Asia-Pacific to Lead Global Metal Cutting Tools Market till 2024

Technological advancements and growing automotive industry to bolster global metal cutting tools market through 2024

According to TechSci Research report, “Global Metal Cutting Tools Market By Material, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global metal cutting tools market is forecast to grow at a CAGR of over 7% during 2019-2024, on the back of growing automotive industry. Increasing production of light vehicles is resulting in additional demand for new welded automotive components, which is in turn is expected to boost demand for metal cutting tools. Moreover, technological advancements are anticipated to have a positive impact on the global market for metal cutting tools. Laser-based cutting machines would further fuel the market during forecast period.

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In terms of application, the industrial category accounted for a significant share of the global market for metal cutting tools in 2018, owing to growing use of metal cutting tools in the automotive industry. The industrial category can be further categorized into machinery, automotive, aerospace and others. Asia-Pacific is the largest market for metal cutting tools across the globe, on account of growing automotive and industrial sectors in the region. With number of countries increasing their defense budgets, it is expected that the global market for metal cutting tools will register strong growth in the near future. Additionally, rapid industrialization and expansion of manufacturing in India and China are leading to a greater need for tools and equipment.

“Growing demand for additive manufacturing and huge demand from the aerospace industry is expected to drive global metal cutting tools market during the forecast period. Moreover, demand for metal cutting tools in the US and Europe is expected to increase in the coming years, which in turn would offer lucrative growth opportunities to market players.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Metal Cutting Tools Market By Material, By Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global metal cutting tools market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global metal cutting tools market.

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