Market Research Future (MRFR) reveals that the global turning tools market 2020 can expand at an approx. rate of 6.9% from 2017 to 2023 (forecast period).
Growth Drivers and Key Barriers
The mounting need to create better-quality products is one of the chief growth inducing factors in the turning tools market. Manufacturers are increasingly adopting advanced tools to reduce production time while enhancing the quality of the product. Turning tools find extensive use in aerospace, automotive, agricultural machinery, oil and gas, and others. Surge in the number of construction activities around the world is encouraging market growth.
Turning tools find a lot of use by several companies to develop goods with high precision. Failure to adhere to the design specifications boosts the need for re-machining the workpiece, which increases the time as well as the cost, proving to be an issue for the manufacturers and customers in the value chain. Also, the effective use of turning tools facilitates the production of dimensionally accurate products, allowing manufacturers to compete on a global level, which also works in favor of the market.
One of the top trends gaining massive traction in the turning tools market includes the rising use of face drivers. The use of face drivers in work holding turning machines helps improve the production as well as quality while reducing the cycle time. Also, varying sizes of face drivers based on the shaft are available in the market, helping the operator finish the work in only one clamping, preventing the chances of a second operation, which involves rechecking.
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Sandvik Group (Sweden)
Mikron Tool SA Agno (Switzerland)
Hanjiang Tool Co., Ltd. (China)
ISCAR LTD. (Israel)
Ingersoll Cutting Tool Company (U.S.)
Shanghai Tool Works Co. Ltd. (China)
WNT Tools India Pvt Ltd. (India)
Union Tool Corporation (Japan)
Kennametal Foundation (U.S.)
NTK Cutting Tools (Japan)
The market for turning tools has been segmented on the basis of type.
The types of turning tools are boring, inserts, and others. Boring type is the leading segment in the turning tools market, as its use in drilling and casting helps achieve straightness, concentricity, and sizing. The insert type of turning tool is usually made of materials like carbide, although materials like ceramic and diamond are also used, depending on the applications. The inserts segment is projected to garner greater success in the near future, on account of the availability of a variety of shaped insert tools.
North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW) are the top regions where the turning tools market size is anticipated to expand from 2017 to 2023. The latest trends in all the regional markets have been carefully studied in the report, offering the latest updates and growth opportunities.
APAC is the dominating regional market for turning tools, backed by the rapidly expanding automotive and manufacturing sectors in developing nations like India and China. The region also shows the potential to achieve the fastest growth rate in the coming years, because of the significant influx of investment in industries like oil and gas, railways, and automotive. Some of the top players in the regional market are Yamazaki Mazak Corporation, DMG Mori, and OKUMA Corporation, to name a few.
Automation in the automotive and mining industry boosts the demand for the turning tools market in Europe. With the rising integration of machines with cobot and robot to enhance productivity and bring down internal complexities can benefit the regional market. Sizeable investments in related sectors like IoT, AI, automation, cloud computing, and their integration in turning tools can enhance the competitiveness between the leading machine tools vendors in the region.
Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Turning Tools Market, By Product Type
5 Regional Market Analysis
5.2 North America
5.3.5 Rest Of Europe
5.4.4 Rest Of Asia-Pacific
5.5 Rest Of The World
LIST OF TABLES
TABLE 1 GLOBAL TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 2 GLOBAL TURNING TOOLS MARKET, BY REGIONS
TABLE 3 NORTH AMERICA TURNING TOOLS MARKET, BY COUNTRY
TABLE 4 NORTH AMERICA TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 5 U.S. TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 6 CANADA TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 7 EUROPE TURNING TOOLS MARKET, BY COUNTRY
TABLE 8 EUROPE TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 9 GERMANY TURNING TOOLS MARKET, BY PRODUCT TYPE
TABLE 10 FRANCE TURNING TOOLS MARKET, BY PRODUCT TYPE
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