November 30, 2023 04:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global metal cutting tools market size was valued at USD 76.05 billion in 2022 and is projected to reach USD 120.44 billion by 2030. The global market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.2% over the forecast period 2023-2030. This vital information is presented by Fortune Business Insights™, in its report titled, “Metal cutting tools Market, 2023-2030.” The market is set to gain traction from increasing demand from automotive and aerospace industries, technological advancements, and the rise in metal fabrication activities. Growing adoption of CNC machines, focus on precision engineering, and the need for efficient cutting solutions contribute to the market's momentum and broader acceptance in various manufacturing sectors. Radius Cutter For Lathe
Industry 4.0 Widely Adopted to Boost Industrial Automation, Augmenting Product Demand
Industrial automation has picked up significant pace, which has boosted the demand for smart manufacturing technologies. One of these technologies, Industry 4.0, has gained immense popularity in recent years as it can help manufacturers save costs on their operations, use energy efficiently, and improve human-machine interfaces. The usage of Industry 4.0 solutions has launched a real-time quality assurance process, thereby boosting the penetration of metal cutting instruments.
However, high initial investments and volatile prices of raw materials may hamper the market growth.
The opportunities in the Metal Cutting Tools Market stem from increasing manufacturing activities, advancements in CNC machining, and demand for precision tools in aerospace and automotive sectors. Expanding applications in renewable energy and the adoption of Industry 4.0 principles provide growth avenues. Strategic collaborations, product innovation, and catering to evolving industry needs can further enhance market share in this competitive landscape.
The challenges in the Metal Cutting Tools Market include the impact of raw material price fluctuations on manufacturing costs, growing competition, and the need for continuous technological advancements. Economic uncertainties, stringent environmental regulations. Overcoming these challenges necessitates strategic cost management, sustainable practices, and ongoing innovation to maintain competitiveness in this dynamic and evolving market.
ARCH Global Precision confirmed the acquisition of Arundel Machine Tool LLC, a producer of high-precision components and assemblies, especially for aerospace & defence sector, oil & gas, and semiconductor sectors.
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Pause on Manufacturing Activities During COVID-19 Pandemic Stifled Market Growth
The COVID-19 pandemic had a heavy impact on the operations of the global manufacturing sector as governments across the world had imposed several restrictions and lockdowns. This had a major effect on the metal cutting tools market as the demand for metal cutting machines declined dramatically during this period. However, most industries that are dependent on metal cutting instruments are expected to recover post the pandemic crisis, thereby expanding the market size.
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Metal Cutting Tools Market Segmentation Analysis:
CNC Lathe Machines Witness High Demand for Their Favorable Properties
Based on product, the market is segmented into machining centers, lathe machines, boring machines, grinding machines, milling machines, and others. The lathe machines segment is predicted to be the fastest-growing segment in the market due to the increasing demand for this product from the automotive sector.
Metal Cutting Machines to be Widely Used in Automotive Sector to Manufacture Complex Vehicle Parts
Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, and others. The automotive segment had generated significant revenue for the market in the recent past. The need to manufacture complex automotive parts for high-end and modern vehicles is one of the key factors driving the market during the forecast period.
Based on region, the market covers North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.
Growing Demand for Metal Cutting Devices from Different Sectors to Boost the Asia Pacific Market Progress
Asia Pacific has captured a large metal cutting tools market share and is predicted to maintain its dominant position during the forecast period. This is due to the rising demand from sectors such as automotive, construction, and food & beverage. Favorable government initiatives to promote the sales of Electric Vehicles (EVs) are expected to push the market development. For example, China has put restriction on investments in new production factories for conventional vehicles, with the local governments introducing a quota for EV production for all manufacturers.
In Europe, Germany recorded the highest revenue for 2022 and the country is expected to continue this trend during the forecast timeframe as well due to the growing expansion of industrial and manufacturing sectors.
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Leading Players Focus on New Product Developments to Maintain their Market Position
The key market players, such as Doosan and Okuma Corporation, are planning on introducing innovative products in the market. The growing number of manufacturers in this industry vertical is increasing the competition in the global market. Thus, many prominent companies in the market are focusing on improving their capacity and functional efficiency.
A List of Key Manufacturers Operating in the Global Market:
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