The new report by EMR titled, 'Global Metal Cutting Tools Market Report and Forecast 2021-2026', gives an in-depth analysis of the global metal cutting tools market, assessing the market based on its segments like product, application, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 4%
The market for metal cutting tools has seen substantial growth due to factors such as growing demand from the automotive sector in developing nations. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the metal cutting tools market. The growing demand for factory automation is increasing the use of smart manufacturing technology for the production process and the growth of goods. The growth of Industry 4.0, which in turn drives machines conducive to predictive maintenance, is driving the need for interconnected machinery. This is where it is projected that more metal cutting equipment will be put to use. The general trend is motivated by the growing demand for metal cutting tools from various other industries, such as food manufacturing, construction and packaging.
Industry Definition and Major Segments
Metal cutting tools are a type of machine tool that, with ease and absolute precision, ensures efficient production of critical and complex components. Metal cutting tools are powered by electric motors and are used to finish the specified cut on the metal work piece for many cutting processes, such as turning, milling, grinding, and boring.
Explore the full report with the table of contents: https://www.expertmarketresearch.com/reports/metal-cutting-tools-market
Based on the product, the industry is divided into:
- Machining Centre
- Lathe Machine
- Boring Machine
- Grinding Machine
- Milling Machine
- Drilling Machine
Based on the application, the industry is divided into:
- Industrial Machinery Manufacturing
- Energy and Power
- Marine, Aerospace and Defense
The regional markets for metal cutting tools include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
For the metal cutting tools industry, rapid growth in the automotive industry is the main driving force. In addition, in the major end-use industries in developing countries, the global demand for metal cutting tools is expected to see a recovery. In addition, the increase in light vehicle manufacturing would generate significant demand for new welded automotive parts, resulting in significant demand over the forecast period for metal cutting equipment. In the forecast era, these tools will continue to account for a large share of the overall demand for machine tools.
Key Market Players
The major players in the market are Amada Co., Ltd., Fanuc UK Ltd, Nachi-Fujikoshi Corp., Sandvik AB, Ceratizit Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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