A significant increase in the usage of turning tools in various industrial applications is driving the growth of the global turning tools market.
PORTLAND, Ore., September 21, 2022 /PRNewswire/ — Allied Market Research recently published a report titled “Turning Tools Market By Type (Roughing Turning Tools, Finishing Turning Tools), By Application (Conventional Lathe, CNC Lathe), By End-Use Industry (Automotive, Electronics & Electrical, Aerospace, Construction & Mining, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031.“ According to the report, the global turning tool industry was estimated at $5.3 billion in 2021 and is to be achieved $12.1 billion to 2031, growing at a CAGR of 8.3% from 2022 to 2031. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes and competitive scenarios.
Drivers, Limitations and Opportunities
A significant increase in the usage of turning tools in various industrial applications is driving the growth of the global turning tools market. In addition, rising automation needs in myriad end-user industries and the use of turning tools in aerospace, automotive, railroad, healthcare equipment, energy & power supply, furniture and carpentry will fuel the growth of the global market. The rapid advances in industrial design and growing demands to increase production efficiency will likely encourage manufacturers to find improved machine tools, thereby creating new growth avenues for the global market.
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- The COVID-19 pandemic has severely impacted the growth of the global turning tools market as a large number of manufacturing companies in countries such as India, Chinaand the US ceased production.
- The lack of labor and limited supply of raw materials and equipment for the manufacture of lathe tools negatively affected the growth of the world market.
- The reopening of manufacturing facilities and the rollout of vaccines against the coronavirus disease are expected to lead to the reopening of lathe tooling businesses.
The roughing turning tool segment is projected to dominate the global market in terms of revenue by 2031
Based on type, the Rough Turning Tools segment contributed the highest market share in 2021, accounting for nearly three-fifths of the global turning tools market share. According to reports, this segment is expected to contribute significantly to an overall market share in 2031. The growth of the segment during the forecast period is attributed to advances in technology and increasing demand for the development of high-quality products. However, the finishing tool segment is expected to register the fastest CAGR of nearly 8.6% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the increasing use of turning tools in industrial applications.
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The CNC lathe segment is set to dominate the global market by 2031
In terms of application, the CNC lathe segment contributed the highest market share in 2021, accounting for more than 90% of the global lathe tool market share. According to reports, this segment is expected to make a significant contribution to an overall market share in 2031. Additionally, the same segment will see the highest CAGR of 8.4% during the forecast period. The segmental growth is due to advances in the production of lathes with easy assembly and disassembly, compact design and longitudinally sliding cutting tools. The report also includes other segments such as conventional lathes segment.
The automotive segment is projected to hold the largest market share between 2022 and 2031
On the basis of the end-use industry, the automotive segment contributed the highest market share in 2021, accounting for almost half of the global turning tool market share. According to reports, this segment is expected to make a significant contribution to the overall market share in 2031. The segmental increase over the forecast period is attributed to the rise in demand for turning tools, which is expected to increase in the automotive industry owing to technological advancements and economic growth. However, the aerospace segment is expected to register the fastest CAGR of 9.8% over the forecast period. The growth of the segment over the forecast period is attributed to the rise in manufacturing of aerospace-related machinery that requires high-quality precision tooling.
Asia Pacific to maintain global market dominance through 2022-2031
By region, Asia Pacific made a notable contribution in 2021 and is expected to continue its dominance over the forecast period. The region accounted for more than half of the global turning tools market in 2021. The growth of the market in the region over the forecast period is attributed to an increase in the manufacturers of automobiles and construction machinery, which are expected to boost demand for turning tools in the region. However, the LAMEA region is expected to register the fastest CAGR of 10.3% from 2022 to 2031. The growth of the regional market during the forecast period is attributed to an increase in the construction and mining industries. The report also analyzes other regions such as Europe and North America.
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Important market participants
- ALESA AG
- Aloris Tools Technology Co., Inc.
- Applitec Moutier SA
- Beijing Worldia Diamond Tools Co., Ltd.
- danobat group
- Dorian Tool International Incorporated
- Dorner Pramet
- Hanjiang Tool Co.,Ltd.
- Ingersoll Shanghai Tool Works Co., Ltd.
- Walter tools
- WNT Tools India Pvt Ltd.
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