Technological advancements and growing automotive industry to bolster global metal cutting tools market growth through 2024

According to a report published by TechSci Research on “Global Metal Cutting Tools Market By Material, By Process, By End-Use, By Region, Competition, Forecast & Opportunities, 2024”, global metal cutting tools market is predicted to grow at a CAGR of over 8.8% during 2019-2024, on the back of the growing automotive industry. Growth in the production of light vehicles is creating an additional demand for new welded automotive components, which in turn, is expected to fuel demand for metal cutting tools as well. Moreover, advancements in technology have also positively impacted the global market for metal cutting tools. The laser-based cutting machines will have a significant impact of the growth of the market for metal cutting tools.

Browse 3 market data Tables and 123 Figures spread through 110 Pages and an in-depth TOC on "Global Metal Cutting Tools Market"

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In terms of end-use, global metal cutting tools market is categorized into automotive, aerospace & defense, energy, and others. Among these, automotive category accounted for a significant share of global market for metal cutting tools in 2018. The growth of automotive category is majorly attributable to growing usage of metal cutting tools in automotive industry and increasing demand for passenger vehicles.

On the basis of regions, global metal cutting tools market is categorized into Asia-Pacific, North America, Europe, Middle East & Africa and South America. North America dominates the market due to growth in automotive and aerospace industries in the region. In addition, rising focus of countries in the region on defense budgets, is further expected to boost North America metal cutting tools market.

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“Global metal cutting tools market is expected to grow at a decent pace over the course of next five years. The growth in the market is led by growing demand for additive manufacturing. In addition, rapid industrialization and expansion of manufacturing industries in developing nations like India and China are leading to a greater need for tools and equipment, which is anticipated to positively influence global metal cutting tool market in the coming years.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Metal Cutting Tools Market By Material, By Process, By End-Use, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the 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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