NEW YORK, May 20, 2022 – The Metal Cutting Tools Market value is set to grow by USD 4.26 billion, progressing at a CAGR of 3.96% from 2020 to 2025, as per the latest report by Technavio. The increasing demand for metal parts in major end-user industries is notably driving the metal cutting tools market growth and rise in construction activities in emerging nations of APAC will be the key trend in near future.
Moreover, the market is segmented by product (milling tools, drilling tools, and other tools) and geography (APAC, Europe, North America, South America, and MEA).
One of the key factors driving growth in the metal cutting tools market is the increasing demand for metal parts in major end-user industries. Metal forming plays a crucial role in the automotive and aerospace and defense industries. The metal forming process will become a highly valuable service for OEMs, owing to the current focus on lean manufacturing and enhanced operational efficiency through various measures such as cost-cutting. The increasing investments in the automotive, aerospace, and defense industries will drive the global metal sawing machine market.
The rise in construction activities in emerging nations of APAC is another major factor supporting the metal cutting tools market share growth. Infrastructure planning in developing economies such as India and Indonesia will boost the growth of the global power tools market. Smart Cities Mission, Make in India initiative, and Housing for All programs are expected to trigger construction activities in India. Under the Smart Cities Mission initiative, the cities include capitals and major cities of states where each city would be receiving millions of dollars in the first two years to improve the infrastructure.
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The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
AMADA Co. Ltd.Berkenhoff GmbHColfax Corp.DMG MORI AKTIENGESELLSCHAFTFANUC Corp.Gedik Kaynak ASIllinois Tool Works Inc.Mitsubishi Electric Corp.Sandvik ABTRUMPF GmbH + Co. KG
The metal cutting tools market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
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By Product- The metal cutting tools market share growth by the milling tools segment will be significant during the forecast period. By Geography- 48% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for metal cutting tools in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increasing number of construction activities in emerging countries and the rising government spending on the development of infrastructure will facilitate the metal cutting tools market growth in APAC over the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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