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

Report Code: PMI514023 | Publish Date: March 2024 | No. of Pages: 168

Cutting Tools Market Overview

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.

Cutting Tools Market Dynamics

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. 

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Cutting Tools Market Segmentation

Cutting Tools Market-Segmentation

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. 

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Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

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

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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 2022 to 2032. 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
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Cutting Tools Market Key Players

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.

Cutting Tools Market Key Issues Addressed

Recent Development:

  • 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.

Cutting Tools Market Company Profile

  • 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

Cutting Tools Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Tool Type
      • Market Snippet, By Material Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Cutting Tools Market, By Tool Type
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Solid Round Tools
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Indexable Inserts
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  6. Cutting Tools Market, By Material Type, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Ceramics
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Cemented Carbide
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Stainless Steel
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  7. Cutting Tools Market, By Application, 2022 – 2032, (US$ Bn)
    • Overview                                      
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Segment Trends
    • Aerospace & Defense
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Automotive
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Electronics
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Construction
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Power Generation
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
    • Others
      • Overview
      • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
  8. Cutting Tools Market, By Region, 2022 – 2032, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
      • Y-o-Y Growth Analysis (%), 2022 – 2032
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Tool Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Material Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Tool Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Material Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Tool Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Material Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Tool Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Material Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Tool Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Material Type, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
      • Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  2. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  3. Company Profiles
  • Robert Bosch GmbH
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Sandvik AB
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Mitsubishi Materials Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Kennametal Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • OSG Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Stanley Black & Decker Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • ISCAR LTD.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Kyocera Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Seco Tools AB
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Guhring KG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Cutting Tools Market is segmented into Tool Type, Material Type, Application and Region.

Cutting Tools Market is driven by factors like advancement in cutting tools technology.

By 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.

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.

Cutting Tools Market accounted for US$ 18.8 billion in 2022 and is estimated to be US$ 34.0 billion by 2032 and is anticipated to register a CAGR of 6.4%.