GITNUX MARKETDATA REPORT 2024

Cutting Tools Industry Statistics

The Cutting Tools Industry is anticipated to experience moderate growth in the coming years due to increasing demand in various sectors such as automotive, aerospace, and manufacturing.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will dive into key statistics and trends in the cutting tools industry based on the latest data available. From the global market size to regional insights and sector-specific analyses, we will explore the significant figures that shape this dynamic sector. Stay tuned to gain valuable insights into the cutting tools industry landscape.

Statistic 1

"The global cutting tools market size was valued at USD 32.33 billion in 2019."

Statistic 2

"The North America Cutting Tools market accounted for USD 11.10 billion in 2018."

Statistic 3

"Market share of the cutting tools industry in North America is expected to reach 34.7% by 2027."

Statistic 4

"Carbide cutting tools accounted for more than 51.9% share in the cutting tools market in 2019."

Statistic 5

"The metal-cutting tools segment generated the highest revenue, over 71.9% in 2017."

Statistic 6

"The Asia-Pacific region captured the most significant cutting tool market share, around 49%, in 2019."

Statistic 7

"The market for global cutting tools is expected to reach $41 billion by 2025."

Statistic 8

"The global market for cutting tool inserts is expected to grow at a CAGR of 8.62% between 2021 and 2026."

Statistic 9

"The automotive industry is the dominant sector for the cutting tools market, generating around 40% revenue in 2017."

Statistic 10

"The cutting tools industry contributed to around 40% share of the total machine tools market in Japan in 2019."

Statistic 11

"The cutting tools market in Germany is expected to grow at a CAGR of 7.1% between 2019-2023."

Statistic 12

"The cutting tools market in Russia was valued at $394 million in 2017."

Statistic 13

"The global cutting tools market size in the industrial sector was valued at USD 16.47 billion in 2019."

The cutting tools industry is experiencing significant growth and evolution, with various regions and sectors playing key roles in shaping its trajectory. The market size has shown steady increases globally, with North America and Asia-Pacific leading the way in market share. Carbide cutting tools and metal-cutting tools have been dominant in the industry, highlighting trends towards efficiency and durability. Projections for the future point towards continued growth, particularly in sectors such as automotive and machine tools. With advancements in technology and manufacturing processes, the cutting tools market is poised for further expansion and innovation in the coming years.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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