This report describes and explains the metal cutting tools market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global metal cutting tools market reached a value of nearly $29.6 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.31% since 2019. The market is expected to grow from $29.6 billion in 2024 to $41.65 billion in 2029 at a rate of 7.07%. The market is then expected to grow at a CAGR of 6.92% from 2029 and reach $58.2 billion in 2034.
Growth in the historic period resulted from the growing construction activities, the growth in automotive production, growth in the aerospace & defense sector and increasing demand for heavy machinery & industrial equipment. Factors that negatively affected growth in the historic period were volatility in raw material prices and regulatory challenges in import or export.
Going forward, the increasing mining and exploration activities, the push toward renewable energy projects, government initiatives for manufacturing industries and rising demand for industry automation will drive the growth. Factor that could hinder the growth of the metal cutting tools market in the future include lack of skilled workforce and high capital investment requirements.
Asia-Pacific was the largest region in the metal cutting tools market, accounting for 32.55% or $9.63 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the metal cutting tools market will be Middle East and Africa where growth will be at CAGRs of 12.59% and 11.57% respectively. These will be followed by Eastern Europe and Western Europe where the markets are expected to grow at CAGRs of 7.87% and 7.64% respectively.
The global metal cutting tools market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 21.36% of the total market in 2023. CVS Health Corporation was the largest competitor with a 5.26% share of the market, followed by Wal-Mart Stores Inc. (Walmart Pharmacy) with 4.17%, Kroger Health with 3.55%, Cardinal Health Inc.with 2.25%, Humana Pharmacy Solutions Inc.with 1.35%, UnitedHealth Group (OptumRx) with 1.25%, MedImpact Healthcare Systems Inc. with 1.23%, McKesson Corporation with 1.20%, Amazon Pharmacy with 0.75% and DocMorris (formerly Zur Rose Group) with 0.35%.
The metal cutting tools market is segmented by product into machining centers, lathe machines, boring machines, grinding machines, milling machines and other products. The machining centers market was the largest segment of the metal cutting tools market segmented by product, accounting for 27.32% or $8.08 billion of the total in 2024. Going forward, the milling machines segment is expected to be the fastest growing segment in the metal cutting tools market segmented by product, at a CAGR of 9.97% during 2024-2029.
The metal cutting tools market is segmented by material into cemented carbide, ceramics, polycrystalline diamond, cubic boron nitride, exotic materials and other materials. The cemented carbide market was the largest segment of the metal cutting tools market segmented by material, accounting for 47.15% or $13.95 billion of the total in 2024. Going forward, the polycrystalline diamond segment is expected to be the fastest growing segment in the metal cutting tools market segmented by material, at a CAGR of 8.33% during 2024-2029.
The metal cutting tools market is segmented by process into milling, turning, drilling, rotary and other process. The milling market was the largest segment of the metal cutting tools market segmented by process, accounting for 33.98% or $10.05 billion of the total in 2024. Going forward, the milling segment is expected to be the fastest growing segment in the metal cutting tools market segmented by process, at a CAGR of 8.01% during 2024-2029.
The metal cutting tools market is segmented by end user into automotive, aerospace and defense, construction, electronics, power generation and other end-users. The automotive market was the largest segment of the metal cutting tools market segmented by end user, accounting for 35.15% or $10.4 billion of the total in 2024. Going forward, the electronics segment is expected to be the fastest growing segment in the metal cutting tools market segmented by end user, at a CAGR of 8.28% during 2024-2029.
The top opportunities in the metal cutting tools market segmented by product will arise in the lathe machines segment, which will gain $3.21 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by material will arise in the cemented carbide segment, which will gain $6.09 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by process will arise in the milling segment, which will gain $4.72 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by end user will arise in the automotive segment, which will gain $4.26 billion of global annual sales by 2029. The metal cutting tools market size will gain the most in the USA at $2.18 billion.
Market-trend-based strategies for the metal cutting tools market include focus on development of advanced cutting tools for faster, more reliable machining performance, focus on developing innovative laser systems designed for high-quality, large-scale fabrication, focus on developing advanced solid carbide milling cutters for enhanced performance across materials, focus on developing advanced milling tools for efficient and stable roughing operations and focus on innovative, user-friendly fiber laser technology for uncomplicated cutting.
Player-adopted strategies in the metal cutting tools market include focus on expanding its business capabilities through partnership to expand its operational capabilities and expanding its business capabilities through innovative product to expand its operational capabilities.
To take advantage of the opportunities, the analyst recommends the metal cutting tools market companies to focus on developing advanced, cost-effective cutting tools, focus on innovation in laser cutting technology for large-scale fabrication, focus on developing advanced solid carbide milling cutters for performance enhancement, focus on developing advanced milling tools for enhanced performance, focus on simplifying technology integration, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels for metal cutting tools, focus on pricing strategies for metal cutting tools, focus on enhancing digital presence, focus on targeted industry partnerships, focus on targeting electronics end-users in metal cutting tools market.
The global metal cutting tools market reached a value of nearly $29.6 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.31% since 2019. The market is expected to grow from $29.6 billion in 2024 to $41.65 billion in 2029 at a rate of 7.07%. The market is then expected to grow at a CAGR of 6.92% from 2029 and reach $58.2 billion in 2034.
Growth in the historic period resulted from the growing construction activities, the growth in automotive production, growth in the aerospace & defense sector and increasing demand for heavy machinery & industrial equipment. Factors that negatively affected growth in the historic period were volatility in raw material prices and regulatory challenges in import or export.
Going forward, the increasing mining and exploration activities, the push toward renewable energy projects, government initiatives for manufacturing industries and rising demand for industry automation will drive the growth. Factor that could hinder the growth of the metal cutting tools market in the future include lack of skilled workforce and high capital investment requirements.
Asia-Pacific was the largest region in the metal cutting tools market, accounting for 32.55% or $9.63 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the metal cutting tools market will be Middle East and Africa where growth will be at CAGRs of 12.59% and 11.57% respectively. These will be followed by Eastern Europe and Western Europe where the markets are expected to grow at CAGRs of 7.87% and 7.64% respectively.
The global metal cutting tools market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 21.36% of the total market in 2023. CVS Health Corporation was the largest competitor with a 5.26% share of the market, followed by Wal-Mart Stores Inc. (Walmart Pharmacy) with 4.17%, Kroger Health with 3.55%, Cardinal Health Inc.with 2.25%, Humana Pharmacy Solutions Inc.with 1.35%, UnitedHealth Group (OptumRx) with 1.25%, MedImpact Healthcare Systems Inc. with 1.23%, McKesson Corporation with 1.20%, Amazon Pharmacy with 0.75% and DocMorris (formerly Zur Rose Group) with 0.35%.
The metal cutting tools market is segmented by product into machining centers, lathe machines, boring machines, grinding machines, milling machines and other products. The machining centers market was the largest segment of the metal cutting tools market segmented by product, accounting for 27.32% or $8.08 billion of the total in 2024. Going forward, the milling machines segment is expected to be the fastest growing segment in the metal cutting tools market segmented by product, at a CAGR of 9.97% during 2024-2029.
The metal cutting tools market is segmented by material into cemented carbide, ceramics, polycrystalline diamond, cubic boron nitride, exotic materials and other materials. The cemented carbide market was the largest segment of the metal cutting tools market segmented by material, accounting for 47.15% or $13.95 billion of the total in 2024. Going forward, the polycrystalline diamond segment is expected to be the fastest growing segment in the metal cutting tools market segmented by material, at a CAGR of 8.33% during 2024-2029.
The metal cutting tools market is segmented by process into milling, turning, drilling, rotary and other process. The milling market was the largest segment of the metal cutting tools market segmented by process, accounting for 33.98% or $10.05 billion of the total in 2024. Going forward, the milling segment is expected to be the fastest growing segment in the metal cutting tools market segmented by process, at a CAGR of 8.01% during 2024-2029.
The metal cutting tools market is segmented by end user into automotive, aerospace and defense, construction, electronics, power generation and other end-users. The automotive market was the largest segment of the metal cutting tools market segmented by end user, accounting for 35.15% or $10.4 billion of the total in 2024. Going forward, the electronics segment is expected to be the fastest growing segment in the metal cutting tools market segmented by end user, at a CAGR of 8.28% during 2024-2029.
The top opportunities in the metal cutting tools market segmented by product will arise in the lathe machines segment, which will gain $3.21 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by material will arise in the cemented carbide segment, which will gain $6.09 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by process will arise in the milling segment, which will gain $4.72 billion of global annual sales by 2029. The top opportunities in the metal cutting tools market segmented by end user will arise in the automotive segment, which will gain $4.26 billion of global annual sales by 2029. The metal cutting tools market size will gain the most in the USA at $2.18 billion.
Market-trend-based strategies for the metal cutting tools market include focus on development of advanced cutting tools for faster, more reliable machining performance, focus on developing innovative laser systems designed for high-quality, large-scale fabrication, focus on developing advanced solid carbide milling cutters for enhanced performance across materials, focus on developing advanced milling tools for efficient and stable roughing operations and focus on innovative, user-friendly fiber laser technology for uncomplicated cutting.
Player-adopted strategies in the metal cutting tools market include focus on expanding its business capabilities through partnership to expand its operational capabilities and expanding its business capabilities through innovative product to expand its operational capabilities.
To take advantage of the opportunities, the analyst recommends the metal cutting tools market companies to focus on developing advanced, cost-effective cutting tools, focus on innovation in laser cutting technology for large-scale fabrication, focus on developing advanced solid carbide milling cutters for performance enhancement, focus on developing advanced milling tools for enhanced performance, focus on simplifying technology integration, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels for metal cutting tools, focus on pricing strategies for metal cutting tools, focus on enhancing digital presence, focus on targeted industry partnerships, focus on targeting electronics end-users in metal cutting tools market.
Major Market Trends
- Development of Advanced Cutting Tools for Faster, More Reliable Machining Performance
- Innovative Laser Systems Designed for High-Quality, Large-Scale Fabrication
- Advanced Solid Carbide Milling Cutters for Enhanced Performance Across Materials
- Advanced Milling Tool for Efficient and Stable Roughing Operations
- User-Friendly Fiber Laser Technology for Uncomplicated Metal Cutting
Key Mergers and Acquisitions
- ARCH Cutting Tools Corp. Acquired O-D Tool & Cutter, Inc.
- ARCH Cutting Tools Corp. Acquired BMWG LLC
- ARCH Cutting Tools Corp. Acquired VR Wesson
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Metal Cutting Tools Market - Macro-Economic Scenario
9 Global Market Size and Growth
10 Global Metal Cutting Tools Market Segmentation
11 Metal Cutting Tools Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Metal Cutting Tools Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Metal Cutting Tools Global Market Opportunities and Strategies to 2034 provides the strategists; marketers and senior management with the critical information they need to assess the global metal cutting tools market.Reasons to Purchase
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Description
Where is the largest and fastest-growing market for metal cutting tools? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The for metal cutting tools market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider for metal cutting tools market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by material, by process and by end user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the metal cutting tools market.
- Global Market Size and Growth - Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product, by material, by process and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies - Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for metal cutting tools providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Product: Machining Centres; Lathe Machines; Boring Machines; Grinding Machines; Milling Machines; Other Machines2) by Material: Cemented Carbide; Ceramics; Polycrystalline Diamond; Cubic Boron Nitride; Exotic Materials; Other Materials
3) by Process: Milling; Turning; Drilling; Rotary; Other Processes
4) by End User: Automotive; Aerospace and Defence; Construction; Electronics; Power generation; Other End-Users
Key Companies Profiled: Kennametal Ltd.; Kyocera Corporation; Mitsubishi Materials Corporation; Sandvik AB; Nachi-Fujikoshi Corp.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; metal cutting tools indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
The companies featured in this Metal Cutting Tools market report include:- Kennametal Ltd.
- Kyocera Corporation
- Mitsubishi Materials Corporation
- Sandvik AB
- Nachi-Fujikoshi Corp.
- Ceratizit S.A.
- Sumitomo Electric Carbide Inc.
- OSG Corporation
- Coherent Corp.
- Proterial Ltd.
- Suzhou Ahno Precision Cutting Tool Technology Co., Ltd
- Bodor
- Nidec Machine Tool Corporation
- Makino Asia Pte Ltd
- Hitachi Metals, Ltd
- Tungaloy Corporation
- Walter
- Klöckner & Co SE
- Headmade Materials GmbH
- Jenoptik
- Bystronic
- MSC Industrial Supply Co
- Mapal Dr. Kress KG
- Komet Group GmbH
- Dormer Pramet
- Fabryka Narzędzi FANAR S.A. (Fanar)
- Gurmeet Machinery Corporation
- Novovodolazkyi Abrasive
- Sasta JSC
- Haco Poland Sp. z o.o.
- KZTS (Krasny Proletary)
- Mirfo S.A.
- Machitech Automation
- OMTech
- ARCH Cutting Tools Corp
- O-D Tool & Cutter, Inc
- Ingersoll Cutting Tools
- Samtec Tools
- Guhring, Inc
- Regal Cutting Tools
- Cutting Tools Chicago
- RTS Cutting Tools
- NTK CUTTING TOOLS
- ISCAR
- BÖHLER Brazil
- Seco Tools
- TaeguTec
- Star SU
- GWEIKE
- Wenza
- Falcon Group
- Akko Makina
- Safatco Trading LLC
- IRON MFG TOOLS
- Sakht Abzar Pars Co
- Zhuzhou OBT Carbide tools Co., Ltd.
- OTURN Machinery
- DMG MORI
- Spectra Group
- Somta Tools
- French Engineering Works
- DaltronX
- TDC Cutting Tools
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 318 |
| Published | June 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 29.6 Billion |
| Forecasted Market Value ( USD | $ 58.2 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 64 |
