Cutting Tools Market Research Report: Insights by Tool Type, by Material Type, by Application – Forecast to 2030

The cutting tools market in terms of value is expected to reach USD 31 billion by 2030, registering a CAGR of 6.20% during the forecast period 2022-2030.

NEW YORK, NEW YORK, USA, Jan. 13, 2022 /EINPresswire.com/ — Cutting Tools Market Overview

The cutting tools market in terms of value is expected to reach USD 31 billion by 2030, registering a CAGR of 6.20% during the forecast period 2022-2030.

Cutting tools are designed with replaceable inserts or tips and strong round tools. In these, the cutting edge is made of a separate piece of material, either brazed, welded or clamped to the body of the tool. Cutting tool inserts and solid round tools are used in many applications in various industries, such as automotive, aerospace and defense, construction, oil and gas.

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Segmentation

The cutting tools market has been segmented on the basis of tool type, material type, application, and region. Based on tool type, solid round tool segment led the market with a share of 6%, accounting for USD 25.8 billion in 2019. It is expected to register a CAGR of 6% from 2020 to 2027.

Based on material type, cemented carbide led the market with a share of 6%, accounting for USD 25.8 billion in 2019. The segment is expected to exhibit the highest CAGR of 6% from 2020 to 2027.

Based on applications, the automotive segment led the market with a share of 6%, having accounted for USD 25.8 billion in 2019. The segment is expected to register a CAGR of 6% from 2020 to 2027.

Key competitors

Key players operating in the global cutting tools market include
Kennametal Inc.
OSG Society
ISCAR LTD
MAPAL
Makita Corporation
Robert Bosch GmbH
Stanley Black & Decker
Inc.
Klein Tools
Inc.
ICS cutting tools
Inc.
snap-on
OTTO BAIER GmbH
Hilti Company
Sandvik AG
Ingersoll cutting tools
STRAWBERRY SA
KYOCERA Cutting Tool Group
Asahi Diamond Industrial Co.Ltd
J SCHNEEBERGER Maschinen AG
Vollmer
CERATIZIT Group
and Hitachi Koki Co. Ltd.
The major growth strategies adopted by these players are product development and expansion.

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Market segmentation

By Tool Type – Indexable Inserts (Indexable Turning and Boring, Indexable Milling, Indexable Drilling and Indexable Threading and Solid Round Tools)
By material type – Cemented carbide, high speed steel, ceramic, stainless steel, polycrystalline diamond, cubic boron nitride and exotic materials
By Application – Automotive, Aerospace & Defense, Construction, Electronics, Oil & Gas, Power Generation, Wood, Dies & Molds and Others

Key questions addressed by the report
What is expected to be the expansion rate of the cutting tools market?
By 2026, what should be the value of earned income?
Who are the key players in the Cutting Tools Market?
By type of tool, what are the segments of the cutting tools market?
By material type, which segments of the cutting tools market are profiled?
By Application, name the segments of the Cutting Tools Market.
Which application segment is expected to dominate the cutting tools market?

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