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Cutting Tools Market Leveraging AI and Advanced Technologies Concept projected to Growth rate (CAGR) of 3.25% during the Forecast to 2015

Published By: IndustryARC Published On : 09-May-2019

Manufacturing and construction are the fastest growing industries in emerging economies, due to which these sectors are robustly expanding and commercializing, hence processing an uplift for its vast pool of adjacent sectors. Owing to this, the global cutting tools market is witnessing sound growth being an imperative operations supporting gear. According to IndustryARC, the global cutting tools market valued $34.42 billion in 2018, and the demand is projected to grow at a compound annual growth rate (CAGR) of 3.25% during the forecast period.

This can be better conceived from the IndustryARC’s report titled “

Cutting Tools Market: By Application (Milling, Turning, Drilling and Other); By Tool Grade (High Speed Steel, Ceramics, Cermets, cBN/PcBN, Diamond); By Type (Indexable, Solid) & By Region – Forecast (2019 - 2025)

.” The report also documents that in recent times, cutting technologies have had a drastic demand rise in the cutting tools market. They are more application-specific rather than being only efficient. One of the driving factors is that large-scale manufacturing companies have started to adopt advanced industrial tools.

Global Cutting Tools Market: Leading Segments


APAC is an emerging region that held 33% of the global demand share in 2018. APAC has a very strong foothold in the automotive and construction sector due to which there is a lucrative demand for cutting tools, owing to the increasing manufacturing output serving unprecedented demand. Additionally, India and China are the leading countries that contribute the maximum in terms of the steel processing where cutting tools are employed at a large scale. The potential investors are also investing in aircraft manufacturing, aerospace, and automotive which has increased the demand for the cutting tools market in APAC.

Furthermore, the key application sector of the cutting tools market is milling which is anticipated to grow at an increasing CAGR of 3.3% during the aforementioned forecast period. Miller cutters are very high in demand in various sectors such as the multiple billion dollar metal recycling sector due to its high performing skills and high tolerance power. On the other hand, the demand for metal cutting tools is also increasing in the APAC region due to strong presence of OEM manufacturers.  

Global Cutting Tools Market: Market Trends and Growth Drivers


· The manufacturing sector in India is growing drastically. The demand for cutting tools market has increased in the country, for which the companies have already started to adopt the advanced technologies. This has become the most significant growth driver in the Indian market.  

· In this growing and changing era, technology has taken over every aspect in the market, so artificial intelligence has influenced the cutting tools market as well. The new generation expects everything to be done by machine, so the implementation of AI is trending in the market through which a user can choose the best cutting tool with AI guidance.

· There is a significant amount of automation that is being used to lessen the human burden. Companies are also focusing on working on cutting tools with another robotic arm which will remove drill bits and worn-end mills.

· An upcoming trend is that the cutting tools will automatically capture the data by automatic-identification technology, which will identify each cutting tool individually. This will also help in determining where the proper wear limits need to be set.


Global Cutting Tools Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the global cutting tools market are Kennametal, Iscar, OSG, Mitsubishi, Kyocera, Sumitomo, Mapal, Nachi-Fujikoshi, LMT ZCCCT,  Sandvik, Hitachi, Ehwa, BIAX, and Asahi.


Talk to one of our sales representative about the full report by providing your details in the link below:

https://industryarc.com/support.php?id=16304


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What can you expect from the report?


The cutting tools market is prepared with the main agenda to cover the following 20 points:

1. Market Size by Product Categories & Application            11. Demand Analysis (Revenue & Volume)

2. Market trends & Relevant Market Data                            12. Country level Analysis

3. Manufacturer Landscape                                                   13. Competitor Analysis

4. Distributor Landscape                                                       14. Market Shares Analysis

5. Pricing Analysis                                                                 15. Value Chain Analysis

6. Top 10 End user Analysis                                                  16. Supply Chain Analysis

7. Product Benchmarking                                                      17. Strategic Analysis

8. Product Developments                                                      18. Current & Future Market Landscape                                                                                                         Analysis

9. Mergers & Acquisition Analysis                                         19. Opportunity Analysis

10. Patent Analysis                                                                  20. Revenue and Volume Analysis


Frequently Asked Questions:


Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response

:

Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in application or end user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com  to discuss more about our consulting services.


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https://industryarc.com/reports/request-quote?id=16304


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Mr. Venkat Reddy

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About IndustryARC

:

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.

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