM manufacturers.
Global Cutting Tools Market: Market Trends and Growth Drivers
The manufacturing sector in India is growing drastically. The demand for cutting tools market has increased in the country, for which the companies have already started to adopt the advanced technologies. This has become the most significant growth driver in the Indian market.
In this growing and changing era, technology has taken over every aspect in the market, so artificial intelligence has influenced the cutting tools market as well. The new generation expects everything to be done by machine, so the implementation of AI is trending in the market through which a user can choose the best cutting tool with AI guidance.
There is a significant amount of automation that is being used to lessen the human burden. Companies are also focusing on working on cutting tools with another robotic arm which will remove drill bits and worn-end mills.
An upcoming trend is that the cutting tools will automatically capture the data by automatic-identification technology, which will identify each cutting tool individually. This will also help in determining where the proper wear limits need to be set.
Global Cutting Tools Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global cutting tools market are Kennametal, Iscar, OSG, Mitsubishi, Kyocera, Sumitomo, Mapal, Nachi-Fujikoshi, LMT ZCCCT, Sandvik, Hitachi, Ehwa, BIAX, and Asahi.
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