Metal cutting tools are essential components of the manufacturing and machining industries, used for shaping, cutting and finishing metal workpieces across various applications. These tools are designed to remove excess material from a metal surface with precision, ensuring the desired shape, size and surface finish.
The metal cutting tools market consists of sales by entities (organizations, sole traders and partnerships) of metal cutting tools that are widely utilized in industries such as automotive, aerospace, construction, electronics and power generation, where precise and efficient machining is required.
The global metal cutting tools market was valued at $22,858.35 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 5.00%.
Growth in the Aerospace & Defense Sector
During the historic period, growth in the aerospace & defense sector has driven the growth of the metal-cutting tools market. The expansion of the aerospace & defense sector has significantly boosted demand for metal-cutting tools, essential for manufacturing aircraft components, defense equipment and precision-engineered parts. The growing use of high-strength materials like titanium and composites in aircraft and military vehicle production requires highly efficient and durable tools. In response, manufacturers are focusing on innovation, precision and efficiency, developing cutting tools that meet the sector's strict quality and performance standards. For instance, in September 2024, according to the Aerospace Industries Association (AIA), a US-based trade association, in 2023, the U.S. aerospace and defense sector achieved a significant milestone by generating more than $955 billion in sales, reflecting a 7.1 percent growth compared to the prior year. Therefore, the growth in the aerospace & defense sector drove the growth of the metal-cutting tools market.
Innovative Laser Systems Designed for High-Quality, Large-Scale Fabrication
Companies operating in the metal-cutting tools market are focusing on developing innovative laser systems designed for high-quality, large-scale fabrication. The system ensures consistent cutting quality across large volumes of materials, which is essential for meeting the rigorous standards of industries like construction machinery. This capability boosts both productivity and operational efficiency. For instance, in August 2024, Bodor, a China-based laser technology company introduced the L Series product, a high-performance large-format sheet metal laser cutting machine engineered to elevate precision, efficiency and productivity for demanding industrial applications. The L Series boasts an ultra-large format design, segmented processing loops and advanced safety features, including real-time cutting zone monitoring. Specifically tailored for the production of large-scale components in industries such as construction machinery, the L Series also incorporates innovative solutions like automated remnant layout and high-quality batch processing, making it a versatile tool for a wide range of metal fabrication requirements.
The global metal cutting tools market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 21.36% of the total market in 2023.
Metal Cutting Tools Global Market Opportunities and Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global metal cutting tools market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for metal cutting tools? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The for metal cutting tools 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 history and forecasts market growth by geography. It places the market within the context of the wider for metal cutting tools market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by material, by process and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the metal cutting tools market.
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product, by material, by process and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for metal cutting tools providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product: Machining Centres; Lathe Machines; Boring Machines; Grinding Machines; Milling Machines; Other Machines
- 2) By Material: Cemented Carbide; Ceramics; Polycrystalline Diamond; Cubic Boron Nitride; Exotic Materials; Other Materials
- 3) By Process: Milling; Turning; Drilling; Rotary; Other Processes
- 4) By End User: Automotive; Aerospace and Defence; Construction; Electronics; Power generation; Other End-Users
- Companies Mentioned: Kennametal Ltd.; Kyocera Corporation; Mitsubishi Materials Corporation; Sandvik AB; Nachi-Fujikoshi Corp.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; metal cutting tools indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.