Global Turning Tools Market 2017-2021
About Turning Tools
Turning is a metal cutting process primarily used for generating cylindrical surfaces. In this process, mostly the workpiece is rotated on a spindle. The tool is fixed and fed into the piece both axially and radially to get the required surface, and it is frequently done with a single point tool. Turning tools consist of a replaceable insert in its body, and the insert can vary, based on shape, material, geometry, and coating. For instance, the round-shaped insert is used to maximize the edge strength, and the diamond shape insert provides a sharp point to cut fine features or to increase the number of edges. The insert used is generally made of materials such as carbide, although the materials such as ceramic and diamond inserts are used for demanding applications. In addition, a variety of protective coatings helps in increasing the process efficiency and to enhance the lifetime of the tool.
Technavio’s analysts forecast the global turning tools market to grow at a CAGR of 7.99% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global turning tools market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of turning tools.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Turning Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global turning tools market: Cutting Tool Company, ISCAR, Kennametal Foundation, Sandvik, Mikron Tool, NTK Cutting Tools, and WNT
Other Prominent Vendors in the market are: CERATIZIT, CeramTec Group, DEWALT, FRAISA, Guhring, Hanjiang Tool, Jiangsu Feida Drills, KYOCERA UNIMERCO, Mitsubishi Materials, MAPAL, Shanghai Tool Works, SECO, SUMITOMO ELECTRIC Hartmetall, Samvardhana Motherson Group, STAR SU, Raymond, Travers Tool, Tiangong International, vhf, UNION TOOL, WNT Tools, and ZCC Cutting Tools
Commenting on the report, an analyst from Technavio’s team said: “The manufacturing industry has witnessed the advent of a revolutionary technology, namely, 3D printing, which is also known as additive manufacturing. 3D printing is used to create 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, 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 cutting tools market. As a result, this will propel the demand for the turning tools and subsequently lead to the growth of the global tuning tools market.
Further, the report states that the Chinese economy, which was growing at double-digit rates, slowed down in 2014, continued to slow in 2015, and furthermore in the first half of 2016. In 2014, according to the World Bank, the Chinese GDP grew at only 7.3%, the slowest recorded growth since 1990. The slowdown was mainly attributed to the sluggish performance of the country's real estate sector, combined with the huge manufacturing overcapacity.
Cutting Tool Company, ISCAR, Kennametal Foundation, Sandvik, Mikron Tool, NTK Cutting Tools, WNT, CERATIZIT, CeramTec Group, DEWALT, FRAISA, Guhring, Hanjiang Tool, Jiangsu Feida Drills, KYOCERA UNIMERCO, Mitsubishi Materials, MAPAL, Shanghai Tool Works, SECO, SUMITOMO ELECTRIC Hartmetall, Samvardhana Motherson Group, STAR SU, Raymond, Travers Tool, Tiangong International, vhf, UNION TOOL, WNT Tools, and ZCC Cutting Tools