Turning Tools Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 7.78 Billion
CAGR (2026-2031)	6.59%
Fastest Growing Segment	Automotive
Largest Market	North America
Market Size (2031)	USD 11.41 Billion

Market Overview

The Global Turning Tools Market will grow from USD 7.78 Billion in 2025 to USD 11.41 Billion by 2031 at a 6.59% CAGR. Turning tools are precision instruments utilized on lathes to shear material from a rotating workpiece and generate cylindrical geometries for diverse industrial applications. The primary drivers propelling this market include the sustained necessity for superior precision components within the automotive and aerospace sectors alongside the continuous production of general industrial machinery. These foundational industries necessitate consistent supplies of durable inserts and holders to maintain production schedules for critical mechanical parts.

Despite these strengths, the market encounters substantial obstacles regarding raw material price instability and oscillating industrial production rates which can dampen procurement. This volatility is reflected in recent association data regarding consumable tooling. According to the US Cutting Tool Institute and AMT, US cutting tool consumption totaled 2.43 billion dollars in 2024 which represented a 0.6 percent decline compared to the prior year. Such contraction highlights the difficulty suppliers face in achieving expansion during periods of varied demand across major manufacturing verticals.

Key Market Drivers

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Rising aerospace and defense manufacturing activity serves as a critical determinant for market trajectory, necessitating a consistent supply of high-grade turning inserts. Modern aircraft engines and landing gear components require precision turning operations on heat-resistant superalloys like Inconel and titanium, which accelerate tool wear and demand frequent replacement of cutting edges. The recovery in commercial aviation production is directly translating into higher consumption of these specialized consumables. According to Airbus, November 2024, in the 'Orders & Deliveries October 2024' update, the company delivered a cumulative total of 559 commercial aircraft year-to-date, signaling a robust uptick in manufacturing throughput that drives procurement of grooving and threading tools essential for maintaining complex aerospace geometries.

Concurrently, the expansion of automotive production and the electric vehicle transition are reshaping the demand for turning centers and compatible holders. While the shift to electrification alters powertrain configurations, it introduces strict tolerance requirements for motor shafts and transmission gears that rely on high-speed precision turning. According to the China Association of Automobile Manufacturers, November 2024, in the 'October 2024 Auto Industry Production' release, new energy vehicle production surged to 1.46 million units for the month, creating substantial volume requirements for durable, coated inserts capable of machining hardened steels. This sector-specific growth is supported by broader industrial capacity investments; according to AMT – The Association For Manufacturing Technology, November 2024, in the 'September 2024 USMTO Report', orders for manufacturing technology totaled 450.6 million dollars, indicating sustained capital expenditure that underpins future tooling market expansion.

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Key Market Challenges

Raw material price instability and oscillating industrial production rates constitute a significant barrier to the Global Turning Tools Market by creating an unpredictable procurement environment. When industrial output fluctuates, manufacturers in sectors such as automotive and aerospace delay capital expenditures and reduce inventory levels of consumable tooling to preserve cash flow. This hesitation disrupts the supply chain, forcing turning tool manufacturers to manage volatile demand schedules while simultaneously grappling with fluctuating costs for essential materials like tungsten and steel. The inability to forecast demand accurately leads to operational inefficiencies and revenue instability, as suppliers cannot optimize production runs or confidently manage their own stock levels during periods of contracted activity.

The impact of this unstable industrial activity is quantifiable in recent association data regarding equipment consumption. According to CECIMO, the European Association of Manufacturing Technologies, consumption of machine tools in European countries decreased by 17.2 percent in 2024 compared to the previous year. This sharp contraction illustrates how oscillating production rates directly depress the intake of manufacturing technologies, thereby reducing the volume of turning operations and subsequent demand for precision tools in major industrial markets.

Key Market Trends

The Shift Towards Sustainable and Recyclable Tooling Materials is fundamentally altering procurement strategies as manufacturers seek to mitigate scope 3 emissions and reduce dependency on virgin tungsten. Tooling producers are increasingly prioritizing the recovery of cemented carbide from used inserts to create new, high-performance turning tools that match the hardness of virgin equivalents while significantly lowering environmental impact. This circular approach helps stabilize supply chains against raw material volatility by creating a closed-loop material stream. According to Walter AG, December 2024, in the 'Create the Change' update, the carbon dioxide emissions of the company's indexable inserts are 36 percent lower than those made from virgin materials, a reduction attributed to a material composition containing 58 percent recycled tungsten carbide.

Concurrently, the Integration of Sensor-Embedded Smart Turning Tools is transitioning machining from a reactive to a data-driven discipline, creating value distinct from traditional hardware volume. By embedding connectivity directly into tool systems, operators can monitor vibration and cutting forces in real-time, allowing for immediate parameter adjustments that extend tool life and prevent failure on expensive components. This digital value stream is becoming a critical revenue avenue for suppliers even when traditional hardware demand fluctuates. According to Sandvik, October 2024, in the 'Interim report third quarter 2024', the company’s software business segment grew by mid-single digits organically, distinguishing itself as a growth vector even as organic order intake for the broader manufacturing and machining solutions division declined by 4 percent.

Segmental Insights

The Automotive segment is emerging as the fastest growing sector within the Global Turning Tools Market, primarily driven by the sustained increase in worldwide vehicle production. This rapid expansion is largely fueled by the strategic transition toward Electric Vehicles, which necessitates the precise machining of specialized components such as motor shafts, bearings, and transmission parts. Additionally, as manufacturers strive to comply with rigorous safety and efficiency standards, there is a critical demand for turning tools that deliver superior dimensional accuracy and surface finish. These evolving manufacturing requirements create a strong and continuous trajectory of growth for the automotive sector.

Regional Insights

North America currently maintains the leading position in the Global Turning Tools Market due to the robust expansion of the automotive and aerospace manufacturing sectors. The United States serves as a primary contributor to this growth, driven by the widespread adoption of computer numerical control machinery in heavy industry. Continuous investments in industrial automation and precision engineering further sustain this demand. Observations regarding manufacturing technology orders from the Association for Manufacturing Technology indicate a consistent reliance on metalworking equipment, logically validating the region's dominant market status.

Recent Developments

In October 2024, Kennametal Inc. broadened its turning portfolio with the launch of three new product lines, including TopSwiss turning inserts and KCU25B turning inserts. The TopSwiss line was engineered specifically for Swiss-type small parts machining, offering new carbide grades and geometries optimized for low-feed and high-depth-of-cut applications common in the medical and aerospace sectors. Simultaneously, the company introduced the KCU25B inserts for general turning operations, which feature a proprietary multi-layer coating designed to enhance wear resistance and surface finish quality across a diverse range of workpiece materials.
In September 2024, Mitsubishi Materials Corporation expanded its turning tool offerings with the release of the MC6135 grade, a new addition to the MC6100 series for steel turning. This grade was designed to accommodate a broad spectrum of applications, ranging from continuous turning to interrupted cutting. The inserts utilize crystal orientation control technology to achieve a thinner, yet impact-resistant coating that improves resistance to chipping and wear. This development provided end users with a versatile option for machining various steel components while maintaining high levels of productivity and process security.
In June 2024, Kyocera Corporation announced the development of "KGZ," a new cut-off solution designed for the machining of small parts. The tool features a unique clamp structure that firmly secures the insert to suppress chatter and ensure stable operation during high-load cutting. Coinciding with this release, the company introduced the "PR20 series," a PVD-coated insert grade specifically for the KGZ line. This new grade utilizes advanced nano-layer coating technology to resist oxidation and abrasion, thereby improving durability and precision when machining materials such as steel, stainless steel, and cast iron.
In February 2024, Sandvik Coromant introduced a new turning grade, GC2220, specifically engineered for the machining of austenitic and duplex stainless steels. This product was developed to address common challenges in stainless steel turning, such as plastic deformation and the need for high mechanical stability. The grade incorporates a proprietary coating technology designed to enhance wear resistance and extend tool life, even when subjected to high cutting forces and elevated temperatures. The launch aimed to provide manufacturers with a reliable solution for achieving consistent performance in demanding stainless steel applications.

Key Market Players

Ingersoll Werkzeuge GmbH
Sandvik AB
Mikron Tool SA
NTK CUTTING TOOLS Co., Ltd.
WNT Tools India Pvt Ltd.
Kennametal Inc.
Hanjiang Tool Corporation Limited
Shanghai Tool Works Co.,Ltd.
The Union Tool Corporation
ISCAR Ltd.

By Type	By Application	By Industry	By Region
Rough turning tools Finish turning tools	Conventional lathe machine CNC lathe machine	Automotive Electronics and electrical Aerospace Construction and mining Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Turning Tools Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Turning Tools Market, By Type:

Rough turning tools
Finish turning tools

Turning Tools Market, By Application:

Conventional lathe machine
CNC lathe machine

Turning Tools Market, By Industry:

Automotive
Electronics and electrical
Aerospace
Construction and mining
Others

Turning Tools Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Turning Tools Market.

Available Customizations:

Global Turning Tools Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

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Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Turning Tools Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Rough turning tools, Finish turning tools)

5.2.2. By Application (Conventional lathe machine, CNC lathe machine)

5.2.3. By Industry (Automotive, Electronics and electrical, Aerospace, Construction and mining, Others)

5.2.4. By Region

5.2.5. By Company (2025)

5.3. Market Map

6. North America Turning Tools Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Industry

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Turning Tools Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By Industry

6.3.2. Canada Turning Tools Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By Industry

6.3.3. Mexico Turning Tools Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.3.2.3. By Industry

7. Europe Turning Tools Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Industry

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Turning Tools Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By Industry

7.3.2. France Turning Tools Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By Industry

7.3.3. United Kingdom Turning Tools Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By Industry

7.3.4. Italy Turning Tools Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By Industry

7.3.5. Spain Turning Tools Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By Industry

8. Asia Pacific Turning Tools Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Industry

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Turning Tools Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By Industry

8.3.2. India Turning Tools Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By Industry

8.3.3. Japan Turning Tools Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By Industry

8.3.4. South Korea Turning Tools Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By Industry

8.3.5. Australia Turning Tools Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By Industry

9. Middle East & Africa Turning Tools Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Industry

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Turning Tools Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By Industry

9.3.2. UAE Turning Tools Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By Industry

9.3.3. South Africa Turning Tools Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By Industry

10. South America Turning Tools Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Industry

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Turning Tools Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By Industry

10.3.2. Colombia Turning Tools Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By Industry

10.3.3. Argentina Turning Tools Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By Industry

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Turning Tools Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Ingersoll Werkzeuge GmbH

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Sandvik AB

15.3. Mikron Tool SA

15.4. NTK CUTTING TOOLS Co., Ltd.

15.5. WNT Tools India Pvt Ltd.

15.6. Kennametal Inc.

15.7. Hanjiang Tool Corporation Limited

15.8. Shanghai Tool Works Co.,Ltd.

15.9. The Union Tool Corporation

15.10. ISCAR Ltd.

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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