The Metal Cutting Tools Market, currently valued at USD 78.05 billion in 2022, is experiencing significant growth trends. Market analysis indicates that the sector is poised to reach USD 123.46 billion by 2030, with a strong Compound Annual Growth Rate (CAGR) of 5.9% projected over the forecast period from 2023 to 2030.

Key Highlights:

  1. Current Valuation: As of 2022, the Metal Cutting Tools Market is valued at USD 78.05 billion, reflecting its crucial role in the manufacturing and machining processes.

  2. Projected Growth: The market is forecasted to experience substantial expansion, reaching USD 123.46 billion by 2030. The anticipated CAGR of 5.9% highlights sustained growth prospects in the coming years.

  3. Diverse Applications: Metal cutting tools play a vital role in various machining techniques, including drilling, reaming, milling, broaching, tapping, boring, and threading.

Metal cutting tools are essential in the manufacturing sector, enabling precision and efficiency in shaping metallic workpieces through the shear deformation process.

Key Players

The major key players are Fanuc America Corporation, Amada Machine Tools Co. Ltd., BIG Kaiser Precision Tooling Inc., Sandvik, Komatsu Ltd., Kennametal, Doosan Machine Tools Co. Ltd., Ingersoll Cutting Tool Company, Tiangong International Co., Tungaloy Corporation, Hitachi Metals and Other Players

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KEY MARKET SEGMENTATION

On the Basis of Tool Type

  • Turning Tools
  • Drilling Tools
  • Milling Tools
  • Rotary Tools

On the Basis of Material

  • Cemented Carbide 
  • Carbon Steel
  • High-speed Steel (HSS)
  • Polycrystalline Diamond (PCD)
  • Ceramics
  • Stellite
  • Cubic Boron Nitride (CBN)
  • Cast Alloys

On the Basis of End-user

  • Construction
  • Aerospace & Defense
  • Automotive
  • Marine
  • Manufacturing
  • Electronics
  • Energy

Driving Factors

  • Increasing demand from industries.
  • Rising demand in end-use industries.
  • Rising demand for households.

Opportunities

  • The manufacturing industry is rapidly developing over the world.
  • Rise dramatically in response to shifting customer needs.

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Table of Contents

1. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

Continued...