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Metal Cutting Tools Market Trends

  • Report ID: GMI5619
  • Published Date: May 2024
  • Report Format: PDF

Metal Cutting Tools Market Trends

Metal cutting tool manufacturers are increasingly utilizing advanced materials such as carbide, cermet, cubic boron nitride (CBN), and polycrystalline diamond (PCD) to enhance tool performance and durability. These materials offer superior hardness, wear resistance, and thermal stability, enabling tools to withstand high-speed and high-temperature machining applications. There is a growing demand for precision machining solutions capable of producing intricate and complex components with tight tolerances.
 

Metal cutting tool manufacturers are developing specialized tools for micro machining applications in industries such as electronics, medical devices, and aerospace, where precision and accuracy are paramount. Manufacturers are increasingly seeking customized metal cutting tooling solutions tailored to their specific machining requirements. Tool manufacturers are offering modular tooling systems, custom tool designs, and tool reconditioning services to meet the diverse needs of customers and optimize machining processes.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of metal cutting tools was reached USD 44.4 billion in 2023 and will grow at 5% CAGR during 2024 to 2032, driven by the growth of manufacturing sectors such as automotive, aerospace, construction, and machinery.

The indexable tools product segment in the metal cutting tools industry recorded USD 29.6 billion and is expected to cross USD 47.1 billion by 2032, owing to their cost-effectiveness due to their replaceable inserts.

North America metal cutting tools market size exceeded USD 9.9 billion in 2023 and is likely to exceed USD 15.4 billion by 2032, driven by need for high-quality, high-precision parts with stringent tolerances and complex geometries.

Ceratizit Group, Emerson Electric, Guhring, Inc., Iscar Ltd. (IMC Group), Kyocera Corporation, Mapal Dr. Kress KG, Nachi-Fujikoshi Corp., OSG Corporation, and Robert Bosch Gmbh among others.

Metal Cutting Tools Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 445
  • Countries covered: 22
  • Pages: 487
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