Turning tools are used in finishing or cutting the outer diameter of workpieces. It consists of a replaceable insert which can vary depending on the shape, size, material, and geometry of the tool. The prominence and importance of these tools in the manufacturing industry as an asset for producing superior products is a vital point. The global turning tools market report by Market Research Future (MRFR) contains a detailed analysis of the market with a curated compilation of drivers, opportunities, restraints, and threats.
Prominent names in the global turning tools market include Union Tool Corporation, Ingersoll Cutting Tool Company, Mikron Tool SA Agno, Hanjiang Tool Co., Ltd., WNT Tools India Pvt Ltd., Kennametal Foundation, Sandvik Group, ISCAR LTD., NTK Cutting Tools, Shanghai Tool Works Co., Ltd., and others.
The market is intense with new players finding it difficult to compete with big players in terms of quality, function, features, and services. Introduction and development of new products while catering to the demand of high precision and cost-effective equipment are some of the primary strategies of the market.
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The global turning tools market is estimated to exhibit 6.9% CAGR from 2017 to 2023 (forecast period). Automation in the industrial sector to improve the production rate is the primary driver of the market. The focus of manufacturers of adopting advanced tools for reducing the production time without compromising on product quality can be beneficial to the market. High speed steel cutting tools are used in companies for mass production with high precision.
Implementation of metal cutting tools for enabling the production of accurate looking products is projected to drive market growth. The use of face drivers in turning machines to improve the production rate is estimated to spur the market. Moreover, different sizes of face drivers which enable workers to finish the work in one sitting without the need for rechecks can bode well for the market. The use of these said drivers for improving torque, speed, and feed rates can augur favorably for leaders in manufacturing looking to rise from their position.
Development of ultra-precision machining technology can evoke the demand for diamond-shaped turning tools which can be manufactured by skilled workers. The use of a vision guided automatic lapping system for improving the precision is likely to enhance the production speed drastically.
But rise in electromechanical machining can impede the market growth.
The global Turning Tools Market is segmented by product. Major products include inserts, boring, and others. Among the products, the boring segment is expected to dominate till the end of the forecast period. This can be attributed to the extensive of boring tool in drilling and casting processes for achieving concentricity, straightness, and sizing. On the other hand, inserts can gain market share rapidly due to various types used for shaping end-use products. For instance, round-shaped inserts are used in maximizing edge strength, while diamond-shaped inserts can be used in cutting fine edges or increasing the number of edges.
Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW) are major regions considered in the turning tools market report.
The APAC region is expected to lead the global market due to the constant year-on-year growth in manufacturing and automotive sectors in China and India. Rise in infrastructural projects in China and India can propel exceptional market demand. Advances in computer numeric control (CNC) machines combined with changing requirement of customers can drive the regional market demand. Integration of metal cutting tools in India to develop superior products on time with consistency can work in favor of the turning tools market.
Study Objectives of Global Turning Tools Market:
- To provide detailed analysis of the market structure along with forecast for the next 6 years of the various segments and sub-segments of the global turning tools market.
- To provide insights about factors affecting the market growth
- To Analyse the global turning tools market based on various factors such as Supply Chain Analysis, and Porter’s Five Force Analysis
- To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segments by product type, and region.
- To provide strategic profiling of key players in the market, comprehensively analysing their core competencies, and drawing a competitive landscape for the market
- To track and analyse competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the turning tools market.
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Scope of Report
The report for Global Turning Tools Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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
List of Figures
Figure 1 Research Product Type
Figure 2 Global Turning Tools Market: by Product Type(%)
Figure 3 Global Turning Tools Market: by Region
Figure 4 North America Turning Tools Market, by Product Type(%)
Figure 5 Europe Turning Tools Market, by Product Type(%)
Figure 6 Asia-pacific Turning Tools Market, by Product Type(%)
Figure 7 Row Turning Tools Market, by Product Type(%)
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