Turning Tools Market Industry Analysis, Size, Share, Growth, Trends and Forecast – 2023

09/ott/2020 08:36:50 Automotive Market Research Reports Contatta l'autore

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Turning tools are used in finishing or cutting the outer diameter of workpieces. It consists of a replaceable insert which can vary depending on the shape, size, material, and geometry of the tool. The prominence and importance of these tools in the manufacturing industry as an asset for producing superior products is a vital point. The global turning tools market report by Market Research Future (MRFR) contains a detailed analysis of the market with a curated compilation of drivers, opportunities, restraints, and threats.

Market Outlook

The global turning tools market is estimated to exhibit 6.9% CAGR from 2017 to 2023 (forecast period). Automation in the industrial sector to improve the production rate is the primary driver of the market. The focus of manufacturers of adopting advanced tools for reducing the production time without compromising on product quality can be beneficial to the market. High speed steel cutting tools are used in companies for mass production with high precision.

Implementation of metal cutting tools for enabling the production of accurate looking products is projected to drive market growth. The use of face drivers in turning machines to improve the production rate is estimated to spur the market. Moreover, different sizes of face drivers which enable workers to finish the work in one sitting without the need for rechecks can bode well for the market. The use of these said drivers for improving torque, speed, and feed rates can augur favorably for leaders in manufacturing looking to rise from their position.

Development of ultra-precision machining technology can evoke the demand for diamond-shaped turning tools which can be manufactured by skilled workers. The use of a vision guided automatic lapping system for improving the precision is likely to enhance the production speed drastically.

But rise in electromechanical machining can impede the market growth.

Segmentation Analysis

The global turning tools market is segmented by product. Major products include inserts, boring, and others. Among the products, the boring segment is expected to dominate till the end of the forecast period. This can be attributed to the extensive of boring tool in drilling and casting processes for achieving concentricity, straightness, and sizing. On the other hand, inserts can gain market share rapidly due to various types used for shaping end-use products. For instance, round-shaped inserts are used in maximizing edge strength, while diamond-shaped inserts can be used in cutting fine edges or increasing the number of edges.

Regional Analysis

Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the turning tools market report.

The APAC region is expected to lead the global market due to the constant year-on-year growth in manufacturing and automotive sectors in China and India. Rise in infrastructural projects in China and India can propel exceptional market demand. Advances in computer numeric control (CNC) machines combined with changing requirement of customers can drive the regional market demand. Integration of metal cutting tools in India to develop superior products on time with consistency can work in favor of the turning tools market.

Competitive Outlook

Prominent names in the global turning tools market include Union Tool Corporation, Ingersoll Cutting Tool Company, Mikron Tool SA Agno, Hanjiang Tool Co., Ltd., WNT Tools India Pvt Ltd., Kennametal Foundation, Sandvik Group, ISCAR LTD., NTK Cutting Tools, Shanghai Tool Works Co., Ltd., and others.

The market is intense with new players finding it difficult to compete with big players in terms of quality, function, features, and services. Introduction and development of new products while catering to the demand of high precision and cost-effective equipment are some of the primary strategies of the market.



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