Metal cutting tools are a kind of machine tools that guarantee the efficient manufacture of critical and complex components with ease and extreme precision. In ancient times, machines such as horizontal lathes existed in one form or another, while numerically controlled (CNC) metal cutting machines are recent additions. The metal cutting tools are driven by electric motors and are used in one of the many cutting processes that include turning, milling, grinding and reaming to complete the desired cut in the metal part. Metal cutting tools come in various forms, including plasma blades, fiber blades and laser cutting devices. Plasma cutting is used mainly for the manufacture and welding of metals, as they guarantee accurate results compared to other forms of products. Over the years, the laser cutting industry has significantly improved the quality and thickness of the cutting material, its power, and efficiency, which has made possible the development of laser cutting machines. It is expected that metal laser cutting machines have a positive impact on the market since they offer a high degree of precision.
Global Metal Cutting Tools Market Growth Rate:
According to our report, the Global Metal Cutting Tools Market witnessed decent growth in recent years and our research analysts predicted that this market will grow at a CAGR of 8.65% from 2018 to 2025.
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Global Metal Cutting Tools Market – Drivers and Restraints:
The main engine identified in the market for metal cutting tools is the exponential growth of the automotive industry. In addition, the global market for metal cutting tools is expected to rise due to growth was driven by the recovery of the main end-use markets in developed countries. In addition, the increased production of light vehicles will create a potential demand for new welded automotive components, which will create a demand for metal cutting tools during the forecast period. These tools will continue to represent the majority of the total machine tool market. Fluctuations in commodity prices are one of the main obstacles to market growth. However, the growth in the demand for additive manufacturing is an important trend that will weigh in the market of cutting tools. These tools are also useful in 3D printing. 3D printing in the aerospace and automotive industries allows the production of complex geometries impossible with traditional manufacturing techniques and will contribute significantly to the reduction of capital costs, the costs of raw materials and the cost of waste recovery during the forecast period.
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Global Metal Cutting Tools Market – Geographical Segmentation:
Depending on the geography, the global market for metal cutting tools is segmented in North America, Europe, Asia-Pacific, Middle East, and Africa and South America. The Asia-Pacific region is expected to dominate the market in the coming years due to growth in the automotive and industrial sectors. In addition, with the increase in the number of countries increasing their defense budgets, it is expected that the global market for metal cutting tools will grow in the near future. In addition, the rapid industrialization and expansion of manufacturing industries in India and China are leading to a greater need for tools and equipment, which will affect the growth of the cutting tool market.
Companies leading the Global Metal Cutting Tools Market are:
Kennametal, BIG KAISER Precision Tooling Inc., Sandvik AB, Ceratizit S.A., Fraisa SA, Dewalt, Nachi-Fujikoshi Corp., Kilowood Cutting Tools, OSG USA, INC., Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Guhring, Inc., Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Tiangong International Co., Kyocera Unimerco, and ISCAR LTD. are the major players of the market.
Key Takeaways from this Report:
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