Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- The global high speed cutting tools market size is expected to surge rapidly due to the rapidly progressing manufacturing sector. Furthermore, increasing adoption of the tools for aircraft drill bits’ adoption is expected to foster market growth. Fortune Business Insights™ presents this information in its report titled “High Speed Cutting Tools Market, 2022-2029.”
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Some of the Leading Companies Profiled in the High Speed Cutting Tools Market:
- Addison & Co., Ltd., Inc. (Pune, India)
- Bohler Uddeholm Corporation (Illinois, U.S.)
- BIG Kaiser Precision Tooling (Switzerland)
- Erasteel SAS (Paris, France)
- Kennametal, Inc. (Pennsylvania, U.S.
- Nippon Koshuha Steel Group (Tokyo, Japan)
- Nachi America, Inc. (U.S.)
- OSG Korea Corporation (Daego, South Korea)
- Niagara Cutter, Inc. (Niagara Cutter Pennsylvania, Inc.)
- Sandvik AB (Stockholm, Sweden)
- Sumitomo Electric Industries (Osaka, Japan)
- Dormer Tools, Inc., Ltd. (Pune, India)
- Tiangong International (China)
- Walter AG (Tübingen, Germany)
- Tivoly, Inc. (U.S.)
- Greenfield Industries, Inc. (U.S.)
- LMT Tools USA L.P (Illinois, U.S.)
- Sutton Tools (Australia)
COVID-19 Impact:
Manufacturing Restrictions to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions imposed on manufacturing. The sudden spike in COVID infections led to governments' imposition of stringent lockdown norms. This factor heavily disrupted the supply chain. Furthermore, the restrictions imposed on transport led to a shortage of raw materials. However, the resumption of production activities, switch to automated production techniques and part-time shifts by manufacturers are expected to propel the market development.
Segmentation
By type, the market is segmented into metal cutting tools, cold working tools, and others. Based on application, it is classified into automobiles, aerospace, construction equipment, industrial equipment, heavy electrical machines, and others. Regionally, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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https://www.fortunebusinessinsights.com/high-speed-steel-cutting-tools-market-106038
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By Type, By Technology, By Industry, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Addison & Co., Ltd., Inc., Bohler Uddeholm Corporation, BIG Kaiser Precision Tooling, Erasteel SAS, Kennametal, Inc., Nippon Koshuha Steel Group, Nachi America, Inc., OSG Korea Corporation, Niagara Cutter, Inc, Sandvik AB, Sumitomo Electric Industries, Dormer Tools, Inc., Ltd., Tiangong International, Walter AG, Tivoly, Inc., Greenfield Industries, Inc, LMT Tools USA L.P, Sutton Tools & others. |
| High Speed Cutting Tools Market | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Driving Factors
Rising Demand for Superior Quality Products to Foster Market Development
High speed cutting tools are used for cutting, casting, shaping, taps, mills, and grinding. The rising demand for superior quality cutting tools and products is expected to bolster cutting tools’ demand in the manufacturing sector. Furthermore, the increasing demand for high speed cutting tools for the production of aircraft components, industrial machinery, automobile parts, and others may foster its demand globally. Moreover, rising awareness regarding cutting tools’ operational efficiency, improved design, and other advantages is expected to enhance its sales globally. These factors may drive high speed cutting tools market growth.
However, the rising adoption of carbide cutting tools from several end-use sectors may impede the market’s progress.
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Regional Insights
Emergence of Electric Vehicles to Bolster Market Growth in North America
North America is expected to dominate the high speed cutting tools market share because of the emergence of electric vehicles. The rising demand for electric vehicles increases the demand for high speed cutting tools. Further, the presence of major players such as BIG Kaiser Production, Kennametal, Inc., LMT Tools USA L.P, and Greenfield Industries, Inc. is expected to propel industry progress.
In Europe, the rising industrialization and increasing construction activities are expected to boost high speed cutting tools’ demand. Further, the rapidly progressing automobile sector is expected to enhance industry growth. For example, the presence of a developed automobile hub in Germany is expected to boost the cutting tools’ adoption. These factors may propel market progress.
In Asia Pacific, robust demand for high speed cutting tools from the automobile & aerospace sector is expected to propel product demand. Furthermore, the rising demand for high speed steel cutting tools from plastic & aerospace plastic and the automotive sector is expected to enhance market progress.
Competitive Landscape
Prominent Players Engage in Partnerships to Enhance Brand Awareness
Prominent companies operating in the market engage in partnerships to enhance brand awareness. For example, Kennametal Inc. partnered with TITANS of CNC on its Aerospace Academy online education platform in September 2021. This platform is designed to educate programmers and machinists regarding next-generation aerospace manufacturing and machining. This development may enable Kennametal Inc. to enhance its brand awareness globally. Further, players adopt acquisitions, mergers, partnerships, and expansions to enhance their market positions.
Industry Development
- March 2021: BIG KAISER Precision Tooling Inc. partnered with Okuma America Corporation’s Partners in the THINC network. It is a collaborative network of nearly 40+ companies involved in the metal manufacturing and cutting industries.
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