Global Metal Cutting Tools Market 2017-2021
About metal cutting tools
These tools ensure the effective manufacturing of critical and intricate components with ease and utmost precision. These cutting tools form an indispensable part of machine tools that are either numerically or conventionally controlled. Turning, milling, and grinding tools form essential components of bigger and complex machines such as machining centers, turning machines, and grinding machines. These are very important for the entire manufacturing industry.
Technavio’s analysts forecast the global metal cutting tools market to grow at a CAGR of 8.65% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global metal cutting tools market for 2017-2021. To calculate the market size, the report analyze business dimensions with an eye on individual growth trends and contribution of the upcoming market segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Metal Cutting Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global metal cutting tools market: BIG KAISER, Kennametal Foundation, NACHI-FUJIKOSHI, OSG, and Sandvik.
Other Prominent Vendors in the market are: CERATIZIT, DEWALT, FRAISA, Guhring, Hanjiang Tool, LMT Onsrud, Jiangsu Feida Drills, ISCAR, KYOCERA UNIMERCO, Ingersoll Cutting Tools, Mitsubishi Materials, MAPAL, Shanghai Tool Works, SECO, SUMITOMO ELECTRIC Hartmetall, Raymond, Travers Tool, Tiangong International, vhf, UNION TOOL, WNT, and ZCC Cutting Tools.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is additive manufacturing. The manufacturing industry has witnessed the advent of a revolutionary technology known as 3D printing. 3D printing also known as additive manufacturing is the process of creating three-dimensional objects using a digital file. The process usually involves building the product in thin layers one by one. 3D printing enables the production of complex geometries that are either arduous or impossible with traditional manufacturing techniques.”
According to the report, one of the major drivers for this market is rise in construction activities in emerging nations of APAC. The global construction market is witnessing a mixed trend across various regions. Although the slowdown in the Chinese economy has impacted the global construction market, infrastructure planning in developing economies such as India and Indonesia will boost the growth of the global power tools market. As a result, this will propel the demand for the power tool accessories market.
Further, the report states that one of the major factors hindering the growth of this market is fluctuating raw material prices. The capital requirement of the cutting tool manufacturers is required to provide advanced and innovative tools in the market, which have grown considerably. Inputs such as iron and steel, aluminum, stainless steel, titanium, brass, copper, and other alloys are necessary to manufacture machine tools for drilling, boring, lathes, gear cutting, grinding, and polishing machines. These raw materials account for about 48% of the overall manufacturing cost of machine tools while labor costs account for about 27%.
BIG KAISER, Kennametal Foundation, NACHI-FUJIKOSHI, OSG, Sandvik, CERATIZIT, DEWALT, FRAISA, Guhring, Hanjiang Tool, LMT Onsrud, Jiangsu Feida Drills, ISCAR, KYOCERA UNIMERCO, Ingersoll Cutting Tools, Mitsubishi Materials, MAPAL, Shanghai Tool Works, SECO, SUMITOMO ELECTRIC Hartmetall, Raymond, Travers Tool, Tiangong International, vhf, UNION TOOL, WNT, ZCC Cutting Tools.
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