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.
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“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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TechSci Research
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