The global metal cutting tools market was valued at USD 36.04 billion in 2016. It is projected to grow to USD 54.56 billion during the forecast period. The market is predicted to grow at a CAGR of 8.65%. The automotive market dynamics will have a direct impact on the demand for metal cutting tools market, as it is one of the biggest consumers of these tools. The growing overall GDP is directly linked to the demand for vehicles.
The top three emerging trends driving the global metal cutting tools market according to Technavio heavy industry research analysts are:
The manufacturing industry has witnessed the advent of a revolutionary technology known as 3D printing. 3D printing, also known as additive manufacturing, is the process of creating three-dimensional objects using a digital file. The process usually involves building the product in thin layers one by one. 3D printing enables the production of complex geometries that are either arduous or impossible with traditional manufacturing techniques.
“The additive nature of 3D printing, unlike traditional printing technologies, optimizes the use of material and therefore minimizes wastage of material. Traditional techniques are subtractive in nature where the manufacturing takes place by cutting away the excess material,” according to Gaurav.
Growing market for high-speed steel cutting tools
Companies use high-speed steel (HSS) cutting tools for increased ease and efficiency in the development of quality products. Moreover, customers across the globe are insisting on superior-quality products in minimal time and at a reduced cost. Therefore, several organizations have begun to deploy HSS metal cutting tools such as milling tools, drilling tools, tapping tools, reaming tools, counter-boring tools, broaching tools, and gear cutting tools.
The effective deployment of these HSS metal cutting tools helps in reducing the overall lead time of product development. It also enables organizations to develop products with superior quality to achieve a higher customer satisfaction level.
Enhanced growth of fabricated metal products
Fabricated metals are used in ammunition, small arms, cutlery and utensils, stamped metal products, fasteners, springs, building products, tanks, cranes, and hardware. These metals are manufactured using machine tools. The rising global demand for fabricated metals from the construction and machinery industries is fueling the global fabricated metal products market, which in turn, drives the global precision drilling machine market.
As the production of these individual metal products requires specialized manufacturing processes, most companies produce only a limited range of products. However, in the cutlery, boiler, and metal can segment, the concentration of production can be high. Therefore, the growing domestic and overseas demand for fabricated metals in the US has led to an increase in the growth of the precision drilling machine market in the Americas.
Read more: Metal Cutting Tools Market – Trends and Forecasts by Technavio