Metal Cutting Tools Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is set to dominate majority revenue share of 34% by 2035. The market growth in the region is also expected on account of increasing demand from the construction, automotive and food and beverage packaging industries. According to a report, in 2019, Asian countries dominated 50% of the world’s CNC machinery. Growing government initiatives to promote electric vehicles and rising popularity of CNC machines is driving the market growth.
China has achieved monumental iron and steel production and today is the world’s largest steel producer with an annual crude steel production volume of more than 81.7 billion metric tons in 2022. While China accounts for the highest consumption of steel, exports are also significant to the Chinese steel market. It topped the world market of steel exporting countries in 2023 and surpassed over 68 million metric ton quantities.
Japan's metal cutting tools market is undergoing gradual growth, due to its automotive and industrial machinery being the main source of demand for metal cutting tools. Also, the increasing popularity of electric vehicles and the need for precision are other reasons to drive the demand for metal-cutting equipment.
North American Market Insights
The North America region will also encounter huge growth for the metal cutting tools market during the forecast period and will hold the second position owing to the dynamic and indispensable part of machine manufacturing. With a rich history dating back to the Industrial Revolution, they have grown tremendously and have become a staple of a wide range of products in many industries. These are manufactured primarily to produce metal pieces, and the use of these tools covers a wide range of industries from aerospace and automotive to construction, energy, and medical device manufacturing. They play an important role in the precision manufacturing process of steel products and are critical to the functioning of everyday products.
In 2022, in the United States, the consumption of cutting tools has been identified to be USD 196.4 million as pointed by the U.S Cutting Tool Institute and The Association for Manufacturing Technology. Metal cutting tools market is characterized by continuous improvements in tool materials and coatings, enhancing durability and efficiency.
