In the world economic growth, the Cutting Tools Industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Cutting Tools market size to maintain the average annual growth rate of XXX from XXX million $ in 2014 to XXX million $ in 2019, SMI analysts believe that in the next few years, Cutting Tools market size will be further expanded, we expect that by 2024, The market size of the Cutting Tools will reach XXX million $.
Cutting tool is also referred to as a cutter that is used across manufacturing industries in order to eradicate the material from the workpiece by using shear deformation. They can be classified into turning &boring, hole making, threading, and milling. They are widely used across construction, aerospace, electronics, power generation, wood, and die &mold and oil &gas. Cutting tools are used to increase production capacity and also enhance operational efficiency. They are made up of different materials which include cubic boron nitride, cemented carbides, ceramics, steel, stainless steel, and polycrystalline diamond.
Rapid growth in the construction industry especially in the Asia Pacific region is a prime factor fueling the market growth of the cutting tool. According to the Invest India, the Construction industry in value terms is projected to record a CAGR of 15.7% to reach $ 738.5 bn by 2022. The activities that registered the highest growth include export cargo (10%), power generation (6.6%), highway construction/widening (9.8%), import cargo (5.8%) and cargo at major ports (5.3%). The growth of the cutting tool market can also be attributed to the rise in other manufacturing industries such as electronics, power generation, aerospace, wood, and oil &gas.
On the other hand, environmental concern associated with the use of metal-cutting fluids in manufacturing is expected to hamper the market growth of cutting tool
The Asia Pacific is expected to exhibit significant growth over the forecast period and this is attributed to increasing urbanization and industrialization coupled with the rising focus of the manufacturer to introduce a next-generation cutting tool to match up with the evolving technologies. For instance, in February 2020, Industrial Tooling Corporation launched next-generation cutting tools (Stand H250). The ITC 6071 series of solid-carbide stub-length end mills, has been specifically developed for the high-performance machining of steel and aerospace-grade alloys such as titanium and Inconel.
Recent Key Developments:
- In April 2019, Swedish tooling system specialist Sandvik Coromant has launched a new metal cutting tool developed by using additive manufacturing, the Lightweight CoroMill 390. The new product is lightweight than the traditional CoroMill 390, which reduces vibrations and enhance security when machining with long overhangs.
- In October 2017, Caterpillar and Kennametal entered into an agreement to offer Caterpillar customers around the globe with special-order rotors and diamond and carbide earth cutting tools for mixing and road milling applications.
- In May 2019, Xometry has entered into a national distribution agreement with Mitsubishi Materials U.S.A to provide select cutting tools on Xometry Supplies, its online store.
This Report covers the manufacturers' data, including: shipment, price, revenue, gross profit, interview record, business distribution etc., these data help the consumer know about the competitors better. This report also covers all the regions and countries of the world, which shows a regional development status, including market size, volume and value, as well as price data.
Besides, the report also covers segment data, including: type segment, industry segment, channel segment etc. cover different segment market size, both volume and value. It also covers different industries' clients information, which is very important for manufacturers. If you need more information, please contact SMI
Section 1: Definition
Section (2 3): Manufacturer Detail
Sandvik
Kennametal
Iscar
OSG
Mitsubishi
Kyocera
Sumitomo
Mapal
Nachi-Fujikoshi
LMT
ZCCCT
YG-1
Shanghai Tool
Korloy
Union Tool
Tiangong
Guhring
Harbin No.1 Tool
Tivoly
Ceratizit
Hitachi
Feidadrills
Chengdu Chengliang
BIG Kaiser
Addison
Hanjiang
EST Tools
Xiamen Golden Erge
AHNO
Sandhog
Section 4: Region Segmentation
North America Country (United States, Canada)
South America
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7): Segmentation
Product Type Segmentation:
✧ Cemented Carbide
✧ High Speed Steel
✧ Ceramics
✧ Diamond
Industry Segmentation:
✧ Milling
✧ Turning
✧ Drilling
✧ Grinding
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2019-2024)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
Request Discount 
Inquire Before Buy
