Cutting Tools Market, By Tool Type (Solid Round Tools and Indexable Inserts), By Material Type (Ceramics, Cemented Carbide, Stainless Steel, and Others), By Application (Aerospace & Defense, Automotive, Electronics, Construction, Power Generation and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Cutting Tools Market was valued at US$ 21 Billion in 2024 and is projected to grow at a CAGR of 6.10%to reach US$ 38 Billion by 2034.

A cutting Tool, also called a cutter, is a pointed tool used for cutting materials and is available in various types such as drill, single-point turning tools, milling cutters, shapers, reamers, planers, broach, and fly cutters.

The growing population and rising construction activities have fueled the demand for market growth. Increasing orders for high-quality and precise instruments to boost efficiency and productivity has fostered the demand for target market growth. Growing demand from automotive, oil & gas, wood, construction, and other end-user industries is expected to boost the Cutting Tools market growth in coming years.

Advancement in Cutting Tools Technology to Foster Market Growth

Rapid industrialization and continuous technological development have become a leading factor in market growth. Growing production demand has forced industrialists to develop advanced tools for efficient operations and higher outputs, which drives market growth. Self-adjusting cutting tools offer ultimate process security, and these tools use data from in-process bore gages, touch probes, and offline measuring systems to adjust the tools cutting-edge wear automatically. For instance, Big Kaiser's EWA68 closed-loop boring system is an example of a self-adjusting cutting tool. They are featured with an automatic fine boring head, automatically compensates for cutting-edge wear, and offer benefits such as improved accuracy & time savings, resulting in less scrap. 

For instance, Sandvik Coromants, a cutting tool systems manufacturing company, launched a new 'Coroplus' suite of IIOT solutions to help manufacturers to prepare for Industry 4.0. The Coroplus is designed to improve control of productivity and costs by combining connected machining and access to manufacturing data. Further, the specific sensor-equipped tools are controlled to avoid breakages and to secure performance with data intelligence throughout the machining process. 

Restrains:

However, the high cost of research & development activities to produce advanced cutting tool technology has restrained the Cutting Tools Market growth. Further, the growing e-commerce sector has led manufacturers to spend money on marketing and branding of products which is quite expensive and have hampered the demand for Cutting Tools Market growth. 

Cutting Tools Market is segmented based on Tool Type, Material Type, Application and Region.

Tool Type Insight

On the basis of Tool Type, Cutting Tools Market is segmented into Solid Round Tools and Indexable Inserts. Indexable Inserts tool type segment is expected to dominate the target market growth as it offers various advantages such as in achieving high cutting speeds, ease of replacement and cost-effectiveness. Further the efficiency is increased with indexable inserts which boost the segment growth.

Material Type Insights

On the basis of Material Type, Cutting Tools Market is segmented into Ceramics, Cemented Carbide, Stainless Steel, and Others. Cemented Carbide material type segment is expected to dominate the target market growth due to its hardness & strength, longevity and popularity. Further, wide use in metalworking applications such as drilling, milling, threading and turning has boost the segment growth.

Application Insights

On the basis of Application, Cutting Tools Market is segmented into Aerospace & Defense, Automotive, Electronics, Construction, Power Generation and Others. The Automotive application segment is expected to dominate the target market growth as cutting tools are extensively used for production of body parts, engine components and other components of automotive.

Regional Insights:

On region the Cutting Tools Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period. High disposable income, well-advanced manufacturing industries such as aerospace and automotive, continuous technological development is anticipated to increase demand for Cutting Tools in the region.

Asia Pacific market is estimated to witness a fastest revenue share over the forecast period owing to rapid growth in industrialization, increased demand for infrastructure development and automobiles and demand for consumer goods. 

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Cutting Tools Market report based on Tool Type, Material Type, Application and Region:

Cutting Tools Market, By Tool Type:

• Solid Round Tools
• Indexable Inserts

Cutting Tools Market, By Material Type:

• Ceramics
• Cemented Carbide
• Stainless Steel
• Exotic Materials
• High-Speed Steel
• Cubic Boron Nitride
• Polycrystalline Diamond

Cutting Tools Market, By Application:

• Aerospace & Defense
• Automotive
• Electronics
• Construction
• Power Generation
• Oil & Gas
• Die and Mold
• Wood
• Others

Cutting Tools Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating the Cutting Tools Market includes, Robert Bosch GmbH, Sandvik AB, Mitsubishi Materials Corporation, Kennametal Inc., OSG Corporation, Stanley Black & Decker Inc., ISCAR LTD., Kyocera Corporation, Seco Tools AB, Guhring KG and Others.

• In June 2023, Nidec Machine Tool Corporation announced to construct new cutting tool factory in India. The factory will be developed with its production capacity of 1.5 times the company’s current manufacturing capability to produce pinion cutters, hob cutters and other cutting tools.
• In April 2023, Kennametal launched new eight metal cutting products to support its metal cutting tool platforms. The new launched product are Deep HPR – a deep-hole drill for cast iron and steel, Drill Fix PRO – an indexable drill which delivers high-volume coolant flow and offers high metal removal rates, KCM15A – a new solid end milling grade. KenDrill Micro – a micro drilling set, Mill 4 12KT HD – for highly interrupted cuts, KCMS35 and KCMS40 – a high-temp alloy indexable drilling grades which offers high adhesion wear resistance, MaxPACS and KenShape MaPACS – for countersinking applications.
• In August 2022, Sandvik AB, acquired Sphinx Tools Ltd., a manufacturer of micro tools (precision round tools) and surgical cutting tools. This acquisition will enable the Sandvik to strengthen its position in machining solutions and to expand its product portfolio in precision tools or cutting tools market.
• In June 2020, SECO TOOLS acquired cutting tool division of Quimmco Centro Technologies (QCT) a specialized in precision machining, metalworking, castings, forging and complex manufacturing assemblies. This acquisition will enable SECO TOOLS to strengthen its position in Cutting Tools market.

• Robert Bosch GmbH*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Sandvik AB
• Mitsubishi Materials Corporation
• Kennametal Inc.
• OSG Corporation
• Stanley Black & Decker Inc.
• ISCAR LTD.
• Kyocera Corporation
• Seco Tools AB
• Guhring KG

“*” marked represents similar segmentation in other categories in the respective section