Cutting Tools Market to Hit $13.26 Bn by 2028, Launch of New Product with Distinctive Features Will Skyrocket the Competition

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23 May, 2023, 14:55 ET

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CHICAGO, May 23, 2023 /PRNewswire/ -- According to Arizton's latest research report, the cutting tools market will grow at a CAGR of 5.72% from 2022 to 2028.

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Browse In-Depth TOC on the Cutting Tools Market 128 – Tables 142 – Charts 338 – Pages

Globally, new construction and remodeling in the residential sector are on the rise among customers. The COVID-19 pandemic has brought about a few emerging characteristics and disordering for the new-age construction and remodeling era across the expanding industry. Post-pandemic, people focus on working remotely to sell and buy new homes or renovate their flats or residential homes. Furthermore, the demand for specialty constructions such as flooring, interior design, and aesthetic constructions is expected to increase by over 12% throughout the projection period. As a result, the power & hand tool market is anticipated to grow, thereby supporting the cutting tools market.

Cutting Tools Market Report Scope

Report Attributes

Details

Market Size (2028)

USD 13.26 Billion

Market Size (2022)

USD 9.50 Billion

CAGR (2022-2028)

5.72 %

Base Year

2022

Forecast Year

2023-2028

Market Segmentation

Tool Type, Product, End-User, Distribution Channel, and Geography

Geographic Analysis

North America, Europe, APAC, Latin America, and Middle East & Africa

Countries Covered

China, Japan, India, Australia, South Korea, the US, Canada, Germany, France, the UK, Italy, Spain, Saudi Arabia, South Africa, the UAE, Brazil, Mexico, and Argentina

Market Dynamics

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Over the last few decades, rising urbanization and population growth have propelled the global construction sector. Due to enormous prospects in residential, commercial, and infrastructure building, the construction sector is expected to increase. Due to rising urbanization in large cities, most emerging countries have expanded housing building and infrastructure spending. Mergers and acquisitions, in which large and well-established organizations purchase companies and join the construction sector, have also been increasingly common in recent years. In the construction business, over 100 cross-border agreements were registered in 2019, nearly 45% being mergers and acquisitions among worldwide enterprises. In the construction business, APAC had the biggest mergers and acquisitions.

Vendors Insights

A fundamental shift in competition is anticipated in the market due to several upcoming construction projects in the residential and commercial areas. Many vendors are looking to expand their product portfolios using the latest technologies to widen their footprint in the market and cater to a growing customer base. Furthermore, vendors in the market must devote significant efforts and resources to launch innovative and upgraded cutting tools with better performance that cater to consumer demands. Vendors must continuously analyze market trends to design, develop, and manufacture new products with distinctive features like better lifespan, additional oil injection, and improved heat resistance.

The market competition is expected to intensify further with an increase in product expansions, technological innovation growth, and mergers and acquisitions activities, which broaden the scope for consuming a wide range of cutting tools in the market. Arizton believes that global players will grow inorganically by acquiring regional or local players in the future. Furthermore, companies with better technical and financial resources can develop innovative products with required accessories, threatening competitors' products and making them non-competitive and even obsolete before recovering R&D and commercialization costs.

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Post-Purchase Benefit    

Rising Demand for Luxury Vinyl Tiles Creating Market Opportunities

Luxury Vinyl Tile (LVT) is becoming increasingly popular in the market. LVTs are mainly polished and better-looking versions of typical vinyl floors. Thus, they are more durable, gorgeous, and high quality with low maintenance at excellent prices. These tiles appeal to customers through various colors and styles, from traditional to modern shapes and forms. In addition, with LVT, hardness in finishing or tears & gauges can be avoided. Nowadays, luxury vinyl is available in wooden look form with a soft underfoot feeling and in tile and plank form. LVT is mainly preferred for bedrooms, fancy areas, and living rooms for a perfect finish and classy look. Hence, the residential sector is expected to create considerable demand for LVT, supporting the market demand for cutting tools in the upcoming years.

Nowadays, major companies are inclining toward manufacturing and production of LVTs in the market. Victoria, Beaulieu International Group, Interface, Forbo Management, MOHAWK INDUSTRIES, and others are some of the well-known LVT manufacturing firms in the market. These organizations have different business segments of luxury vinyl tiles. According to the annual report of MOHAWK INDUSTRIES, in 2021, LVTs were the fastest-growing flooring product in the North American market. The company will start a new LVT operation to support more than $160 million sales.

Rising Home Improvements & Do-It-Yourself Activities Latest Trends in the MarketIn developed economies such as the U.S. and Europe, many adults engage in purposeful and creative leisure activities, with some investing in home improvement and maintenance based on personal interests. Consumers in countries like France, Germany, Italy, and the UK consider DIY activities a significant hobby. The concept is also gaining popularity in developing economies such as India, Brazil, and South Africa. The growing interest among consumers in undertaking their projects and maintaining a sustainable environment has increased the demand for D.I.Y products such as cutting tools. During the pandemic, many people turned to DIY activities to relieve stress and take care of tasks to reduce costs while staying indoors. The concept of D.I.Y is well-adopted in Western countries, with most American regions contributing to nearly 81% of the market share in the D.I.Y industry. This trend is expected to continue during the forecast period. The surge in the D.I.Y industry is projected to grow due to the high penetration of media presence, including television, social media, and videos, which have helped recreate home improvement projects. Western countries like North America and Canada actively engage in D.I.Y activities. Additionally, many retail stores like supermarkets and hypermarkets have enabled significant growth for many vendors in the D.I.Y segment.

Key Company Profiles

Market Segmentation

Tool Type

Product

Material Type

End-User

Distribution Channel

Geography

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Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY TOOL TYPE

4.3.2 MARKET SEGMENTATION BY PRODUCT

4.3.3 MARKET SEGMENTATION BY MATERIAL

4.3.4 MARKET SEGMENTATION BY END-USER

4.3.5 MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

4.3.6 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 FUTURE MARKET ANALYSIS

6.1.1 RISING HOME IMPROVEMENTS & DIY ACTIVITIES

6.1.2 RISING USAGE OF CUTTING TOOLS IN GENERAL MANUFACTURING INDUSTRIES

6.2 SEGMENTATION ANALYSIS

6.2.1 TOOL TYPE

6.2.2 PRODUCT

6.2.3 MATERIAL

6.3 GEOGRAPHICAL ANALYSIS

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW

8.2 CLASSIFICATION OF CUTTING TOOLS

8.2.1 SINGLE POINT

8.2.2 DOUBLE POINT

8.2.3 MULTI POINT

8.3 RISING METAL WORK

9 MARKET OPPORTUNITIES & TRENDS

9.1 EMERGING CONSTRUCTION INDUSTRY

9.2 RISING DEMAND FOR LUXURY VINYL TILES

9.3 ROBUST INCREASE IN NEW CONSTRUCTION AND REMODELING IN RESIDENTIAL SECTOR

10 MARKET GROWTH ENABLERS

10.1 RISING HOME IMPROVEMENTS & DIY ACTIVITIES

10.2 RISING USAGE OF CUTTING TOOLS IN GENERAL MANUFACTURING INDUSTRIES

10.3 DEVELOPING PROMINENCE OF ASIAN MANUFACTURING

11 MARKET RESTRAINTS

11.1 LOW-COST LABOR

11.2 OSCILLATION IN COST OF RAW MATERIALS

12 MARKET LANDSCAPE

12.1 MARKET SIZE & FORECAST

12.1.1 VALUE & VOLUME

12.2 FIVE FORCES ANALYSIS

12.2.1 THREAT OF NEW ENTRANTS

12.2.2 BARGAINING POWER OF SUPPLIERS

12.2.3 BARGAINING POWER OF BUYERS

12.2.4 THREAT OF SUBSTITUTES

12.2.5 COMPETITIVE RIVALRY

13 TOOL TYPE

13.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

13.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

13.3 MARKET OVERVIEW

13.4 INDEXABLE

13.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.4.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

13.5 SOLID ROUND

13.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

13.5.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

14 PRODUCT

14.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

14.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

14.3 MARKET OVERVIEW

14.4 GROOVERS

14.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.4.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

14.5 REAMERS

14.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.5.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

14.6 MILLING CUTTERS

14.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.6.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

14.7 DRILLS

14.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.7.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

14.8 OTHERS

14.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

14.8.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

15 MATERIAL

15.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

15.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

15.3 MARKET OVERVIEW

15.4 CEMENTED CARBIDE

15.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.4.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

15.5 HIGH-SPEED STEEL

15.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.5.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

15.6 CERAMICS

15.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.6.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

15.7 CBN

15.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.7.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

15.8 OTHERS

15.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

15.8.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16 END-USER

16.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

16.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

16.3 MARKET OVERVIEW

16.4 AUTOMOTIVE

16.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.4.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.5 GENERAL MANUFACTURING

16.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.5.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.6 OIL & GAS

16.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.6.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.7 AEROSPACE & DEFENSE

16.7.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.7.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.8 ELECTRONIC

16.8.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.8.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.9 MEDICAL

16.9.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.9.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

16.10 OTHERS

16.10.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

16.10.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

17 DISTRIBUTION CHANNEL

17.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

17.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

17.3 MARKET OVERVIEW

17.4 OFFLINE

17.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17.4.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

17.5 ONLINE

17.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

17.5.2 MARKET BY GEOGRAPHY (VALUE & VOLUME)

18 GEOGRAPHY

18.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

18.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

18.3 GEOGRAPHIC OVERVIEW

19 APAC

19.1 MARKET SIZE & FORECAST

19.1.1 VALUE & VOLUME

19.2 TOOL TYPE

19.2.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.3 PRODUCT

19.3.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.4 MATERIAL

19.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.5 END-USER

19.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.6 DISTRIBUTION CHANNEL

19.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7 KEY COUNTRIES

19.7.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

19.7.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

19.7.3 CHINA: MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7.4 JAPAN: MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7.5 INDIA: MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7.6 AUSTRALIA: MARKET SIZE & FORECAST (VALUE & VOLUME)

19.7.7 SOUTH KOREA: MARKET SIZE & FORECAST (VALUE & VOLUME)

20 NORTH AMERICA

20.1 MARKET SIZE & FORECAST

20.1.1 VALUE & VOLUME

20.2 TOOL TYPE

20.2.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.3 PRODUCT

20.3.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.4 MATERIAL

20.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.5 END-USER

20.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.6 DISTRIBUTION CHANNEL

20.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

20.7 KEY COUNTRIES

20.7.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

20.7.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

20.7.3 US: MARKET SIZE & FORECAST (VALUE & VOLUME)

20.7.4 CANADA: MARKET SIZE & FORECAST (VALUE & VOLUME)

21 EUROPE

21.1 MARKET SIZE & FORECAST

21.1.1 VALUE & VOLUME

21.2 TOOL TYPE

21.2.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.3 PRODUCT

21.3.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.4 MATERIAL

21.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.5 END-USER

21.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.6 DISTRIBUTION CHANNEL

21.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7 KEY COUNTRIES

21.7.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

21.7.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

21.7.3 GERMANY: MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7.4 FRANCE: MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7.5 UK: MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7.6 ITALY: MARKET SIZE & FORECAST (VALUE & VOLUME)

21.7.7 SPAIN: MARKET SIZE & FORECAST (VALUE & VOLUME)

22 MIDDLE EAST & AFRICA

22.1 MARKET SIZE & FORECAST

22.1.1 VALUE & VOLUME

22.2 TOOL TYPE

22.2.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22.3 PRODUCT

22.3.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22.4 MATERIAL

22.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22.5 END-USER

22.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22.6 DISTRIBUTION CHANNEL

22.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

22.7 KEY COUNTRIES

22.7.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

22.7.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

22.7.3 SAUDI ARABIA: MARKET SIZE & FORECAST (VALUE & VOLUME)

22.7.4 SOUTH AFRICA: MARKET SIZE & FORECAST (VALUE & VOLUME)

22.7.5 UAE: MARKET SIZE & FORECAST (VALUE & VOLUME)

23 LATIN AMERICA

23.1 MARKET SIZE & FORECAST

23.1.1 VALUE & VOLUME

23.2 TOOL TYPE

23.2.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

23.3 PRODUCT

23.3.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

23.4 MATERIAL

23.4.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

23.5 END-USER

23.5.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

23.6 DISTRIBUTION CHANNEL

23.6.1 MARKET SIZE & FORECAST (VALUE & VOLUME)

23.7 KEY COUNTRIES

23.7.1 MARKET SNAPSHOT & GROWTH ENGINE (VALUE)

23.7.2 MARKET SNAPSHOT & GROWTH ENGINE (VOLUME)

23.7.3 BRAZIL: MARKET SIZE & FORECAST (VALUE & VOLUME)

23.7.4 MEXICO: MARKET SIZE & FORECAST (VALUE & VOLUME)

23.7.5 ARGENTINA: MARKET SIZE & FORECAST (VALUE & VOLUME)

24 COMPETITIVE LANDSCAPE

24.1 COMPETITION OVERVIEW

25 KEY COMPANY PROFILES

25.1 KENNAMETAL INC

25.1.1 BUSINESS OVERVIEW

25.1.2 PRODUCT OFFERINGS

25.1.3 KEY STRATEGIES

25.1.4 KEY STRENGTHS

25.1.5 KEY OPPORTUNITIES

25.2 OGS CORPORATION

25.3 ISCAR LTD

26 OTHER PROMINENT VENDORS

26.1 MAPAL DR. KRESS KG

26.1.1 BUSINESS OVERVIEW

26.1.2 PRODUCT OFFERINGS

26.2 MAKITA CORPORATION

26.3 ROBERT BOSCH

26.4 STANLEY BLACK & DECKER

26.5 KELIN TOOLS

26.6 ICS CUTTING TOOLS INC

26.7 SNAP-ON INCORPORATED

26.8 OTTO BAIER GMBH

26.9 HILTI CORPORATION

26.10 SANDVIK AG

26.11 INGERSOLL CUTTING TOOLS

26.12 FRAISA SA

26.13 KYOCERA

26.14 J SCHNEEBERGER MASCHINEN AG

26.15 VOLLMER

26.16 CERATIZIT GROUP

26.17 HIKOKI

27 REPORT SUMMARY

27.1 KEY TAKEAWAYS

27.2 STRATEGIC RECOMMENDATIONS

28 QUANTITATIVE SUMMARY

28.1 MARKET BY GEOGRAPHY

28.2 MARKET BY TOOL TYPE

28.3 MARKET BY PRODUCT

28.4 MARKER BY MATERIAL

28.5 MARKET BY END-USER

28.6 MARKET BY DISTRIBUTION CHANNEL

29 APPENDIX

29.1 ABBREVIATIONS

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