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.