Metal cutting tools are a type of machine tools that ensure the effective manufacturing of critical and intricate components with ease and utmost precision. In ancient times, machines such as horizontal lathes existed in one form or another, whereas computer-numerical-controlled (CNC) metal cutting machines are recent additions. Metal cutting tools are powered by electric motors and are used for one of many cutting processes that includes turning, milling, grinding, and boring, to complete the desired cut on the metal work piece.
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Metal cutting tools have varied forms which include plasma cutters, fiber cutters, and laser cutting devices. Plasma cutting is primarily used for the fabrication and welding of metals as they ensure accurate results in comparison to other product forms. Over the years, laser cutting industry has undergone significant improvements in quality and thickness of cutting material, power, and efficiency and this has resulted in development of laser cutting machines. Laser-based metal cutting machines are anticipated to have a positive impact on the market as they offer a high degree of precision.
The key driver identified for the metal cutting tools market is the exponential growth in the automotive industry. In addition, the global market for metal cutting tools is anticipated to expand due to growth aided by recovery in key end-use markets in the developed world. Furthermore, the growing production of light vehicles will create potential demand for new welded automotive components, as a result, creating demand for metal cutting tools during the forecast period. These tools will continue to account for majority of the total machine tools market.
One of the major factors hindering the market growth is fluctuating raw material prices. However, significant trends that will gain traction in the metal cutting tools market is the growth in demand for additive manufacturing. It is the process of creating 3D objects using a digital file. 3D printing in aerospace and automotive industries enables the production of complex geometries that are impossible with traditional manufacturing techniques, and will significantly help to reduce the capital costs, raw material costs, and cost to reclaim scrap during the forecast period.
The global market for metal cutting tools is segmented based on product type and application. Based on product type, the market is fragmented into milling tools, drilling tools, turning tools, and rotary tools among others. The application segment is segmented into automotive, aerospace & defense, construction, marine, and electronics. Milling tools are expected to hold the major market share as they find a wide variety of use in the automotive and aerospace industries.
Based on region, the global metal cutting tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is expected to dominate the market in the coming years due to growth in the automotive and industrial sectors. Moreover, another driving factor is that with the number of countries increasing their defense budgets, the global metal cutting tools market is expected to grow in the near future. Furthermore, rapid industrialization and expansion of manufacturing industries in India and China is propelling the need for tools and equipment, which will influence the growth of the metal cutting tools market.
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The metal cutting tools market is highly fragmented with the presence of various players. Leading vendors in the market are BIG KAISER Precision Tooling Inc., Kennametal, Nachi-Fujikoshi Corp., OSG USA, INC., Sandvik AB, Ceratizit S.A., Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co., LIMITED, Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and ISCAR LTD. among others. Several regional and local players have started manufacturing customized, energy efficient equipment that is available at a lower price.
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