Cutting Tools Market Research Report: Information By Tool Type, By Material Type, By Application – Forecast till 2030

The cutting tools market in terms of value is expected to reach USD 31 billion by 2030, registering a compound annual growth rate of 6.20% during the forecast period 2022-2030.

New York, NY, USA, January 13, 2022 / EINPresswire.com/ – Cutting Tools Market Overview

The cutting tools market in terms of value is expected to reach USD 31 billion by 2030, registering a compound annual growth rate of 6.20% during the forecast period 2022-2030.

Cutting tools are designed with replaceable inserts or tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed, welded, or attached to the body of the tool. Cutting tool inserts and solid circular tools are used for many applications in various industries, such as automotive, aerospace, defense, construction, and oil and gas.

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fragmentation

The cutting tools market has been segmented based on tool type, material type, application, and region. On the basis of tool type, the Solid Circular Tools segment dominated the market with a 6% share, having acquired $25.8 billion in 2019. It is expected to register a compound annual growth rate of 6% from 2020 to 2027.

Depending on the material type, cemented carbide dominated the market with 6% share, having captured USD 25.8 billion in 2019. The segment is expected to register the highest compound annual growth rate of 6% from 2020 to 2027.

Depending on the application, the Automotive segment dominated the market with a 6% share, having acquired $25.8 billion in 2019. This segment is expected to register a compound annual growth rate of 6% from 2020 to 2027.

Main competitors

The major players operating in the global cutting tools market include
Kennametal Inc.
OSG . company
ISCAR LTD
mabal
Makita company
Robert Bosch GmbH
Stanley Black and Decker
company
Klein Tools
company
ICS cutting tools
company
snap on
OTTO BAIER GmbH
Hilti company
Sandvik AG
Ingersoll cutting tools
FRAISA SA
KYOCERA CUTTING TOOLS KIT
Asahi Diamond Industrial Co., Ltd.
J SCHNEEBERGER Maschinen AG
fulmer
ceratizite group
and Hitachi Cookie Co., Ltd.
The main growth strategies adopted by these players are product development and expansion.

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Market segmentation

By tool type- indexable inserts (indexable rotating and boring, indexable milling, indexable grooving and indexing boring) and hard round tools)
By material type- carbide, high speed steel, ceramic, stainless steel, polycrystalline diamond, cubic boron nitride, and exotic materials
By application – automotive, aerospace, defense, construction, electronics, oil and gas, power generation, lumber, molds, mold, etc.

Key questions addressed in the report
What is the expected rate of expansion of the cutting tools market?
By 2026, how much is the expected revenue generated?
Who are the major players in the cutting tools market?
Based on the type of tool, what are the segments of the cutting tool market?
By material type, what segments of the Cutting Tools market are described?
By application, name the cutting tools market segments.
What application segment is expected to dominate the cutting tools market?

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