Credence Research has released a comprehensive report on the global Cutting Tools market, revealing significant growth and revealing key trends impacting the industry’s future.
The Retail Metal Cutting Tools segment has been the most significant contributor to the market growth in 2022. The key driving forces have been the automotive industry’s high demand for mass production and the manufacturing of various components for new and expensive cars.
North America dominated the market in 2022, and it’s expected to maintain this position during the forecast period. The region’s growth has been fueled by increased demand in the automotive, construction, and food and beverage industries. There are also significant opportunities in Asia’s top industrial hubs, China and India, as automotive, electronics, aerospace, and medical device companies are moving up the value chain.
The report sheds light on the global disruption caused by the coronavirus outbreak, which has had a substantial impact on manufacturing operations, particularly in Germany, China, and India. However, the impact was less severe in Eastern nations such as Japan, China, and South Korea.
In terms of the competitive environment, the market is bustling with players bringing innovative solutions to the table. Sandvik AB acquired Preziss, a solutions provider for aluminum and composites machining in May 2022, and Milwaukee Tools recently introduced their cutting-edge wrecker equipped with a NITROUS CARBIDE SAWZALL Blade in June 2022.
The research also identified key trends, including increased adoption of additive manufacturing technologies, such as 3D printing, and rapid growth in global manufacturing industries. The rise of smart manufacturing technology and the advent of Industry 4.0 are driving significant change in the industrial and machinery sectors.
Market players are also making significant investments. Large players in the market include Yamazaki Mazak Corporation (Japan), Doosan Machine Tools Co., Ltd. (U.S.), Trumpf (Germany), Amada Machine Tools Co., Ltd (Japan), JTEKT Corporation (Japan), Okuma Corporation (Japan), Hyundai WIA (South Korea), FANUC America Corporation (Japan), Komatsu Ltd. (Japan), and Makino (Japan).
The rising demand for metal-cutting equipment across various industries, such as aerospace, automotive, defense, and industrial machinery, is driving the market. However, the report notes that automation in manufacturing operations presents a significant risk, as it requires purchasing, setting up, and maintaining the apparatus.
Among applications, the lathe machines category is expected to grow rapidly due to increasing demand from the automotive industry. Furthermore, the report highlights the regulatory landscape for cutting tools, which varies greatly from country to country.
The global Cutting Tools market was worth USD 15.2 billion in 2022, and it is projected to grow at a substantial CAGR of 4.50% to reach USD 20.68 billion by 2030.
Looking ahead, the report suggests that cutting tools market players are likely to focus on the development of 3D laser processing machinery to reduce processing times for laser cutting and welding applications, which could further drive growth in the industry.
Segmentation of Global Cutting Tools Market-
Global Cutting Tools Market – By Product
Global Cutting Tools Market – By Application
Global Cutting Tools Market – By Region
Browse Full Report with Tables, List and Figures – https://www.credenceresearch.com/report/cutting-tools-market
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