Metal Cutting Tools Market Size By Tool (Indexable, Solid), By Process (Milling, Drilling, Boring, Turning, Grinding), By Material (Carbide, High-Speed Steel, Stainless Steel, Ceramics), End-Use & Global Forecast Report, 2023-2032

Metal Cutting Tools Market Size

Metal Cutting Tools Market size surpassed USD 42.5 billion in 2022 and is anticipated to expand at 5% CAGR from 2023 to 2032 driven by the rising product demand from multiple end-use industries.
 

In recent years, metal cutting tools have emerged as a crucial element in the field of metal processing as a result of the advancements in science and technology due to their high efficiency, high accuracy, intelligence, and simplicity of use. The need for precise and high-quality cutting tools across varied sectors, including manufacturing, aerospace, defense, and automotive, is driving the industry growth. Furthermore, the expanding product utilization for automobile sheet cutting in the booming automotive manufacturing sector is likely to contribute to the business development by 2032.
 

The metal cutting tools market expansion will be negatively impacted by volatile raw material costs, which boost the price of the final product. The cost of raw materials, such as tungsten carbide, cobalt, and steel, constantly fluctuates, which limits the profitability of metal-cutting tool manufacturers. Additionally, the rising logistics and energy costs are estimated to negatively impact industry progress. However, manufacturers are making efforts to mitigate these price increases through strategies such as business efficiency or cost reductions.
 

Metal Cutting Tools Market Analysis

The industry size from the milling segment will reach more than USD 25 billion by 2032. The rising usage of milling machines to cut titanium, superalloys, and high-tensile steels with high precision and at a much faster speed is likely to fuel sector growth. Moreover, the development of cutting-edge, novel milling machines with higher horsepower, better rigidity, and broader speed- and feed ranges are projected to support market growth.
 

Automotive metal cutting tools market is poised to attain 4.5% gains during 2023 to 2032. The automobile industry is a diverse and evolving business that requires the use of a variety of cutting equipment to make and shape all the parts that constitute a car. All car-related items, from engine parts and gearbox components to body panels and interior trimmings, are produced and manufactured using cutting tools. The widespread use of metal-cutting tools in the automotive sector for such a variety of applications will fuel industry progression.
 

Europe held a sizable metal cutting tools industry share in 2022 and is estimated amass over USD 17 billion by 2032. Some of the most well-known and prominent automakers, such as Jaguar, Audi, BMW, Porsche, Mercedes-Benz, and Bentley, are based in Europe. The regional market is set to grow significantly attributed to the rising sales of automobiles and the presence of leading automobile makers across the region. Moreover, the rapid development of the aerospace sector is foreseen to contribute to market growth between 2023 and 2032.
 

Metal Cutting Tools Market Share

Major companies operating in the global metal cutting tools market are

• Sandvik AB
• TrumpF
• Okuma Corporation
• Yamazaki Mazak Corporation
• Towajapan Hyundai Wai Corp.
• JTEKT Corporation
• Doosan Corp.
• Makino
• Amada Co. Ltd.

These manufacturers place a high priority on the creation of new technologies, the introduction of novel products, and the execution of growth plans through partnerships and acquisitions to increase their revenue share.
 

Metal Cutting Tools Industry News

• In January 2022, CORE Industrial Partners, an industrials-focused private equity firm, acquired Precision Metal Fab and Precision Tool & Die, a provider of metal cutting solutions, through CGI Automated Manufacturing, a CORE portfolio business. Through this deal, the businesses aimed to meet consumer needs by combining their distinctive capacities.
   
• In April 2023, Kennametal Inc., a global leader in industrial technology, added eight new metal cutting tools and solutions to its portfolio. The new solutions provide enhanced productivity, wear resistance, and performance for a variety of applications across end markets, including general engineering, aerospace, medical, energy, and transportation.

This market research report on metal cutting tools includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Million Units and revenue in USD Million from 2018 to 2032 for the following segments:

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Market, By Tool

• Indexable
• Solid

Market, By Process

• Milling
• Drilling
• Boring
• Turning
• Grinding
• Others

Market, By Material

• Carbide
• High Speed Steel
• Stainless Steel
• Ceramics
• Others

Market, By End-Use

• Automotive
• Aerospace & Defense
• Oil & Gas
• General Machining
• Medical
• Electrical & Electronics
• Other

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE