Metal Cutting Tools Market Segmentation:
By Product Segment Analysis
By 2035, lathe segment is expected to dominate over 48% metal cutting tools market share. The segment growth can be attributed to the growing needs of the automobile manufacturing sector, along with the rising use of CNC machine . The benefits including efficient and massive production and long-life operations of the CNC Lathes are factors that will favor the demand for metal cutting tools. The data shows that in 2020, the Taiwanese companies manufactured 69000 CNC machines.
By Application Segment Analysis
In metal cutting tools market, automative segment is predicted to account for around 32% revenue share by 2035. The segment growth can be attributed to the establishment of automobile components and accessories required for new-generation and luxurious cars has helped in defining the market development to a large extent.
Gearboxes with superior gear system, clutch plates and modern disc brakes and other allied automotive parts have helped in expanding the market’s need for efficient metal cutting tools. Moreover, factors that drive such needs are the increasing demand for industrial machinery such as aerospace, construction and food and beverages. The auto-component industry in India, being one of the most competitive industries witnessed increased market for auto components aftermarket with a growth of 15 % during the year 2022-23 to reach USD 10.33 billion.
By Tool Segment Analysis
By the end of 2035, Indexable segment is anticipated to account for metal cutting tools market share of more than 56%. The segment growth can be attributed to their cost-effectiveness due to their replaceable inserts. For making high-volume machining operations, manufacturers go with indexable tools as it reduces their tooling costs over time. It offers greater flexibility and versatility than complex tools, allowing them to handle a wider range of tasks and products. Indexable tooling can reduce tool storage and set-up time, making it more efficient.
Our in-depth analysis of the metal cutting tools market includes the following segments:
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