Global metal cutting tools market was valued at $ 22.2 billion in 2018 and is projected to grow at a CAGR of 8.8% to reach $ 38.3 billion by 2024
NEW YORK, June 13, 2019 /PRNewswire/ -- Global Metal Cutting Tools Market By Material (Carbide; Ceramics; CBN & PCD; Others), By Process (Milling; Turning; Drilling; Rotary; Others), By End-Use (Automotive; Aerospace & Defense; Energy; Others), By Region, Competition, Forecast & Opportunities, 2024
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Global metal cutting tools market was valued at $ 22.2 billion in 2018 and is projected to grow at a CAGR of 8.8% to reach $ 38.3 billion by 2024. Anticipated growth in the market can be attributed to growing demand for additive manufacturing. Additive manufacturing is the process of creating three-dimensional objects using a digital file. 3D printing in aerospace and automotive industries enables the production of complex geometries that are either arduous or impossible with traditional manufacturing techniques. As a result, replacement of traditional manufacturing techniques with 3D printing will significantly reduce the capital costs, raw material costs, and costs to reclaim scrap in the coming years.
In terms of materials, global metal cutting tools market is categorized into carbide, ceramics, CBN & PCD, and others.Among these, carbide is the dominating category and is anticipated to maintain its dominance during forecast period as well.
In the term of process, milling process accounts for the largest share in global metal cutting tools market.
From the geographical perspective, global metal cutting tools market is categorized into Asia-Pacific, North America, Europe, Middle East & Africa and South America. Among these, North America dominates metal cutting tools market on account of growing demand for lightweight passenger vehicles and increasing aerospace and defense budget in the region.
Global metal cutting market is highly fragmented with the presence of numerous players. Some of the players operating in global metal cutting market are Sandvik, ISCAR, Kennametal, OSG USA INC., Tungaloy Corporation, Hitachi Metals, Sumitomo Electric, among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
• To analyze and forecast the market size of global metal cutting tools market
• To forecast global metal cutting tools market based on material, process, end-use and regional distribution
• To identify drivers and challenges for global metal cutting tools market
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global metal cutting tools market
• To conduct pricing analysis for global metal cutting tools market
• To identify and analyze the profile of leading players operating in global metal cutting tools market
Some of the leading players in global metal cutting tools market are Sandvik, ISCAR, Kennametal, OSG USA INC., Tungaloy Corporation, Hitachi Metals, Mitsubishi Materials Corporation, Sumitomo Electric, TaeguTec LTD., Ingersoll Cutting Tool Company, among others.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of Metal Cutting Tools manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the suppliers which could not be identified due to the limitations of secondary research. The analyst examined the product offerings, distribution channels and presence of all major metal cutting tools manufacturers across the globe.
The analyst calculated global metal cutting tools market size using both top-down and bottom-up approaches, wherein data for various end user industries and its end-use across various types were recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these types and end-uses for getting an appropriate, overall market size.
Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Metal cutting tools manufacturers
• Metal cutting tools suppliers, distributors and other stakeholders
• Metal cutting tools end user industries
• Organizations, forums and alliances related to metal cutting tools market
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as solution providers and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global metal cutting tools market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, By Material
o Carbide
o Ceramics
o CBN & PCD
o Others (HSS, Cast Alloys)
• Market, By Process
o Milling
o Turning
o Drilling
o Rotary
o Others
• Market, By End-Use
o Automotive
o Aerospace & Defense
o Energy
o Others
• Market, By Region:
o North America
United States
Canada
Mexico
o Asia Pacific
China
Japan
India
South Korea
Indonesia
Rest of APAC
o Europe
Germany
France
United Kingdom
Russia
Italy
Rest of Europe
o Middle East & Africa
South Africa
Saudi Arabia
UAE
Iraq
Rest of MEA
o South America
Brazil
Argentina
Colombia
Peru
Rest of South America
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global metal cutting tools market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
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