"Catapult Your Business to Fore, Gain Competitive Advantage "

Metal Cutting Tools Market Size, Share & COVID-19 Impact Analysis, By Product (Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, and Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, and Others), and Regional Forecast, 2023-2030

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI101751


Metal Cutting Tools Market

Play Audio Listen to Audio Version

The global metal cutting tools market size was valued at USD 76.05 billion in 2022. The market is projected to grow from USD 78.89 billion in 2023 to USD 120.44 billion by 2030, exhibiting a CAGR of 6.2% during the forecast period.

The metal cutting tools industry includes companies involved in the design, manufacturing, and sales of tools and equipment used to cut, shape, and form metal components. These tools range from handheld devices, such as saws, grinders, and shears, to highly specialized machines such as lathes, milling machines, and CNC machines. The industry serves a wide range of sectors including automotive, aerospace, construction, and industrial manufacturing. It plays a critical role in the metalworking process, as the quality and precision of the cutting tools directly impact the quality and precision of the final product. The industry has been experiencing steady growth in recent years, driven by the increasing demand for metal products across a range of sectors. Advancements in technology have also led to the development of more innovative cutting tools, which have helped increase efficiency, reduce waste, and improve the overall quality of metal products. The growing demand for metal cutting equipment from various industries is boosting the market's growth.

Furthermore, the increasing popularity of CNC machines is also a factor driving the metal cutting tools market growth. This is attributed to the advantages offered by CNC metal cutting equipment, including high efficiency, transparency, affordability, and time efficiency. The research report describes market estimations and growth opportunities across diverse geographies.


Halt on Manufacturing Industry Restrained Market Growth During COVID-19 Pandemic

The influence of the coronavirus outbreak on the market has been relatively less in the eastern countries, such as Japan, China, and South Korea, whereas the western part of the world has suffered drastically. In the short term, the major impact primarily lies due to the disruption of manufacturing activities globally. The enormity of these disruptions increases as the number of cases surges at a global level. Moreover, the impact on the manufacturing industry of metal cutting equipment will be far more extensive if the virus impacts other main industrial countries beyond India, China, and Germany. In the long term, the industries related to the application of metal cutting tools are likely to be back on track, resulting in substantial demand for machines in future.


Substantial Growth in Popularity of Additive Manufacturing to Boost Market Growth

The metal cutting industry was significantly affected by the halt of manufacturing during the COVID-19 pandemic. With many countries implementing lockdowns and social distancing measures, manufacturing activity was disrupted, leading to a decrease in demand for metal cutting products. Many companies in the metal cutting industry had to temporarily close their operations or reduce their capacity due to slowdown in orders, supply chain disruptions, and labor shortages. This resulted in a decline in revenue and profitability for the metal cutting industry. Moreover, the uncertainty and volatility caused by the pandemic led to a decline in investments in this industry. Many businesses had to defer their capital expenditures due to the uncertain economic outlook, resulting in a further reduction in demand for metal cutting products. However, as the pandemic situation has gradually improved, manufacturing activity has picked up, leading to a recovery in demand for metal cutting products. Many metal cutting businesses have also adapted to the new normal by implementing new safety protocols, improving their digital capabilities, and exploring new markets.

Request a Free sample to learn more about this report.


Increasing Adoption of Industry 4.0 is Driving Market

The adoption of Industry 4.0 has had a significant impact on the metal cutting industry. In the metal cutting industry, the adoption of Industry 4.0 has led to the development of smart cutting tools that can communicate with machines, collect data, and make adjustments to optimize performance. These tools can monitor the cutting process in real-time and adjust their speed, feed, and other parameters to optimize the cutting process. This results in improved accuracy, reduced waste, and increased productivity. Additionally, Industry 4.0 has enabled manufacturers to use data analytics to identify trends, patterns, and anomalies in their production processes. This helps manufacturers to optimize their processes and identify areas where they can make improvements. The use of predictive analytics can also help manufacturers to anticipate maintenance needs, reducing downtime and increasing productivity.

Furthermore, 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 has introduced a real-time quality assurance process through an Automated Virtual Metrology (AVM) system. The real-time quality assurance is expected to increase the penetration of metal cutting tools.


High Initial Investment & Fluctuating Raw Material Prices to Hinder Market Growth

The high initial cost and fluctuating raw material prices can have a significant impact on the metal cutting equipment market. Metal cutting tools require advanced manufacturing processes and materials, which can result in high initial costs. As a result, customers hesitate to invest in new tools, which can slow down the market's growth. This can affect small & medium-sized businesses that may not have the financial resources to make significant capital investments. Raw material prices can fluctuate rapidly, which can have a significant impact on the metal cutting industry. When raw material prices increase, the cost of manufacturing metal cutting tools also increases, which can result in higher prices for customers. This can lead to a decrease in demand for metal cutting tools and a slowdown in the market. Fluctuating raw material prices can make it difficult for manufacturers to plan their production schedules and manage their inventory effectively. This can lead to delays in delivery times and increased costs for manufacturers, which can further impact the market's growth.


By Product Analysis

High Demand for CNC Lathe Machines to Aid Market Growth

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 expected to be the fastest-growing segment in the market due to increasing demand from the automotive sector. The benefits offered by CNC lathes including high efficiency, production of complex devices, efficient mass production, and low maintenance are expanding the global market share.

Furthermore, the machining centers segment holds a major metal cutting tools market share and is expected to hold a dominant position during the forecast period. This is attributable to the increasing need for mass production from various industries such as the automotive sector. Advancements in precision cutting technologies have resulted in increased demand for milling and boring machines. Grinding machines are gaining popularity in the machine tools industry owing to increasing applications of surface grinders, tools, cylindrical machine grinders, and cutter grinders.

By Application Analysis

Automotive Segment to Remain Dominant Owing to Increasing Demand for Automotive Vehicles

Based on application, the market is divided into automotive, general machinery, precision engineering, transport machinery, and others.

The automotive sector has been at the forefront of the applications segment in terms of market revenue generation in the recent past. The development and manufacturing of various automotive parts for modern and high-end vehicles is one of the crucial factors shaping the market development. Automotive components, such as gearboxes, modern disk brakes, and clutch plates, are increasing the demand for effective metal cutting tools. Furthermore, rising demand for industrial machinery is a result of robust demand from various industries, such as aerospace, construction, and food & beverage.

The precision engineering segment is anticipated to outpace its counterparts due to consistent demand for precision in components. Highly accurate parts are also being manufactured for application in aerospace & defense machines and military equipment. The transport machinery segment is also estimated to gain noteworthy traction due to growth in cross-border trade amongst numerous economies across the globe.

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


Based on region, the market of metal cutting tools covers North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America.

Asia Pacific holds a major market share and is anticipated to remain dominant during the forecast period. This is due to the increasing demand from industries such as construction, automotive, and food & beverage. Rising government initiatives to promote electric vehicles are also expected to push the market progress. For instance, China has imposed a restriction on investment in new manufacturing plants for traditional vehicles, with the local governments imposing a quota for EV production for all manufacturers.

Asia Pacific Metal Cutting Tools Market Size, 2022 (USD Billion)

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

Spurring Manufacturing Clusters Projected to Boost Market Development in China

Considerable efforts to expand the network of manufacturing clusters are expected to emerge as a driving factor for the fast-paced development of the market across China. Favorable policies to encourage the establishment of production facilities for automotive manufacturing and precision engineering products are boosting the market’s development. China is also keen on developing its transportation hubs to facilitate easy and hassle-free cross-border trade from its manufacturing hubs to gain an extensive export reach in the global market.

In Europe, Germany showed the highest revenue in 2022 and it will continue this trend during the forecast period. This growth is attributed to the increasing penetration of manufacturing and industrial sectors in Germany. Furthermore, the U.K., France, and Italy are following Germany’s growth trend and are predicted to generate higher revenue during the forecast period. However, the growth of Nordic countries, the Netherlands, and central European nations, which come under the Rest of Europe, is moderate owing to the lesser market opportunities in this region.

In North America, the U.S. held a prominent position in 2022 and may record the highest CAGR during the forecast period. This is due to the increasing number of fabrication and construction projects in the country, which is boosting the market growth. However, the Canada market is also growing due to increasing investment of key market players in the country’s metal cutting tools industry.

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

In the Middle East & Africa and Latin America regions, countries, such as Saudi Arabia, the UAE, and Kuwait, are rapidly growing. This is owing to the increasing establishment of oil and gas refinery projects in these countries. However, due to slower industrial development in Africa and Latin America regions, South Africa, Brazil, and Mexico are also growing at a slow rate in the market.


Leading Players are Focusing on New Product Developments to Maintain their Market Position

The key market players, such as Doosan and Okuma Corporation, are trying to bring innovative products to the market. The increasing number of manufacturers in the industry is intensifying the competition in the global market. Thus, key players are focusing on high functional efficiency and improved capacity. Furthermore, the companies are opting for organic growth strategies, such as mergers and acquisitions that are expected to drive the market growth. For instance, Sandvik Machining Solutions acquired QUIMMCO CENTRO TECNOLÓGICO (QCT) to enhance its market share in Mexico.

List of Key Companies Profiled:

  • Yamazaki Mazak Corporation (Japan)

  • Doosan Machine Tools Co., Ltd. (U.S.)

  • Trumpf (Germany)

  • Amada Machine Tools Co., Ltd (Japan)

  • JTEKT Corporation (Japan)

  • Okuma Corporation (Japan)

  • Hyundai WIA (South Korea)

  • FANUC America Corporation (Japan)

  • Komatsu Ltd. (Japan)

  • Makino (Japan)


  • May 2022: Sandvik AB acquired Preziss, a developer of solutions for composite and aluminum machining.

  • August 2022, Sandvik acquired Switzerland-based Sphinx Tools Ltd, a provider of precision solid round tools and its subsidiary P. Rieger Werkzeugfabrik AG. Through this acquisition Sandvik aimed to strengthen its position in the round cutting tools space.

  • June 2022: Milwaukee Tools launched its innovative wrecker integrated with NITRUS CARBIDE SAWZALL Blad, designed to operate more effectively on a wide range of metals that is ideal to operate in remodeling and demolition jobs at construction sites.

  • March 2022: Sandvik Coromant announced launch of CoroDrill 860-PM, which provides a premium performance in drilling operations and also provides superior durability to tools, improving operational life of the tools.

  • April 2022: Mitsubishi Materials Corporation Metalworking Solutions Company increased its product portfolio and introduced two double sided inserts, which are precision grade M class type and wiper type.


An Infographic Representation of Metal Cutting Tools Market

To get information on various segments, share your queries with us

The research report provides an in-depth analysis of the market dynamics and competitive landscape. It also offers various key insights including recent developments in the market, such as mergers & acquisitions, SWOT analysis, macro & microeconomic factors, and company profiles.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.2% from 2023 to 2030


Value (USD Billion)


By Product

  • Machining Centers

  • Lathe Machines

  • Boring Machines

  • Grinding Machines

  • Milling Machines

  • Others

By Application

  • Automotive

  • General Machinery

  • Precision Engineering

  • Transport Machinery

  • Others

By Region

  • North America (By Product, By Application, and By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Product, By Application, and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Product, By Application, and By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application )

  • Middle East & Africa (By Product, By Application, and By Country)

    • GCC (By Application)

    •  South Africa (By Application)

    • Rest of the Middle East and Africa (By Application)

  • Latin America (By Product, By Application, and By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

Frequently Asked Questions

As per the Fortune Business Insights study, the global market value stood at USD 76.05 billion in 2022.

By 2030, the global market value is expected to reach USD 120.44 billion.

The market is projected to record a CAGR of 6.2%, exhibiting moderate growth during the forecast period of 2023-2030.

Asia Pacific is expected to hold a dominant market share, with its value standing at USD 38.63 billion in 2022.

Within the product segment, the lathe machines segment is expected to lead the market during the forecast period.

Increasing adoption of industry 4.0 is driving the market.

Yamazaki Mazak Corporation, Doosan Machine Tools Co., Ltd., Okuma Corporation, and FANUC America Corporation are the major players in the market.

The automotive segment is expected to drive the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 140

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.