Insights Into The Cutting Tool And Machine Tool Accessory Market’s Growth Opportunities Through 2023-2032 – Includes Cutlery And Hand Tools Market Size
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Rapid advances in technology are expected to drive innovation in cutting tool and machine tool accessory manufacturing, thus driving the market during the forecast period.
The global cutting tool and machine tool accessory market is expected to grow from $78.6 billion in 2022 to $84.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The cutting tool and machine tool accessory market is expected to grow to $108.83 billion in 2027 at a CAGR of 6.5%.
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- By Type: Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies
- By Application: Automotive, Manufacturing, Other Applications
- By Sales Channel: Direct, Indirect
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global cutting tool and machine tool accessory market in 2021.
Major Market Players in the cutting tool and machine tool accessory market include Sandvik AB, Kennametal Inc., Okuma Corporation, Lincoln Electric Holdings Inc., Asahi Diamond Industrial Co. Ltd.
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 that cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less, and aluminum 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 the automotive and aerospace industry for cutting or welding aluminum parts, drilling engine parts, and laser surfacing used parts. According to an article published by engineering.com, laser cutting machines account for the largest segment of the metal cutting machinery market thus indicating a significant rise in the use of this technology. Major companies producing 3D laser cutting machines include Mitsubishi Electric, Trumpf, LST GmbH, and Mazak.
The Cutting Tool And Machine Tool Accessory Global Market Report 2023 provides a cutting tool and machine tool accessory market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cutting tool and machine tool accessory market forecast analyzes cutting tool and machine tool accessory market size, cutting tool and machine tool accessory market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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