The global turning tools market is currently valued at almost USD 4 and is expected to surpass USD 5 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global turning tools market, under its tools and components portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Ingersoll Cutting Tool Company, ISCAR, Kennametal Foundation, Sandvik, Mikron Tool, NTK Cutting Tools, and WNT.
According to Sharan Raj, a lead analyst for tools and components research at Technavio, “The infrastructure planning in developing economies such as India and Indonesia will boost the growth of the global cutting tools market. Such developments are resulting in the increased demand for turning tools, leading to the growth of the market.”
The Smart Cities Mission, Make in India initiative, and Housing for All programs in India are expected to trigger construction activities in the country. Under the Smart Cities Mission initiative, the construction of cities is planned to be completed by 2022. Indonesia is another emerging nation in APAC, and it is contributing a double-digit share of its GDP in the construction sector.
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Additive manufacturing
3D printing or additive manufacturing is gaining traction in the global turning tools market. The additive nature of 3D printing, unlike traditional printing technologies, optimizes the use of material and, therefore, minimizes wastage of materials. In traditional cutting techniques, approximately 60%–70% of the material ends up as scrap, which is later melted and reused adding up to the cost. Replacing the traditional manufacturing techniques with 3D printing will result in significant reduction of capital costs, raw material costs, and costs to reclaim scrap.
Enhanced growth of fabricated metal products
Fabricated metals find application in ammunition, small arms, cutlery and utensils, stamped metal products, fasteners, springs, building products, tanks, cranes, and hardware. Mexico, Canada, and China rely heavily on the supply of US fabricated metals. Increased fabricated metal production in the US is leading to rising domestic demand for machine tools. Outside the US, major companies that are involved in the manufacture of fabricated metal products are Schaeffler Technologies in Germany, Toyo Seikan Kaisha in Japan, and Jiangsu Guotai International in China.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Turning Tools Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global HVAC Test Instruments Market 2017-2021
- Global Screw Machine Market 2017-2021
- Global Anti-Friction Bearing Market 2017-2021
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