PUBLISHER: The Business Research Company | PRODUCT CODE: 1932430
PUBLISHER: The Business Research Company | PRODUCT CODE: 1932430
A cutting tool serves to compress a thin layer of material on a workpiece, facilitating the shearing or cutting of that layer. Conversely, a machine tool is designed to secure the cutting tool during this process. Machine tool accessories encompass stationary power-driven machines utilized for shaping or forming parts crafted from metal or other materials.
Within the cutting tools and machine tool accessories market, the primary categories include metalworking knives and bits, measuring attachments, metalworking drill bits, and machine tool taps and dies. Metalworking knives and bits pertain to the machinery responsible for metal cutting. These products are distributed through both direct and indirect sales channels and find application in various industries, including automotive and manufacturing.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are influencing the cutting tool and machine tool accessory market by increasing the cost of imported tool steels, carbide inserts, precision measuring instruments, and machine accessories. Automotive and manufacturing hubs in North America and Europe are most affected due to high import dependency, while Asian suppliers face competitive pricing challenges. These tariffs are increasing tooling costs and impacting production economics. However, they are also encouraging local tool manufacturing, regional supply chain strengthening, and innovation in cost-efficient and high-durability tooling solutions.
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.
The cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from $82.37 billion in 2025 to $87.98 billion in 2026 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to expansion of automotive manufacturing activities, growth in industrial machining operations, increasing demand for precision tools, availability of advanced machine tools, rising investments in manufacturing capacity.
The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to $118.64 billion in 2030 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing adoption of smart machining systems, rising demand for high-precision components, expansion of aerospace and defense manufacturing, growing use of advanced tool coatings, increasing automation in workshops. Major trends in the forecast period include increasing adoption of advanced cutting tool materials, rising demand for precision measuring accessories, growing use of high-speed machining tools, expansion of tool customization capabilities, enhanced focus on tool longevity.
The growth in the cutting tool and machine tool accessory market is being driven by the increasing industrial production. The Industrial Production Index is a valuable metric for monitoring the physical output of various industrial sectors within an economy. As industrial production expands, there is a greater demand for cutting tools and machine tool accessories because these tools are indispensable for machining, shaping, and processing raw materials into finished products. For example, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area increased by 0.2%. Additionally, there was a 0.1% increase reported in the European Union between May and April 2023. Hence, the growth in industrial production across various industries is expected to be a driving force behind the future expansion of the cutting tool and machine tool accessory market.
The rapid advancements in technology are anticipated to stimulate innovation within the cutting tool and machine tool accessory manufacturing sector, ultimately boosting the market in the forecast period. Moreover, technologies like 3D printing, artificial intelligence, and big data analytics are finding applications in the manufacturing industry, resulting in increased productivity, reduced operational expenses, and improved profit margins. For example, a global survey conducted by The Economist Intelligence Unit revealed that approximately 90% of corporate executives believed that artificial intelligence (AI) would positively impact their company's growth, and 86% of respondents considered AI as a means to enhance productivity. Lower operational costs contribute to improved profit margins, allowing companies to diversify their product offerings and expand into new markets by reinvesting cost savings. These devices are also incorporating IoT applications to enable services such as remote monitoring and centralized feedback systems, offering additional benefits. The utilization of mobile applications, advanced sensors, and embedded software is creating fresh opportunities for companies in this market. These factors are expected to be key drivers of the cutting tool and machine tool accessory manufacturing market in the forecast period.
Leading companies in the cutting tool and machine tool accessory market are actively pursuing strategies to enhance their global presence, thereby gaining access to new markets, broadening their customer base, and mitigating supply chain risks. This expansion strategy involves physical expansion of their manufacturing facilities to boost production capacity. For instance, in June 2023, Nidec Machine Tool Corporation, a Japanese manufacturer of machinery and cutting tools, disclosed its plans to construct a new facility in Ranipet, Tamil Nadu, India. This facility is intended for Nidec India Precision Tools Ltd. (NMTI), a subsidiary specializing in the manufacturing and distribution of cutting tools. The expanded plant will offer 1.5 times the production capacity of the company's existing capabilities and will primarily focus on producing items like hob cutters and pinion cutters. This expansion aims to serve the needs of the company's Indian clientele more efficiently, particularly in the thriving sectors of automotive, construction, and agriculture machinery.
Major companies operating in the cutting tool and machine tool accessory market are Sandvik AB, Kennametal, Okuma, Asahi Diamond, Stanley Black & Decker, Snap-On, Apex Tool Group, Makita, Bosch, Hitachi Koki, Hilti, Techtronic Industries, Atlas Copco, Ingersoll-Rand, Walter AG, Kyocera, Nachi-Fujikoshi, OSG, Sumitomo, Tungaloy, Iscar, Seco Tools, Guhring, Dormer Pramet, Emuge, Regal Cutting Tools, Niagara Cutter, Allied Machine
Western Europe was the largest region in the cutting tool and machine tool accessory market in 2025. 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 market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cutting tool and machine tool accessory market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
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.
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.
Cutting Tool And Machine Tool Accessory Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses 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, including technological disruption, regulatory shifts, and changing consumer preferences? 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, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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