PUBLISHER: The Business Research Company | PRODUCT CODE: 1261053
PUBLISHER: The Business Research Company | PRODUCT CODE: 1261053
“Cutting Tool And Machine Tool Accessory Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cutting tool and machine tool accessory market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for 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.
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 grew from $78.6 billion in 2022 to $84.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cutting tool and machine tool accessory market is expected to grow to $108.83 billion in 2027 at a CAGR of 6.5%.
The cutting tool and machine tool accessory market consists of sales of carbon tool steel, high speed steel tool (HSS), cemented carbide, ceramics tool, cubic boron nitride tool (CBN), and diamond tool. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Cutting tool compresses a thin layer of material on workpiece to shear it of (or to cut that layer), whereas machine tool holds the cutting tool. Machine Tool Accessory refers to any stationary power-driven machine that is used to shape or form parts made of metal or other materials.
The Western Europe was the largest region in the cutting tool and machine tool accessory market in 2022. Asia-Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of cutting tools and machine tool accessories 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.
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 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, and 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 COVID-19 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 aluminum parts, drilling engine parts, and laser surfacing 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, and 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cutting tool and machine tool accessory market research report is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market statistics, including cutting tool and machine tool accessory industry global market size, regional shares, competitors with a cutting tool and machine tool accessory market share, detailed cutting tool, and machine tool accessory market segments, market trends and opportunities, and any further data you may need to thrive in the cutting tool and machine tool accessory industry. This cutting tool and machine tool accessory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.