A lead analyst at AMR highlighted that the metal cutting tool market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the metal cutting tool market. The findings of the report states that the global market for metal cutting tool generated $65.5 billion in 2021, and is projected to reach $97.9 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Surge in population, rise in employment rate, extensive application across automotive industry and improvement in the standard of living are expected to drive the growth of the global metal cutting tool. On the other hand, lack of skilled professionals is expected to hinder the growth to some extent. However, growth in the popularity of energy efficient and safe metal cutting tools are expected to create ample opportunities for the industry.
“The global metal cutting tool market witnessed significant growth over the past decade, owing to increase in automation industries and adoption of smart technologies for manufacturing, which are expected to boost the growth during the forecast period. Various key players are expanding business globally, owing to increase in customer base, enhanced effective operations, and developed product portfolios. This is anticipated to fuel the growth of the global metal cutting tool market during the forecast period,” says Onkar Sumant – Manager, Construction and Manufacturing at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the metal cutting tool market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global metal cutting tool market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various end-use industries such as automotive electronics and others, including those of metal cutting tools, which adversely impacted its demand during the pandemic. This is majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic. However, the market is expected to recoups soon.
The report offers a detailed segmentation on the global metal cutting tool market based on tool type, product type, application, and region.
Based on tool type, the solid round tools segment held the highest market share in 2021, holding nearly three-fourths of the global market. In addition, the same segment is expected to cite the fastest CAGR of 4.4% during the forecast period. The report also analyses other segments of the market such as indexable inserts.
Based on application, the automotive segment held the dominating market share in 2021, holding nearly two-fifths of the global market. The electronics segment, on the other hand, is expected to cite the fastest CAGR of 5.5% during the forecast period.
Based on region, the market across Asia-Pacific held the largest market share in 2021, garnering more than half of the global market. In addition, the same region is expected to cite the fastest CAGR of 4.8% during the forecast period. The report also analyses regions including North America, Europe, and LAMEA.
The key players analyzed in the global metal cutting tool market report include EHWA DIAMOND, Hilti Corporation, Ingersoll Cutting Tools, Iscar Ltd., Kennametal Inc., Makita Corporation, Robert Bosch GmbH, Sandvik AB, Stanley Black & Decker Inc., and Snap-on Incorporated.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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