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Metal Cutting Tools Market to Reach USD 101.48 billion by 2027; Flourishing Automotive Industry to Create Sales Opportunities

October 16, 2020 | Machinery & Equipment

The global metal cutting tools market size is expected to USD 101.48 billion by 2027. The increasing demand for machine tools from aerospace, defense, and automotive industries will bolster the market, mentioned in a report, titled “Metal Cutting Tools Market Size, Share & COVID-19 Impact 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, 2020-2027.” The market size stood at USD 77.24 billion in 2019 and is expected to exhibit a CAGR of 4.2% between 2020 to 2027.


Acquisition of Supermill by Precision Cutting to Advance Growth


Precision Cutting Technologies Inc., an Alleghany Capital holding company with three operating businesses announced that it has acquired Supermill LLC, a leading manufacturer of high-performance carbide end mills. The acquisition of Supermill will enrich Precision Cutting Technologies’ portfolio of cutting consumables and reinforce its position in the Northeastern United States. This strategic approach will help the company in day-to-day operations. Moreover, the new development is expected to offer Supermill impetus in infrastructure and national sales through the Precision Cutting Technologies platform. Besides, the long-term partnership will also facilitate Supermill’s reputation for reliability, innovation, and customer service, thus offering customers better quality and service. In addition, the new development is expected to spur lucrative business opportunities for the market owing to the company’s new approach for transforming business.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/metal-cutting-tools-market-101751


High Initial Investment to Impede Market Sales


The high cost involved in transforming conventional manufacturing processes to complete automatic processes, comprising of purchasing cost, training cost, and maintenance cost will restrict its adoption during the forecast period. Furthermore, fluctuating raw material prices can further obstruct the growth of the market. The pandemic has caused massive financial damage for industries, which, in turn, aggravates the expansion of the market. Also, the downsizing in various companies can have a severe effect on the global market, thus hampering the growth of the market.


Focus on Product Development to Consolidate Business


The major players such as Doosan and Okuma Corporation in the market are focused on developing innovative products to establish a strong presence. The companies are investing heavily in R&D for the development of high functional machines with improved capacity. Moreover, the adoption of various strategies by key companies such as mergers, acquisitions, partnerships, and collaborations will further improve the prospects of the market in the forthcoming years.


The Report Lists the Main Companies in the Metal Cutting Tools Market:



  • Yamazaki Mazak Corporation (Japan)

  • Doosan Machine Tools Co., Ltd. (United States)

  • 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)


Further Report Findings:



  • Regional Analysis: Asia Pacific is expected to dominate the global market during the forecast period owing to the increasing government initiatives for the production of electric vehicles, in turn, fueling demand for cutting machine tools. The growing automotive, construction and food and beverage will further augment growth in the region.

  • Leading Segment: The automotive application segment is expected to hold a dominant share owing to its high requirement of metal cutting machines. Additionally, automotive applications use these machines for various products, which is expected to further boost the segment’s growth.


The Metal cutting tools Market is Segmented into:








































  ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



 2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



By Product



  • Machining Centers

  • Lathe Machines

  • Boring Machines

  • Grinding Machines

  • Milling Machines

  • Others (Drilling Machines, Turning Machines, etc.)



By Application



  • Automotive

  • General Machinery

  • Precision Engineering

  • Transport Machinery

  • Others (Energy, Electrical, etc.)



By Region



  • North America (U.S. and Canada)

  • Europe (Germany, UK, Russia, Italy, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Metal Cutting Tools Market
  • PDF
  • 2019
  • 2016-2018
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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