The global steel-cutting tools market is anticipated to grow at a considerable CAGR of 6.5% during the forecast period (2024-2031). The ongoing industry 4.0 revolution promoted several major industries including automotive, aerospace, electronics, and medical device to expand their value chain. Emerging economies such as China and India are spending heavily on their infrastructure development. This heavy investment in infrastructure development is offering potential opportunities for contract makers of precision and accessory components, as well as power tool manufacturers, for high-end, specialized assembly operations.
Browse the full report description of “Steel Cutting Tools Market Size, Share & Trends Analysis Report by Tool Type (Indexable Inserts, Solid Round Tools), by Process (Milling, Drilling, Boring, Turning, Others (Tapping and Grinding)), by Product Type (Lathe Machines, Drilling Machines, Grinding Machines, Milling Machines), and by Application (Automotive, Electronics, Construction, Aerospace & Defense, Others (Medical, Oil & Gas)) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/steel-cutting-tools-market
Looking towards the market demand key players operating in the market are adopting several growth strategies such as mergers & acquisitions and collaborations to remain competitive in the global market. For instance, in August 2022, Sandvik acquired Sphinx Tools. With this acquisition, the company strengthened its position in round tools for machining solutions business and also expanded its product portfolio for high-growth areas of micro tools.
Further, in March 2021, Schneider Electric and AVEVA signed an agreement with Obeikan Digital Solutions (ODS). This partnership supports the industrial sector, and collaborates to help the Kingdom’s factories on Industry 4.0 through digital transformation.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By ToolType
o By Process
o By Product Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includesERASTEEL, Kennametal Inc., Nachi America Inc., OSG Korea Corp., and Niagara Cutter LLC, among others.
Key questions addressed by the report.
Global Steel Cutting Tools Market Report Segment
By Tool Type
By Process
By Product Type
By Application
Global Steel Cutting Tools Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• The Middle East & Africa
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