The demand for metal cutting tools and precision tools is anticipated to surge in the near future. The region of APAC seems to have the most potential and promising markets for the success of this industry, reports Huned Contractor
The global machine tool industry is expected to cross USD 120 billion by 2020, reports research firm Technavio. The sector comprises diverse elements including metal cutting tools. The respective market is also anticipated to grow in the coming years owing to the rising demand of vehicles across the world. The global metal cutting tools market is expected to grow at a CAGR of around 9% by 2021, the report states, the core reasons behind the increase attributed to the rise in demand of automobiles, two-wheelers and the development of lightweight vehicles. As more and more lightweight vehicles are produced, the demand for unique and innovative welding components will also enhance, thus increasing the demand for machine cutting tools.
The metal cutting tools segment comprises lathes, drilling machines, milling machines, boring machines, grinding machines, machining centers, etc. In terms of geography, the APAC region is expected to hold the foremost position for the metal cutting tools industry by 2021, according to expert analysis. The other economic zones of Americas and EMEA (Europe, Middle East, and Africa) are also expected to show a decent growth in the forecast period. Market research Company, Future Market Insights, predicts the precision tool market to grow at a steady pace until 2026. Precision tools play a significant role to improve or enhance the accuracy and precision while machining products.