According to a new report, published by KBV research, The Global Metal Cutting Tool Market size is expected to reach $97.1 billion by 2030, rising at a market growth of 4.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,753.2 thousand units, experiencing a growth of 4.1% (2019-2022).
The Lathe segment would exhibit a CAGR of 4.1 % during (2023 - 2030). Lathes have found applications across a wide range of industries, including aerospace, automotive, medical device manufacturing, and energy. Their versatility in shaping various materials, from metals to plastics, has made them essential in producing components and parts. The aerospace and automotive industries have been pivotal drivers of growth in the lathe segment. The demand for lightweight, high-precision components in these industries necessitates using advanced lathes capable of intricate machining and tight tolerances.
The Automotive segment is registering maximum revenue in the Global Metal Cutting Tool Market, by Application in 2022; thereby, achieving a market value of $33.5 billion by 2030. Higher manufacturing quantities are required due to the industry's expanding demand for automobiles, particularly those with conventional internal combustion engines and electric vehicles (EVs). This increased production requires more metal cutting tools to shape and assemble components, such as engine parts, chassis, and body panels.
The Indexable Inserts segment would witness a CAGR of 6.6% during (2023 - 2030). One of the primary reasons for the growth of the indexable inserts segment is their versatility. These inserts are available in various shapes and sizes, allowing manufacturers to customize their cutting tools to suit specific applications. This adaptability is particularly valuable in industries where various materials and component sizes are processed. Customized inserts can optimize tool performance, increase efficiency, and reduce machining time.
The Asia Pacific region is generating the highest revenue in the Global Metal Cutting Tool Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $42.8 billion by 2030. The North America region is experiencing a CAGR of 4.6% during (2023 - 2030). Additionally, The Europe region would exhibit a CAGR of 4.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/metal-cutting-tool-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Proterial, Ltd (Hitachi, Ltd), TRUMPF SE + Co. KG, Tiangong International Company Limited, Kennametal Inc., FANUC Corporation, Berkshire Hathaway, Inc. (International Dairy Queen Inc.), Sandvik AB, Amada Co., Ltd., Komatsu Ltd., and Okuma Corporation.
By Product Type (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Tool Type (Volume, Thousand Units, USD Billion, 2019 to 2030)
By Geography (Volume, Thousand Units, USD Billion, 2019 to 2030)
Companies Profiled
Unique Offerings 
