Cutting Tools Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Cutting Tools Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023
Global Cutting Tools Market Information Report by Product Type (Hand Cutting Tools and Power Cutting Tools), by Application (Industrial, Construction, Household and Others) and By Region – Global Forecast To 2023
Robert Bosch GmbH (Germany), Makita Power Tools India Pvt. Ltd. (India), Stanley Black & Decker, Inc. (U.S.), ICS Cutting Tools, Inc. (U.S.), J.C. Bamford Excavators Limited (U.K.), Hitachi Koki Co., Ltd. (Japan), Snap on (U.S.), Klein Tools, Inc. (U.S.), Hilti Corporation (Liechtenstein).and Otto Baier GmbH (Germany) are some of the key players operating in the global Cutting Tools Market included in MRFR Analysis.
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Global Cutting Tools Market – Overview
The Cutting Tools are used across various verticals such as industrial, household, Construction and professional. In the recent years, growing with the advent technology, Industry 4.0 and IIoT (Industrial Internet of Things) initiatives, Cutting Tools have evolved greatly. With the advanced sensors embedded, these tools are paving the ways for the futuristic factories, increasing their productivity. Owing to the resurging construction industry & growing industrialization worldwide, the Cutting Tools market is growing pervasively.
Acknowledging the prominence and the value this market is garnering currently and the growth prospect the market is demonstrating worldwide, Market Research Future (MRFR), has recently published a brilliant study report giving out the complete market insights up till 2023. According to MRFR, the Global Cutting Tools market is expected to accrue exponentially by 2023, registering a CAGR of 6.9 % during the review period (2017-2023)
Other factors propelling the market growth include the increasing pollution, growing urbanization & industrialization coupled with the growing economic conditions that improve consumers’ quality of life, increasing their affordability. Technological advancements transpired in this field are predominantly fostering the market growth by introducing technologies like sensor & etc.
The manufacturing industry is one of the major contributors to the economic growth of any country. The growth in the industrial sector is expected to drive the Cutting Tools market. The adoption of Cutting tools across industries in the developed and the developing nations is expected to be increased owing to the lack of availability of skilled workforce and the high cost of labor.
Organizations are increasingly adopting the use of Cutting tools for reducing the labor costs and improving the efficiency, although the initial cost of procuring a set of Cutting tools is high, once used they offer higher productivity, efficiency, and profits. The governments across the globe are making investments in the industrial sector to boost the GDP of the country, with various initiatives being introduced such as Make in India which will further boost the growth of cutting tools market.
On the other hand, fluctuating raw material prices is one of the challenges the market is confronted with. Alternatively, Factors such as increasing Demand from Industrial Sector and Profession segment along with the Increasing usage of Cutting tools for DIY (Do It Yourself) and household activities are providing impetus to the growth of the global market of Cutting tools.
Global Cutting Tools Market – Segments
The Global Cutting ToolsMarket can be segmented into 3 key dynamics for the convenience of the report and enhanced understanding;
By Product Types : Comprises Hand Cutting Tools & Power Cutting Tools among others.
By Applications : Industrial, Construction, and Household among others.
By Regions : North America, Europe, APAC and Rest of the World.
Segment – Power Cutting Tools is the leading segment among all the Product Types in the market.
Global Cutting Tools Market – Competitive Analysis
The well-established market of Cutting Tools appears to be fiercely competitive. A large number of Key players along with new entrants form a competitive landscape of the global Market. These well established players incorporate collaboration, acquisition, partnership, product/ technology launch and expansion, in order to maintain their market position. Expansion in the emerging market is helping the established key players to extend their sales networks. Matured players strive to develop ergonomic products. Those well established players also focus on expanding their product portfolio by developing a product with unrivalled design & advent technology.
Innovation/ Industry/Related News:
April 05, 2018 – Superior Tool Service, Inc. (STS, US) launched two new in-house divisions – Physical Vapor Deposition (PVD), a coating division & an industrial supply division. These new divisions would be called as STS Coatings & STS Supply respectively. The company spoke person further clarifies that the decision of investment or expansion was based on growth the company has been witnessing for the last five years. STS strategies to reduce downtime for our customers, by keeping the total manufacturing process under one roof.
March 20, 2018 – FICODIS Group (Canada), a leading provider of industrial supplies (services, technical skills, and products) announced the completion of acquisition activity of Elite Tools (a div.of Les Scies Mercier Inc.), the oldest manufacturer of cutting tools in North America. The deal is expected to drive the continued growth of Ficodis, developing it as a specialized industrial supply distributor in Quebec while developing its online sales strategy.
Global Cutting Tools Market – Regional Analysis
North America is the leading market for Cutting Tools, which is anticipated to grow at a substantial growth rate during the forecast period. Factors such as lack of skilled labor coupled with high labor cost and growth in the distribution channel are expected to drive the market in the region. In North America, the US is the leading market occupying the majority of the share.
Asia-Pacific accounted for the second largest market share in 2016. Factors such as growing automotive sector across the region and rapid industrialization in developing economies like China and India are expected to propel the market in the region. In addition, growing trend for DIY activities in the region due to lack of skilled labor is also expected to boost the growth of Cutting Tools market in the region. In Asia-Pacific, China is the leading market followed by India.
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