Industry highlight Development of the global metal cutting tools market
The demand for automobiles and construction of light-weight vehicles is expected to trigger the growth of the global metal cutting tools industry. By 2021, the industry is poised to grow by a CAGR of 9 per cent.
The global metal cutting tools market is predicted to grow at a compound annual growth rate (CAGR) of around 9 % by 2021, according to a report by market research company Technavio. Metal cutting is one of the most integral aspects in the manufacturing industry in which precision and quality is of utmost importance.
With manufacturing transforming in today’s age, the traditional function still stays strong. Diverse industry players are developing new cutting tools to enhance production and efficiency. Some of the major players in the metal cutting tools segment include Sandvik, Kennametal, Big Kaiser, Mapal, Guhring and so on.
Experts suggest that the core demand drivers for the metal cutting tools industry include the rise in automobile sales. This is a specific observation that is witnessed more in the APAC (Asia Pacific) region as people are opting to purchase their own vehicles for commuting and also for the ease of convenience. The two wheeler segment cannot be ignored here as some of the biggest two wheeler markets are located in APAC. Hence, the market for the metal cutting tools industry is definitely expected to increase in the near future.
In addition to this, there is also a growing need towards manufacturing light-weight vehicles. This will lead to the development of new components for these cars, trucks and two wheelers. Hence, the demand for metal cutting tools will also increase in the process. The metal cutting tool market is largely comprised of America, APAC and the EMEA (Europe, Middle-East & Africa). Out of these regions, experts forecast that APAC will witness a surge in the demand for metal cutting tools.
Additive manufacturing or 3D printing is one of the trends that manufacturers have been working with. The process enables one to create complex geometries with intricate designs. Highly used in the automobile and aerospace industries, the process of creating three dimensional products also leads to reduction in costs and wastage. The more and more this contemporary technology is used across the globe, the more technologies will spring up to make this process more efficient and productive.
The global metal cutting tools industry is currently in a good position and even with the introduction of new technologies there will still be a significant and rising demand for metal cutting tools.