The global cutting tools market is expected to grow at a CAGR of 5.72% from 2022 to 2028.

MARKET TRENDS & DRIVERS. Rising Home Improvements & Do-It-Yourself Activities. In developed economies such as the U.S. and Europe, many adults engage in purposeful and creative leisure activities, with some investing in home improvement and maintenance based on personal interests.

New York, July 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cutting Tools Market - Global Outlook & Forecast 2023-2028" - https://www.reportlinker.com/p06461218/?utm_source=GNW Consumers in countries like France, Germany, Italy, and the UK consider DIY activities a significant hobby. The concept is also gaining popularity in developing economies such as India, Brazil, and South Africa. The growing interest among consumers in undertaking their projects and maintaining a sustainable environment has increased the demand for D.I.Y products such as cutting tools. During the pandemic, many people turned to DIY activities to relieve stress and take care of tasks to reduce costs while staying indoors. The concept of D.I.Y is well-adopted in Western countries, with most American regions contributing to nearly 81% of the market share in the D.I.Y industry. This trend is expected to continue during the forecast period. The surge in the D.I.Y industry is projected to grow due to the high penetration of media presence, including television, social media, and videos, which have helped recreate home improvement projects. Western countries like North America and Canada actively engage in D.I.Y activities. Additionally, many retail stores like supermarkets and hypermarkets have enabled significant growth for many vendors in the D.I.Y segment.Rising Usage of Cutting Tools In General Manufacturing IndustriesCutting tools are crucial in manufacturing, particularly in producing general machinery, automobiles, aviation and aerospace, energy, medical equipment, rail transit, molds, machine tools, and other industries. The automotive manufacturing process heavily relies on cutting tools as they are one of the key components of the process. The traditional procedures have been replaced with new techniques like high-speed cutting, dry machining, hard machining, and advanced cutting technology.The automotive sector has significantly shifted towards using professional tools such as Carbide Cutters. This transformation is driven by the need for high product quality and precision, which is required to produce high-value parts. The industrial circle has gradually moved from traditional machining to high-performance cutting tools that provide greater efficiency and accuracy. Furthermore, due to machinery and equipment automation and the growing need for high-performance, high-precision machining equipment has become essential to industry growth. As a result, the demand for high-efficiency and performance-cutting tools is increasing. Such factors drive the development of new cutting technologies in the cutting tools market.SEGMENTATION ANALYSISINSIGHTS BY TOOL TYPEThe dominance of the indexable tool type segment in the global cutting tools market in 2022 can be attributed to its modern turning operations. This has displaced previous common tool types, such as HSS, brazed-carbide, and custom form tools, before the widespread use of CNC machines. Indexable turning tools, when used in conjunction with the multiple-axis motion of a CNC machine tool, make it easier to create complex shapes, eliminating the need for dedicated turning tools. However, solid round tools are experiencing high growth rates in the global cutting tools market due to their ability to cover all application types within solid carbide drilling, milling, HSS tapping, reaming, and threading. Each solid round tool is designed to meet the requirements of high quality, precision, and maximum productivity, allowing for optimal machining processes.Segmentation by Tool Type• Indexable• Solid RoundINSIGHTS BY PRODUCT TYPEThe global cutting tools market by product segments as groovers, reamers, milling cutters, drills, and others. In 2022, the Groover product type dominated the industry. These tools are highly used with lathes to cut channels on the end of a workpiece or into an existing bore. Groovers are also utilized for various applications, including creating recesses for retaining rings and necking workpieces to ensure a clean fit when mating parts. Additionally, a grooving tool is a cutting tool that removes material to form grooves, channels, or other cross-sectional shapes on the workpiece. A groove may be cut with an end mill having one fixed cutter and another moveable cutter placed at each side. Such tools are also called profile mills when they produce linear cuts along the length of the item being milled. Grooving inserts can be made from carbide, ceramic, diamond, or PCD (polycrystalline cubic boron nitride). These inserts are mainly employed by metalworking industries like aerospace & defense equipment manufacturers. Still, non-metal manufacturing companies such as medical device makers use them for grooving medical-grade plastic parts.Segmentation by Product• Groovers• Reamers• Milling Cutters• Drills• OthersINSIGHTS BY MATERIAL TYPEThe cemented carbide material type segment dominated the global cutting tools market and was valued at over USD 3.2 billion in 2022. This market is highly fragmented and consists of many companies operating on both global and regional levels. This indicates that manufacturers of cutting tools possess significant bargaining power over suppliers. Cemented carbide tools are primarily used for high-precision work involving greater shape, size, and structure complexity. However, specialized cutting tools are more cost-effective and efficient for specific tasks. The APAC and North American regions are expected to have the largest share in the global cemented carbide industry. Vendors in these areas are anticipated to benefit from abundant raw material availability and will provide a competitive advantage to vendors regarding the selling price. The high availability of other raw materials, such as steel, in countries like China, India, and the U.S., is also expected to lead to high growth rates for high-speed steel (HSS) tools. This is expected to enable vendors to further enhance their profit margins by maintaining good supplier-vendor relationships.Segmentation by Material Type• Cemented Carbide• High-Speed Steel• Ceramics• CBN• OthersINSIGHTS BY END-USERThe automotive industry is the largest end-user segment in the global cutting tools market. Drilling and fastening tools are the primary tools for tightening fasteners, engine mounting, and other joint works. Sanders and angle grinders are used for smoothening and polishing the vehicle parts and chassis. With the global electric vehicles market growing at almost 60% annually, expansion and increased production facilities are expected to increase the demand for cutting tools. This can be more prominent in countries such as China, Japan, the US, and Western Europe, where the production of EVs is more likely to accelerate during the forecast period.Segmentation by End-User• Automotive• General Manufacturing• Oil & Gas• Aerospace & Defense• Electronic & Electricals• Medical• OthersINSIGHTS BY DISTRIBUTION CHANNELThe offline distribution channel had the highest global cutting tools market in 2022. Factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with touching and experiencing the quality of products are driving the growth of this segment. Although the online segment holds a relatively lower market share, it is expected to grow faster than offline distribution channels.Segmentation by Distribution Channel• Offline• OnlineGEOGRAPHICAL ANALYSISAPAC was the largest cutting tools market in 2022, as it is home to several industries, including manufacturing, services, automobiles, and electrical. This consequently increases the need for a unique assortment of cutting tools with accuracy in performance. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore dominates with its excellent construction facilities. Furthermore, the increasing purchasing power of consumers and the rising DIY culture among young and experienced consumers are driving the regional residential tools market, including cutting tools. Further, the comparatively lower dominance of the cutting tools owing to the less awareness and operating knowledge in countries like India and China is a natural boost for cutting tool vendors.Segmentation by Geography• APACo Chinao Japano Indiao Australiao South Korea• North Americao The U.S.o Canada• Europeo Germanyo Franceo The U.K.o Italyo Spain• Middle East & Africao Saudi Arabiao South Africao UAE• Latin Americao Brazilo Mexicoo ArgentinaVENDOR LANDSCAPEThe global cutting tools market is characterized by low market concentration and high competition among the major players. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence. Currently, the cutting tools market is highly fragmented and dominated by vendors such as Kennametal Inc, OGS Corporation, and Iscar Ltd, among others, alongside numerous domestic tool manufacturers that manufacture cutting tools as per the local demands and regulations.Key Company Profiles• Kennametal Inc.• OSG Corporation• Iscar LtdOther Prominent Vendors• Mapal• Makita Corporation• Robert Bosch• Stanley Black & Decker• Kelin Tools• ICS Cutting Tools Inc• Snap-on Incorporated• OTTO BAIER GmbH• Hilti Corporation• Sandvik AG• Ingersoll Cutting Tools• FRASIA SA• KYOCERA• J SCHNEEBERGER Maschinen AG• VOLLMER• CERATIZIT Group• HIKOKIKEY QUESTIONS ANSWERED:1. How big is the global cutting tools market?2. What is the growth rate of the global cutting tools market?3. Which region dominates the global cutting tools market share?4. Who are the key players in the global cutting tools market?5. What are the significant trends in the cutting tools market?Read the full report: https://www.reportlinker.com/p06461218/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________