Cutting tool & machine tool accessory industry comprises of the sales of cutting tool & machine tool accessory by numerous entities that produce various accessories & attachments for metal cutting & metal forming machine tools. These tools include knives and bits for metalworking lathes, planers, shapers, measuring attachments for machine tools, metalworking drill bits and taps & dies (like machine tool accessories).
Cutting tools are generally designed with inserts or replaceable tips & solid round tools. In these, the cutting edge comprises of a separate piece of material, either brazed & welded, or clamped on to the tool body. Machine tools are stationary & power-driven equipment, basically utilized for cutting or forming the metals or any other hard materials. They generally shape the work-piece by eliminating the extra material and help in performing various operations like drilling, grinding, abrading, and nibbling. Additionally, advanced & modern machine tools are numerically, or computer-controlled that improves the product uniformity & decreases the human interaction required in the process.
As per analysis, “Cutting Tool And Machine Tool Accessory Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the renowned companies that are presently operating in the cutting tool & machine tool accessory industry include Allied Machine & Engineering; Doosan Machine Tools; Sandvik; Kennametal Inc; Amada Co Ltd. With the growing preference for automation, the major companies are focusing on developing more automated solutions. The market is also witnessing the trend of consolidation with mergers & acquisitions. These strategies help the organizations to enter new market areas and gain new customers.
Based on type, cutting tool and machine tool accessory market is segmented as machine tool types & dies, measuring measurement, metalworking knives & bits and metalworking drill bits. In addition, based on application, market is segmented as manufacturing, automotive and others.
The cutting tool and machine tool accessory market is driven by rapid advancements in technologies, followed by lower operating costs of these accessories, rise in demand from the automotive industry and growth in demand for higher productivity and reduction in downtime. However, high purchasing & maintenance costs of these accessories may impact the market. Additionally, growth in technologies such as artificial intelligence, 3D printing, and big data analytics is a key opportunity for market. Moreover, advanced sensors, mobile applications, and embedded software also created new opportunities for companies in the market.,
Based on geography, the Western Europe is a leading region in global cutting tool and machine tool accessory market owing to presence of small & medium size local and global players across the region. The Asia-Pacific and North-America regions are estimated to witness higher growth rate due to rapid growth in construction & manufacturing industries over the forecast period. It is anticipated that future of the global cutting tool and machine tool accessory market will be bright on account of extensive applications of these tools within industries such as electronics, aerospace, automotive, and precision engineering during the forecast period.
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Global Cutting Tool and Machine Tool Accessory Market
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