Global Cutting Tools Market Growth 2023-2029

Global Cutting Tools Market Growth 2023-2029

Product Code:457299

Published Date: Feb 08,2023

Pages: 120

Region: Global

Category: Machinery & Equipment

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In the context of machining, a cutting tool or cutter is any tool that is used to remove material from the workpiece by means of shear deformation. Cutting may be accomplished by single-point or multipoint tools. Single-point tools are used in turning, shaping, planing and similar operations, and remove material by means of one cutting edge. Machinery Industry and drilling tools are often multipoint tools. Energy Industry tools are also multipoint tools. Each grain of abrasive functions as a microscopic single-point cutting edge (although of high negative rake angle), and shears a tiny chip.

LPI (LP Information)' newest research report, the “Cutting Tools Industry Forecast” looks at past sales and reviews total world Cutting Tools sales in 2022, providing a comprehensive analysis by region and market sector of projected Cutting Tools sales for 2023 through 2029. With Cutting Tools sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Cutting Tools industry.

This Insight Report provides a comprehensive analysis of the global Cutting Tools landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Cutting Tools portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Cutting Tools market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Cutting Tools and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Cutting Tools.

The global Cutting Tools market size is projected to grow from US$ 23470 million in 2022 to US$ 35570 million in 2029; it is expected to grow at a CAGR of 35570 from 2023 to 2029.

Global cutting tools key players include Sandvik, IMC Group, Mitsubishi, Kennametal, OSG etc. Global top 5 manufacturers hold a share over 40%. 
Europe is the largest market, with a share about 30%, followed by North America and China, both have a share over 48% percent. 
In terms of product, high speed steel is the largest segment, with a share over 45%. And in terms of application, the largest application is machinery, followed by automotive.

This report presents a comprehensive overview, market shares, and growth opportunities of Cutting Tools market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:
Segmentation by type
    Cemented Carbide
    High Speed Steel
    Ceramics
    Diamond
    Others

Segmentation by application
    Machinery
    Automotive
    Aerospace
    Energy
    Others

This report also splits the market by region:
    Americas
        United States
        Canada
        Mexico
        Brazil
    APAC
        China
        Japan
        Korea
        Southeast Asia
        India
        Australia
    Europe
        Germany
        France
        UK
        Italy
        Russia
    Middle East & Africa
        Egypt
        South Africa
        Israel
        Turkey
        GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
    Sandvik
    IMC Group
    Mitsubishi
    Kennametal
    OSG
    Sumitomo Electric
    Mapal
    Kyocera
    YG-1
    Nachi-Fujikoshi
    ZCC·CT
    Union Tool
    Korloy
    LMT
    Ceratizit
    Jiangsu Tiangong Tools Co., Ltd.
    Shanghai Tool Works Co., Ltd.
    OKE Precision Cutting Tools Co., Ltd.
    Guhring
    Tivoly

Key Questions Addressed in this Report
What is the 10-year outlook for the global Cutting Tools market?
What factors are driving Cutting Tools market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Cutting Tools market opportunities vary by end market size?
How does Cutting Tools break out type, application?
What are the influences of COVID-19 and Russia-Ukraine war?