Global Cutting Tool And Machine Tool Accessory Market Share 2024, Forecast To 2033
10 Jan, 2024
The market for cutting tools and machine tool accessories has experienced robust growth, rising from $72.27 billion in 2023 to $78.4 billion in 2024, with an 8.5% CAGR. Historical growth is tied to the expansion of the manufacturing industry, particularly in automotive and aerospace manufacturing, and the focus on tool wear, replacement, and efficiency. Continued strength is expected, with the market projected to reach $106.2 billion in 2028, boasting a 7.9% CAGR. Drivers for this expansion include the integration of digitalization and Industry 4.0, sustainability in manufacturing, customization, and agile manufacturing, as well as the increased adoption of automation and robotics. Key trends include advanced coating technologies, high-speed machining, tool monitoring, predictive maintenance, custom tooling solutions, and sustainable tooling practices.
Global Cutting Tool And Machine Tool Accessory Market Key Driver
Rising industrial production fuels demand for cutting tools and machine tool accessories. The Industrial Production Index reflects increased output, resulting in a higher need for tools essential in machining and shaping raw materials. With Eurostat reporting growth in industrial output, the cutting tool and machine tool accessory market are set for future expansion.
Get A Free Sample Of The Global Cutting Tool And Machine Tool Accessory Market ReportGlobal Cutting Tool And Machine Tool Accessory Market Segments
The cutting tool and machine tool accessory market covered in this report is segmented –
1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
2) By Application: Automotive, Manufacturing, Other Applications
3) By Sales Channel: Direct, Indirect
By Geography: The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
The Western Europe was the largest region in the cutting tool and machine tool accessory market in 2023. Asia-Pacific was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Cutting Tool And Machine Tool Accessory Industry Players
Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp
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Cutting Tool And Machine Tool Accessory Market Overview
Cutting tool compresses a thin layer of material on workpiece to shear it of (or to cut that layer), whereas machine tool holds the cutting tool. Machine Tool Accessory refers to any stationary power-driven machine that is used to shape or form parts made of metal or other materials.
Cutting Tool And Machine Tool Accessory Global Market Report 2023 provides data on the global cutting tool and machine tool accessory market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cutting tool and machine tool accessory market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.