Metal Cutting Tools Market Size, Share & Industry Analysis, By Product (Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others), and Regional Forecast, 2019-2026

The global metal cutting tools market size stood at USD 74.31 billion in 2018 and is projected to reach USD 109.39 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period.

We are in process of revamping Metal Cutting Tools Market with respect to COVID-19 Impact.

Request Sample

The increasing demand from various applications across several industry verticals including aerospace, defense, automotive, and industrial machinery, is resulting in the growth of the metal cutting tools market. The surge in demand for high efficiency in critical and complex machine component requirements is expected to drive the metal cutting tools industry in the near future. Furthermore, the increasing popularity of CNC machines is also a factor for market growth. This is attributed to the advantages offered by CNC metal cutting tools including high efficiency, transparency, cost-saving, and time efficiency.

Rising demand for fabricated metal is further expected to positively contribute to market growth. The widespread applications of fabricated metals, including utensils, small arms, ammunition, cutlery, hardware, springs, construction equipment, and cranes are driving the fabricated metal market. These fabricated metals are manufactured using machine tools and thus result in increasing product demand. The metal cutting tools for an individual product requires specially designed processes; hence, most companies produce only a limited range of products. The high demand for the fabricated metal is a result of its applications in cutlery, metal cans and boilers. Hence, the growing demand for the fabricated metal has led to an increase in market size. The above-mentioned trends are expected to result in the metal cutting tools market growth.

Request a Free sample to learn more about this report.

In contrast with this, one of the major factors affecting the growth of the metal cutting tools market is fluctuating raw material prices. This can result in the hindrance in the growth of the market. However, the above-mentioned raw material trends are expected to stabilize over the forecast period. However, the increasing demand for lean manufacturing is likely to result in the metal cutting tools market growth in the near future.

KEY MARKET DRIVERS

“Increasing Adoption of Industry 4.0 is Driving the Metal Cutting Machine Tools Market”

Rising demand for automation in factories is resulting in an increase in the utilization of smart manufacturing technologies in the production process and product development. This is attributed to the benefits offered by it including improved productivity, product quality, and ease of coping with labor shortages. The manufacturing and machinery operations will witness a paradigm shift from conventional methods towards intelligent, connected and streamlined machine systems. With the Industry 4.0 solutions, manufacturers are focusing on operational saving, efficient energy usage, enhanced and automatic virtual metrology, and enhanced human-machine interfaces. Quality assurance plays a significant role in the manufacturing field and is directly related to the equipment used. The adoption of Industry 4.0 solutions introduced the real-time quality assurance process through an automated virtual metrology (AVM) system. The real-time quality assurance is further expected to result in increased penetration of smart metal cutting machine tools.   

“Additive Manufacturing is Expected to Result in the Growth of Metal Cutting Machine Tools Market”

The increasing popularity of additive manufacturing is further expected to drive the metal cutting tools market. The technological advances in additive manufacturing are resulting in its popularity among customers. For instance, the 3D printing technology that enables to create three-dimensional objects through printing is rapidly gaining the interest of key players in the industry. The 3D printing benefits such as optimum use of raw materials, waste reduction, and ease of production of various complex geometries are expected to drive the metal cutting machine tools soon. The wide spread applications of 3D printing including automotive, construction, apparels and bioprinting, medical devices, and robots are further expected to result in the growth of additive manufacturing industry in the near future.

SEGMENTATION

By Product Analysis

“High Demand for CNC Lathe Machines Will Aid Growth of the Metal Cutting Machine Tools Market”

Based on the product, the global market is segmented into machining centers, lathe machines, boring machines, grinding machines, milling machines, and others.

The lathe machine segment is expected to be the fastest-growing type of metal cutting tools. This is attributed to the increasing demand from the automotive sector. Moreover, the high popularity of CNC lathe machines will drive the market. The benefits offered by CNC lathes including high efficiency, production of complex devices, efficient mass production, and low maintenance, are resulting in the growth of the metal cutting tools market. Thus, the shift of manufacturers towards improved productivity and superior quality product is likely to escalate the adoption of CNC lathes.

Machining centers hold the major metal cutting tools market share and are expected to dominate in the forecast years.  This is attributable to the increasing need for mass production from various industries including automotive. The advancements in precise cutting are resulting in increased demand for milling and boring machines. The grinding machines are gaining popularity in the machine tools industry owing to the increasing application of surface grinders, cylindrical machine grinders, tool, and cutter grinders. 

By Application Analysis 

“Automotive is expected to remain Dominant segment in the Metal Cutting Machine Tools Market”

Based on the application, the segment is broken down into automotive, general machinery, precision engineering, transport machinery, and others.

The metal cutting tools market has witnessed significant growth over the past few years as a result of the automotive sector. The automotive segment use machine tools for the production of various automotive parts including disk brakes, gearboxes, engine parts, and others. Furthermore, the increasing demand for lightweight vehicles is resulting in the popularity of metal cutting tools for multiple metals. Thus, the automotive sector is expected to dominate the metal cutting tools market and remain the same over the forecast period. Besides, the rise in penetration of electric vehicles is expected to drive the automotive sector. This is attributed to the increasing government initiatives in developing nations such as China and India, as well as cleaner environment regulations in developed regions such as the U.S. and Europe. For instance, in 2019, the finance minister of India announced tax rebates of up to USD 0.02 lakhs to customers on interest paid on loans to buy electric vehicles.

To know how our report can help streamline your business, Speak to Analyst

The increasing demand for industrial machinery is a result of rising demand from various industries such as aerospace, construction, and food and beverage. Precision machinery is expected to be the fastest-growing segment owing to the need for high accuracy in various applications, including aerospace, military, and defense. The transport machinery is gaining importance due to the increasing global trade.

REGIONAL ANALYSIS

Based on the region, the scope of the study is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America, which is further drilled down into countries.

Asia Pacific holds the major metal cutting tools market share and is expected to remain dominant over the forecast period. This is attributed to the increasing demand from industries such as automotive, construction, and food and beverage. Rising government initiatives to promote electric vehicles is expected to push the market. For instance, China has imposed a restriction on investment in the traditional vehicles' new manufacturing plant and the local governments have also imposed a quota for EV production for all manufacturers. Furthermore, through the New Energy Vehicle Mandate, the government of China is trying to shift a tenth of the car maker’s capacity to electric vehicles, rising to 12% by 2020.

To get more information on the regional analysis of this market, Request a Free sample

Europe and North America are expected to exhibit lucrative growth over the forecast period as a result of increasing demand for prefabricated metal. The Middle East and Africa are growing owing to the increasing investments in the non-oil business. The metal cutting tools market in Latin America is expected to grow due to the increasing demand from the automotive sector.

INDUSTRY KEY PLAYERS

“Leading Players are Focusing on New Product Development”

The key manufacturers such as Doosan and Okuma Corporation are trying to bring new innovative products to the market. They are focusing on high functional efficiency and improved capacity. Furthermore, the mergers and acquisition in the machine tools industry is expected to drive the metal cutting tools market.

List of Key Companies Profiled:

• Yamazaki Mazak Corporation


• Doosan Machine Tools Co., Ltd.


• Trumpf


• Amada Machine Tools Co., Ltd


• JTEKT Corporation


• Okuma Corporation


• Hyundai WIA


• FANUC America Corporation


• Komatsu Ltd.


• Makino

REPORT COVERAGE

To gain extensive insights into the market, Request for Customization

The report analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the overview, product overview, technological advancements, recent industry developments such as mergers & acquisitions, and others.

Report Scope and Segmentation

INDUSTRY DEVELOPMENT:

• November 2019: Okuma launched MB-80V High-Accuracy Large Vertical Machining Center. This machining center is ideal for large components used in the semiconductor industry and automobile die/mold applications.


• September 2019: Star Micronics Co., Ltd. is set to launch SX-38, a high functioning large diameter (38 mm) model by April 2020. It is a Swiss-type automatic lathe developed especially for manufacturing sectors such as automotive, aerospace, and medical applications.