How Is The Cutting Tool And Machine Tool Accessory Market Segmented?
The cutting tool and machine tool accessory market covered in this report is segmented –
1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
2) By Application: Automotive, Manufacturing, Other Applications
3) By Sales Channel: Direct, Indirect
Subsegments:
1) By Metalworking Knives And Bits: Turning Knives, Boring Tools, Milling Cutters, Shaping Tools, Other Metalworking Knives And Bits
2) By Measuring Attachments: Micrometers, Calipers, Height Gauges, Depth Gauges, Other Measuring Attachments
3) By Metalworking Drill Bits: Twist Drill Bits, Step Drill Bits, Core Drill Bits, Countersink Drill Bits, Other Metalworking Drill Bits
4) By Machine Tool Taps And Dies: Taps (Hand Taps, Machine Taps), Dies (Threading Dies, Die Sets), Other Machine Tool Taps And Dies
What Is Driving The Cutting Tool And Machine Tool Accessory Market? Industrial Production Growth Fuels Surge In The Cutting Tool And Machine Tool Accessory Market
Rising industrial production is propelling the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a valuable tool for tracking the physical output of industrial sectors within an economy. As industrial production grows, there is a higher demand for cutting tools and machine tool accessories because these tools are essential for machining, shaping, and processing raw materials into finished products. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area witnessed a 0.2% increase. Further, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, rising industrial production across industries will drive the future growth of the cutting tool and machine tool accessory market going forward.
What Is Driving The Cutting Tool And Machine Tool Accessory Market? Technological Advancements Fueling Innovation In Cutting Tool And Machine Tool Accessory Manufacturing
Rapid advances in technology are expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used in manufacturing, resulting in higher productivity, lower operating costs, and higher margins. For instance, according to a global survey by The Economist Intelligence Unit, about 90% of corporate executives felt that artificial intelligence (AI) would have a positive impact on a company’s growth, and 86% of respondents considered that AI would help improve productivity. Lower operating costs lead to higher margins; this allows companies to increase their product portfolio and enter new markets by making investments through cost savings. IoT applications are also being integrated into these devices to enable services such as remote monitoring and central feedback systems and to offer other services. Mobile applications, advanced sensors, and embedded software also created new opportunities for companies in this market. These factors are expected to drive the cutting tool and machine tool accessory manufacturing market during the forecast period.
Who Are The Major Players In The Global Cutting Tool And Machine Tool Accessory Market?
Major companies operating in the cutting tool and machine tool accessory market include Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp.
What Are The Key Trends Of The Global Cutting Tool And Machine Tool Accessory Market? Global Expansion Into Emerging Markets
Major companies operating in the cutting tool and machine tool accessory market are focused on investments to expand their global presence to access new markets, diversify their customer base, and reduce supply chain risks. This expansion trend involves the physical growth of the company's manufacturing facilities to increase production capacity. For instance, in June 2023, Nidec Machine Tool Corporation, a Japan-based machine and cutting tool manufacturer, announced the construction of a new facility in Ranipet, Tamil Nadu, India, for Nidec India Precision Tools Ltd. (NMTI), a cutting tool manufacturing and selling arm. This expanded facility will have 1.5 times the production capacity of the company's current capabilities and will focus on manufacturing hob cutters, pinion cutters, and other cutting tools. With the new factory, the company aims to efficiently cater to its Indian customers' needs, particularly in the growing automotive, construction, and agriculture machinery sectors.
What Are The Key Trends Of The Global Cutting Tool And Machine Tool Accessory Market? The Advancement Of 3D Laser Machines In Cutting And Welding Applications
Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. A 3D laser is a 5-axle laser machine that cuts sheet-metal components in three dimensions. Metals, including mild steel, stainless steel, and aluminum, can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, a high feed rate, and minimal heat input. 3D lasers are typically used in the automotive and aerospace industries for cutting or welding aluminum parts, drilling engine parts, and laser surfacing used parts. According to an article published by engineering.com, laser cutting machines account for the largest segment of the metal cutting machinery market, thus indicating a significant rise in the use of this technology. Major companies producing 3D laser cutting machines include Mitsubishi Electric, Trumpf, LST GmbH, and Mazak.
Regional Outlook For The Global Cutting Tool And Machine Tool Accessory Market
Western Europe was the largest region in the cutting tool and machine tool accessory market in 2024. Asia-Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the cutting tool and machine tool accessory market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Cutting Tool And Machine Tool Accessory Market?
The cutting tool and machine tool accessory market consists of sales of carbon tool steel, high speed steel tool (HSS), cemented carbide, ceramics tool, cubic boron nitride tool (CBN), and diamond tool. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Cutting Tool And Machine Tool Accessory Industry?
The cutting tool and machine tool accessory market research report is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market statistics, including cutting tool and machine tool accessory industry global market size, regional shares, competitors with a cutting tool and machine tool accessory market share, detailed cutting tool, and machine tool accessory market segments, market trends and opportunities, and any further data you may need to thrive in the cutting tool and machine tool accessory industry. This cutting tool and machine tool accessory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
