Cutting Tool And Machine Tool Accessory Market
Machinery

Global Cutting Tool And Machine Tool Accessory Market Outlook, Opportunities And Strategies

Learn about the global cutting tool and machine tool accessory market through The Business Research Company, which provides information on cutting tool and machine tool accessory market size, cutting tool and machine tool accessory market drivers and restraints, cutting tool and machine tool accessory market players, the COVID-19 impact on the cutting tool and machine tool accessory market, and more.

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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 market is expected to reach $101.09 billion in 2025 at a CAGR of 8%.

Rapid advances in technology is expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period. 

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The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessory by entities (organizations, sole traders or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e.g., sine bars) for machine tools, metalworking drill bits and taps and dies (i.e., machine tool accessories).

Global Cutting Tool And Machine Tool Accessory Market Segments Include:

By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies

By Application: Automotive, Manufacturing, Others

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global cutting tool and machine tool accessory market, accounting for 41% of the market in 2020.

Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. 3D laser is a 5-axle laser machine which cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminium can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate and minimal heat input. 3D lasers are typically used in automotive and aerospace industry for cutting or welding of aluminium parts, drilling of engine parts, and laser surfacing of used parts.

TBRC’s cutting tool and machine tool accessory market report covers:

Major Market Players: Doosan Machine Tools, Allied Machine & Engineering, Sandvik, Amada Co Ltd, Kennametal Inc.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The Cutting Tool And Machine Tool Accessory Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market overviews, analyses and forecasts market size, share, cutting tool and machine tool accessory market players, cutting tool and machine tool accessory market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s cutting tool and machine tool accessory market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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