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The global metal cutting tools market size was valued at USD 73.29 billion in 2021. The market is projected to grow from USD 75.97 billion in 2022 to USD 105.46 billion by 2029, exhibiting a CAGR of 4.8% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Metal Cutting Tools Market Size, Share & COVID-19 Impact Analysis, By Product (Machining Centers, Lathe Machines, Boring Machines, Grinding Machines, Milling Machines, and Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, and Others), and Regional Forecast, 2022-2029.”
Halt on Manufacturing Sectors amid COVID-19 to Constrain Market Growth
The effect of the novel coronavirus on the market has been comparatively minor in the eastern nations such as China, South Korea, and Japan while the western part of the globe has suffered severely. Conclusively, the key effect principally lies backed by the commotion of production-related activities across the world. The massiveness of these disturbances upsurges as the active cases escalate at a global level.
Precision Cutting Technologies Procures Supermill, LLC to Gain Global Recognition
Precision Cutting Technologies Inc. has procured Supermill LLC. Precision Cutting Technologies possesses Alleghany Capital’s investments in the precision automated machine device and high-performance metal cutting tools sectors. The company is headquartered in Berlin, Connecticut. Supermill is a dominating producer of high-performance carbide end mills.
Terry Derrico, President of Precision Cutting Technologies, stated their excitement to collaborate with Tom Hale, founder and President of Supermill, and also his talented and qualified group of associates. The procurement of Supermill refines Precision Cutting Technologies’ portfolio of cutting consumables and reinforces its position in the Northeastern U.S.
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Considerable Augmentation in Popularity of Additive Manufacturing to Spur Market
The rising progression and presentation of novel technologies in the sector of additive manufacturing is attaining unparalleled admiration in the market over the recent past across the world. Application of 3D printing is predicted to appear as the future of prototype manufacturing across various industries owing to its operative time optimization and cost effective manufacturing. Furthermore, 3D printing offers advantages, such as optimum usage of raw materials, waste decline, and effortlessness in production of several complex geometries, which are projected to fuel the market of metal cutting tools.
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global metal cutting tools market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
Asia Pacific holds the major metal cutting tools market share and is expected to remain dominant during the forecast period. This is attributed to the increasing demand from industries such as automotive, construction, and food & beverage.
Based on application, the market is broken down into automotive, general machinery, precision engineering, transport machinery, and others.
The automotive segment has been at the forefront of the applications in terms of market revenue generation in the recent past.
Table of Segmentation
2018 – 2029
2022 – 2029
2018 – 2020
Value (USD billion)
By Product, Application, and Region