Cutting tools are widely used for machining in the manufacturing and metal processing sectors. These tools are used to cut and resize the workpiece by various processes such as milling, turning, drilling, and grinding. Several materials are available and have specific physical & chemical properties suitable for various applications. A variety of cutting tools are employed in the machining world, namely, milling cutters, drill bits, broaches, tool bits, inserts, etc. All these tools are made of hard and tough materials; however, depending upon the applications, numerous combinations of hardness, toughness, thermal operability, and strength are induced in the cutting tool.
Cutting tools are extensively consumed by the manufacturing and machining industry. Rising industrialization and manufacturing are prime drivers for the global consumption of cutting tool materials. Increase in demand for vehicles, oil & gas equipment, construction, industrial equipment, etc., creates a significant need for manufacturing and machining processes. Thus, several cutting tools are required for these operations. Hence, the demand for cutting tool materials is high, especially in the production hubs of the world, namely, China, India, and Southeast Asia. Moreover, cutting tool materials don’t have any prominent substitutes; however, advanced manufacturing processes such as abrasive jet machining, additive manufacturing, electron discharge machining, and laser cutting can pose a threat to the market. All these advanced manufacturing processes are relatively expensive and need heavy initial investments. Thus, with time, as the processes such as laser cutting and additive manufacturing improve and develop, they are expected to offer same economical advantage as that by conventional machining.
Based on the type of materials, the cutting tool materials market can be segmented into diamonds, both synthetic and natural; cubic boron nitride, ceramics; cermets, ferrous alloys, non-ferrous alloys, and others. All the materials have widely different mechanical characteristics, and hence, all have developed niche applications with very low interchangeability. Diamonds are employed for cutting ultra-hard metals or materials; however, they cannot operate over 600° C to 700° C. Thus, beyond this operating temperature, CBN is used. Based on the application, the market can be segmented into drilling tools and cutters, milling cutters, turning tools, and others. The others segment includes special purpose cutters such as broaches, hobs, and knurling tool. The milling cutters segment is anticipated to perform better during the forecast period. Based on use, the market can be segregated into metals cutting, glass cutting, wood cutting, stone cutting, and others. Metal cutting is the dominant segment and is anticipated to dominate the market in the near future.
In terms of geography, the global cutting tool material market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is the key market for cutting tool materials due to the well-developed manufacturing industry in countries/region such as China, India, and ASEAN. China and India have significant manufacturing facilities and hence, they witness a considerable demand for cutting tool materials. Followed by Asia Pacific, Europe and North America also witness substantial demand for cutting tool materials. The advanced and sturdy automotive industry in Germany, Italy, and the U.S. is a key factor for significant demand for cutting tool materials in these countries.
Key players operating in the global cutting tool materials market include Asahi Diamond Industrial Co Ltd., Ehwa Diamond Industrial Co., Ltd, AB Sandvik Coromant, Ingersoll Cutting Tools, Mitsubishi Materials, and BIAX Schmid & Wezel GmbH & Co. KG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.