Market Research Report
Cutting Tool And Machine Tool Accessory Global Market Report 2022
|Cutting Tool And Machine Tool Accessory Global Market Report 2022|
The Business Research Company
Content info: 300 Pages
Delivery time: 2-10 business days
“Cutting Tool And Machine Tool Accessory Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global cutting tool and machine tool accessory market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for the cutting tool and machine tool accessory? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Cutting Tool And Machine Tool Accessory market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider cutting tool and machine tool accessory market, and compares it with other markets.
Major companies in the cutting tool and machine tool accessory market include: Sandvik AB, Kennametal Inc, Okuma Corporation, Lincoln Electric Holdings Inc, Asahi Diamond Industrial Co. Ltd, NGK Spark Plug Co Ltd, and American Outdoor Brands Corporation.
The global cutting tool and machine tool accessory market is expected to grow from $71.81 billion in 2021 to $79.66 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The market is expected to grow to $115.5 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessories by entities (organizations, sole traders, or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e.g., sine bars) for machine tools, metalworking drill bits, and taps and dies (i.e., machine tool accessories).
The main types in the cutting tool and machine tool accessory are metalworking knives and bits, measuring attachments, metalworking drill bits, and machine tool taps and dies. The metalworking knives and bits in the cutting tool and machine tool accessory market refer to the machine that cuts the metal. The sales channels are direct and indirect. These are used in automotive, manufacturing, and other applications.
The Western Europe was the largest region in the cutting tool and machine tool accessory market in 2021. Asia Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Rapid advances in technology are expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used in manufacturing thus resulting in higher productivity, lower operating costs, and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on a company's growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and to enter new markets by making investments made through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring, central feedback systems and to offer other services. Mobile applications, advanced sensors, and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the cutting tool and machine tool accessory manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including Western Europe, North America, and Asia. Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the cutting tool and machine tool accessory manufacturing market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. 3D laser is a 5-axle laser machine that cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminum can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate, and minimal heat input. 3D lasers are typically used in the automotive and aerospace industry for cutting or welding of aluminum parts, drilling of engine parts, and laser surfacing of used parts. According to an article published by engineering.com, laser cutting machines account for the largest segment of the metal cutting machinery market thus indicating a significant rise in the use of this technology. Major companies producing 3D laser cutting machines include Mitsubishi Electric, Trumpf, LST GmbH, Mazak.
The countries covered in the cutting tool and machine tool accessory market are: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.