Overview and Scope
Cutting tool compresses a thin layer of material on workpiece to shear it of (or to cut that layer), whereas machine tool holds the cutting tool. Machine Tool Accessory refers to any stationary power-driven machine that is used to shape or form parts made of metal or other materials.
Sizing and Forecast
The cutting tool and machine tool accessory market size has grown strongly in recent years. It will grow from <b>$72.27 billion in 2023 to $78.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. </b> The growth in the historic period can be attributed to manufacturing industry growth, automotive and aerospace manufacturing, tool wear and replacement, tooling efficiency and precision,.
The cutting tool and machine tool accessory market size is expected to see strong growth in the next few years. It will grow to <b>$106.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. </b> The growth in the forecast period can be attributed to digitalization and industry 4.0 integration, sustainability and eco-friendly manufacturing, customization and agile manufacturing, automation and robotics integration, globalization of manufacturing. Major trends in the forecast period include advanced coating technologies, high-speed machining, tool monitoring and predictive maintenance, custom tooling solutions, sustainable tooling practices.
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Segmentation & Regional Insights
The cutting tool and machine tool accessory market covered in this report is segmented –
1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
2) By Application: Automotive, Manufacturing, Other Applications
3) By Sales Channel: Direct, Indirect
The <b>Western Europe</b> was the largest region in the cutting tool and machine tool accessory market in 2023. <b>Asia-Pacific</b> was the second largest region of cutting tool and machine tool accessory market. The regions covered in the cutting tool and machine tool accessory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
Rising industrial production is propelling the growth of the cutting tool and machine tool accessory market. The Industrial Production Index is a valuable tool for tracking the physical output of industrial sectors within an economy. As industrial production grows, there is a higher demand for cutting tools and machine tool accessories because these tools are essential for machining, shaping, and processing raw materials into finished products. For instance, in July 2023, according to Eurostat, a UK-based government statistical agency, industrial output in the euro area witnessed a 0.2% increase. Further, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, rising industrial production across industries will drive the future growth of the cutting tool and machine tool accessory market going forward.
Key Industry Players
Major companies operating in the cutting tool and machine tool accessory market include <b> Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd., NGK Spark Plug Co. Ltd., American Outdoor Brands Corporation, Stanley Black & Decker Inc., Snap-On Inc., Apex Tool Group LLC, Makita Corporation, Robert Bosch GmbH, Hitachi Koki Co. Ltd., Hilti Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Ingersoll-Rand plc, Stanley Infrastructure, Stanley Engineered Fastening, Walter AG, Kyocera Corporation, Nachi-Fujikoshi Corporation, OSG Corporation, Sumitomo Electric Industries Ltd., Tungaloy Corporation, Iscar Ltd., Seco Tools AB, Guhring KG, Dormer Pramet, Emuge Corporation, Regal Cutting Tools, Niagara Cutter LLC, Allied Machine & Engineering Corp.</b>
The cutting tool and machine tool accessory market report table of contents includes:
1. Executive Summary
2.Cutting Tool And Machine Tool Accessory Market Characteristics
3.Cutting Tool And Machine Tool Accessory Market Trends And Strategies
4.Cutting Tool And Machine Tool Accessory Market analysis
5.Cutting Tool And Machine Tool Accessory Market Size And Growth
6.Cutting Tool And Machine Tool Accessory Segmentation
7.Cutting Tool And Machine Tool Accessory Regional And Country Analysis
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27.Cutting Tool And Machine Tool Accessory Competitive Landscape And Company Profiles
28.Cutting Tool And Machine Tool Accessory Key Mergers And Acquisitions
29.Cutting Tool And Machine Tool Accessory Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Sandvik AB
- Kennametal Inc.
- Okuma Corporation
- Lincoln Electric Holdings Inc.
- Asahi Diamond Industrial Co. Ltd.
- NGK Spark Plug Co. Ltd.
- American Outdoor Brands Corporation
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The Business Research Company’s latest report Cutting Tool And Machine Tool Accessory Global Market Report 2020 covers Cutting Tool And Machine Tool Accessory market drivers, Cutting Tool And Machine Tool Accessory market trends, Cutting Tool And Machine Tool Accessory market segments, Cutting Tool And Machine Tool Accessory market growth rate, Cutting Tool And Machine Tool Accessory market major players, and Cutting Tool And Machine Tool Accessory market size.
The report provides in-depth analysis of the impact of COVID-19 on the Cutting Tool And Machine Tool Accessory industry, along with revised market numbers due to the effects of the coronavirus.
View Complete Report:https://www.thebusinessresearchcompany.com/report/cutting-tool-and-machine-tool-accessory-global-market-report-2020-30-covid-19-impact-and-recoveryCutting Tool And Machine Tool Accessory Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request for the sample now:https://www.thebusinessresearchcompany.com/sample.aspx?id=2856=smpThe global cutting tool and machine tool accessory market is expected to decline from $76.2 billion in 2019 to $72.5 billion in 2020 at a compound annual growth rate (CAGR) of -4.8%.
The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.
The Business Research Company published its Cutting Tool And Machine Tool Accessory Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Cutting Tool And Machine Tool Accessory Market.
The report covers the Cutting Tool And Machine Tool Accessory Market’s segments- by type: metalworking knives and bits; measuring attachments; metalworking drill bits; machine tool taps and dies and by application: automotive; manufacturing; others.View Complete Report: https://www.thebusinessresearchcompany.com/report/cutting-tool-and-machine-tool-accessory-global-market-report-2020-30-covid-19-impact-and-recoveryCutting Tool And Machine Tool Accessory Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It also compares the market’s historic and forecast growth.
It covers all the regions, key developed countries and major emerging markets.
It draws comparisons with country populations and economies to understand the importance of the market by country and how this is changing.
Cutting Tool And Machine Tool Accessory Global Market Report 2021 by The Business Research Company is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact – both negative and positive – of COVID-19 on the cutting tool and machine tool accessory industry gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
This includes revised market numbers according to the effects of the coronavirus and the expected cutting tool and machine tool accessory market growth numbers 2021-2030.
View Complete Report:https://www.thebusinessresearchcompany.com/report/cutting-tool-and-machine-tool-accessory-global-market-report-2020-30-covid-19-impact-and-recovery The Cutting Tool And Machine Tool Accessory Global Market Report 2020-30 by The Business Research Company provides an in-depth analysis of the global cutting tool and machine tool accessory market and covers both the historic period, 2015 to 2020, and the forecast period, 2020 to 2030.
The report evaluates the market and major economies across the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.The Cutting Tool And Machine Tool Accessory Global Market Report 2021 covers cutting tool and machine tool accessory market drivers, cutting tool and machine tool accessory market trends, cutting tool and machine tool accessory market growth rate, cutting tool and machine tool accessory market major players, player-adopted strategies in the market, and cutting tool and machine tool accessory market size.The global cutting tool and machine tool accessory market is expected to grow from $69.47 billion in 2020 to $74.95 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The Cutting Tool And Machine Tool Accessory Global Market Report 2021-30 by The Business Research Company describes and explains the global cutting tool and machine tool accessory market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030.
The report evaluates the market across each region and for the major economies within each region.The Cutting Tool And Machine Tool Accessory Global Market Report 2021 covers cutting tool and machine tool accessory market drivers, cutting tool and machine tool accessory market trends, cutting tool and machine tool accessory market segments, cutting tool and machine tool accessory market growth rate, cutting tool and machine tool accessory market major players, and cutting tool and machine tool accessory market size.
View Complete Report:https://www.thebusinessresearchcompany.com/report/cutting-tool-and-machine-tool-accessory-global-market-report-2020-30-covid-19-impact-and-recoveryThe cutting tool and machine tool accessory market report provides an in-depth analysis of the impact of COVID-19 on the global cutting tool and machine tool accessory industry, along with revised market numbers due to the effects of the coronavirus and the expected cutting tool and machine tool accessory market growth numbers 2021-2030.Cutting Tool And Machine Tool Accessory Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now:https://www.thebusinessresearchcompany.com/sample.aspx?id=2856=smpThe global cutting tool and machine tool accessory market is expected to grow from $69.47 billion in 2020 to $74.95 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%.
The market is expected to reach $101.09 billion in 2025 at a CAGR of 8%.The report covers the cutting tool and machine tool accessory market’s segments- 1) By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dyes.2) By Application: Automotive, Manufacturing, Others.About The Business Research Company: The Business Research Company is a market intelligence firm that excels in company, market, and consumer research.
