Metal Cutting Tools Market to Reach $ 38 Billion by 2024
Rising focus towards lightweight and eco-friendly vehicles coupled
with surging aerospace and defence industry to boost global metal cutting tools
market growth through 2024
According to a report
published by TechSci Research on “Global Metal
Cutting Tools Market By Material, By Process, By End-Use, By Region,
Competition, Forecast & Opportunities, 2024”, the global metal cutting
tools market is projected to reach $ 38 billion by 2024, on the back of the growing automotive and
aerospace & defence sectors. Moreover, the growth in the production of
light vehicles will create an additional demand for new welded automotive
components, which is expected to boost demand for metal cutting tools during
the forecast period. Also, new technological advancements such as laser-based
cutting machines are expected to positively impact the global market for metal
cutting tools in the coming years.
Browse 184 market data Figures and
Tables spread through more than 120 Pages and an in-depth TOC on " Global
Metal Cutting Tools Market"
https://www.techsciresearch.com/report/metal-cutting-tools-market/3990.html
In terms of end-use,
the global metal cutting tools market is categorized into automotive, aerospace
& defense, energy, and others. Among the end-users, the automotive category
accounted for the largest share of the global market for metal cutting tools in
2018. The growth of the automotive category is majorly attributable to the rising
usage of metal cutting tools in the automotive industry and increasing demand
for passenger vehicles. North America region is expected to dominate the market
in the coming years due to growth in the automotive and aerospace industries in
the region. In addition, with a rising number of countries increasing their
defense budgets, it is expected that the global market for metal cutting tools
will witness rising demand in the near future.
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Few of the leading players
operating in the global metal cutting market are Sandvik,
ISCAR, Kennametal, OSG USA INC., Tungaloy Corporation, Hitachi Metals, Sumitomo
Electric, among others. “The global metal cutting
tools market is expected to grow at a decent pace over the course of next five
years. Rapid industrialization and expansion of manufacturing industries in major
developing nations like India and China is leading to a greater need for tools
and equipment, which augment use of metal cutting tools over the next five
years.” said, Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Metal Cutting
Tools Market By Material, By Process, By End-Use, By Region, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth
potential of the global metal cutting tools market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global metal cutting tools market.
About TechSci Research
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Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research-based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing
innovative research solutions and tracking global and country specific high
growth markets helps TechSci clients to lead rather than follow market trends.
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