The global metal cutting tools market was valued at US$22.2 billion in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 8.8 percent to reach US$38.3 billion by 2024, according to a new report by TechSci Research.
The growth is attributed to growing demand for additive manufacturing—the process of creating three-dimensional objects using a digital file. 3D printing in aerospace and automotive industries enables the production of complex geometries that are either arduous or impossible to do with traditional manufacturing techniques. As a result, replacement of traditional manufacturing techniques with 3D printing will significantly reduce the capital costs, raw material costs, and costs to reclaim scrap in the coming years.
Carbide is expected to continue its dominance in the materials category, which also includes ceramics, cubic boron nitride (CBN) and polycrystalline diamond (PCD), amongst others. In the terms of process, milling accounts for the largest share in the global metal cutting tools market.
From the geographical perspective, North America dominates the metal cutting tools industry due to the growing demand for lightweight passenger vehicles and increasing aerospace and defence budget in the region.
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