Metal Cutting Tools Market to Reach USD 120.44 Billion by 2030; Precision Cutting Technologies Confirms Supermill LLC Acquisition to Bring Diversity in Product Portfolio

The global metal cutting tools market size touched USD 76.05 billion in 2022 and is predicted to reach USD 78.89 billion in 2023. The market is anticipated to touch USD 120.44 billion by 2030, recording a CAGR of 6.2% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “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”.

The metal cutting tools sector serves a wide range of industry verticals, such as aerospace, automotive, construction, and industrial manufacturing as these sectors manufacture end-products that are made of complex components. Technological advancements have also resulted in the development of futuristic metal cutting machines, thereby boosting the metal cutting tools market growth.

Halt on Manufacturing Activities During COVID-19 Outbreak Slowed Market Growth

The COVID-19 pandemic had a negative influence on the market progress as manufacturing activities came to a complete standstill during this period. The imposition of lockdowns and restrictions on travel had a major impact on the manufacturing sector. This negatively affected the sales of metal cutting machines, which further slumped the market development.

Growing Adoption of Industry 4.0 Solutions to Boost Market Development

Industry 4.0 has gained immense popularity in recent years as it helps factory owners automate their manufacturing processes. The demand for smart manufacturing technologies is increasing every year to cater to consumers’ unique requirements. Automating production processes has a wide range of benefits such as ease in coping with labor shortages, improved productivity, and better product quality. The usage of industry 4.0 solutions will boost the demand for innovative metal cutting machines.

Competitive Landscape

New Product Developments by Key Market Players to Intensify Market Competition

Leading metal cutting tools manufacturing companies, such as Doosan and Okuma Corporation, are striving to introduce futuristic products in the market. The growing presence of these manufacturers is also intensifying the global market competition. Also, many companies are adopting a wide range of organic marketing strategies, such as mergers and acquisitions, thereby driving the market size.

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

Notable Industry Development:

• March 2020: Precision Cutting Technologies finalized the acquisition of Supermill LLC, a leading manufacturer of high-performance carbide end mills. The acquisition was expected to help the company increase diversity in its existing product portfolio of cutting consumables and expand its market reach in North America.

List of the Companies Profiled in the Report:

• 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)

Further Report Findings

• In Europe, Germany recorded the highest revenue in 2022 and it is expected to continue this trend during the forecast period as well. This robust growth is credited to the growing penetration of manufacturing and industrial sectors in Germany. The U.K., France, and Italy are also following Germany’s growth trend and are anticipated to register higher revenue during the forecast timeline. However, the growth of Nordic countries, the Netherlands, and central European nations, which are a part of the ‘Rest of Europe’ category, is moderate owing to the lesser market opportunities in this region.


• In North America, the U.S. captured a dominant metal cutting tools market share in 2022 and is likely to record the highest CAGR during the forecast period. This is due to the growing number of construction and fabrication projects across the country, which is boosting the market growth. However, the Canada market is also showing strong growth due to heavy investment of key market players in the country’s metal cutting tools sector.


• The lathe machines segment is projected to be the fastest-growing segment in the market due to the high demand for these machines from the automotive sector. CNC lathes offer a wide range of benefits including production of complex devices, high efficiency, low maintenance, and efficient mass production, which are accelerating the market growth.


• The automotive application segment has been at the forefront in terms of market revenue generation in the past. The production of vehicles is growing at a strong pace each year, thanks to urbanization and growing population. Complex automotive parts are often required for high-end and modern automobiles. These factors are predicted to accelerate the market development. Complex automotive parts, such as clutch plates, gearboxes, and modern disk brakes are amplifying the demand for efficient metal cutting instruments. These aspects are anticipated to boost the adoption of metal cutting machines in the automotive sector.

Table of Segmentation