QY Research: Cutting Tools Market Presumed to Touch US$ 29.6 Billion by the end of 2026
Industry: Manufacturing
Cutting tools are extensively rising in demand as they reduce the production time and helps in maintaining the product quality. All industries strive to increase their production rates with efficient tools, hence demand for cutting tools are expected to rise in demand during the forecast period.
Los Angeles, CA (PRUnderground) February 25th, 2020
QY Research has recently published a research report titled “Global Cutting Tools Market Research Report 2020”. The report includes various factors that help in determining the growth opportunities of the market. According to the report, the global cutting tools market was worth US$22.8bn during 2019 and is expected to reach US$29.6bn by the end of 2026, registering a CAGR of 3.91% during the forecast period.
Research Methodology
The research report has been curated with the utilization of primary and secondary information sources. The report has researched for profundity data about the elements that influence the development of the market, for example, mechanical advancements, up and coming advances, government approach, chronicled information, important advancement, fragments, drivers, controls, difficulties, and openings. The report has consolidated top-down and bottom-up approaches to deal with the item type, application, regional division, and size of the organization. The report incorporates quantitative and qualitative information that are confirmed from essential research.
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Time Efficient Cutting Tools Demanded by Every Industry
Cutting tools are popularly known as cutters in the industrial sector. They are extensively used in every industry to eliminate material by shear deformation. Industrialization and manufacturing are essential obligation for developing sustainable economy thus, boosting the demand for cutting tools. The rise in global economy demands adequate production and this is the foremost driver for the cutting tools market.
Influence of AI to Boost Automotive Industry
Automotive industry is expected to dominate the global market as this industry is rapidly increasing owing to advancement in technology. Automotive industry is witnessing the influence of AI hence, the market has heavy investments and growth opportunities.
Asia Pacific to Lead the Global Market as it has the Largest Manufacturing Hub
Asia Pacific is expected to lead the global market during the forecast period as this region is the largest producer of numerous minerals along with being a well-established hub for manufacturing. The raw material production has boosted Asia Pacific to establish enormous manufacturing units in the region such as automotive sector and construction sector.
Key players are engaging in expanding the production capacities by bringing innovative tools in the global market. Mergers and acquisitions adopted by players are helping them expand their footprint regionally and globally. In 2017, Sumitomo Electric Carbide Inc. had started its operations in Dayton Plant, that was being operated by its subsidiary, Sumiden Wire Products Corporation in the U.S.
Key Player
The key players operating in the global cutting tools market are Sandvik, IMC Group, Mitsubishi, Kennametal, OS, Sumitomo Electric, Mapal, Kyocera, Nachi-Fujikoshi, YG-1, Shanghai Tool, ZCCCT, Union Tool, Korloy, LMT, Ceratizit, Guhring, Tivoly, Tiangong, and Harbin No.1 Tool.
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About QY Research
QY Research is a leading global market research and consulting company. Established in 2007 in Beijing, China, QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and custom research to help our clients in providing non-linear revenue models and make them successful. We are globally recognized for our expansive portfolio of services.
