Allied Market Research recently published a report, titled, “Turning Tools Market by Type (Rough turning tools, Finish turning tools), by Application (Conventional lathe machine, CNC lathe machine), by End-user industry (Automotive, Electronics and electrical, Aerospace, Construction and mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global turning tools industry was estimated at $5.3 billion in 2021, and is set to reach $12.1 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, restraints, and opportunities
A prominent increase in the utilization of turning tools in various industrial applications drives the growth of the global turning tools market. Furthermore, the rising need for automation in myriad end-user industries and the use of turning tools in aerospace, automotive, railway, healthcare equipment, energy & power, and furniture & carpentry will boost the growth of the global market. The surge in advancements in industrial design and growing requirements for enhancing production efficiency are likely to encourage manufacturers to find enhanced machine tools, thereby creating new growth avenues for the global market.
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- The COVID-19 pandemic severely impacted the growth of the global turning tools market as a large number of manufacturing firms in countries such as India, China, and the U.S. halted their production.
- Lack of workforce and constricted supply of raw materials and equipment for manufacturing turning tools negatively impacted the growth of the global market.
- Reopening of the production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of turning tools companies.
The rough turning tools segment to dominate the global market in terms of revenue by 2031
Based on the type, the rough turning tools segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global turning tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The growth of the segment over the forecast period can be attributed to advancements in technology and increasing demand to develop superior-quality products. However, the finish turning tools segment is predicted 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 rise in the use of turning tools in industrial applications.
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The CNC lathe machine segment to dominate the global market by 2031
In terms of the application, the CNC lathe machine segment contributed to the highest market share in 2021, accounting for more than 90%of the global turning tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. Furthermore, the same segment is set to record the highest CAGR of 8.4% during the forecast timeline. The segmental growth can be attributed to the advancements in the production of lathes that can be easily assembled and dismantled, compact design, and longitudinally movable cutting tools. The report also includes other segments such as the conventional lathe machine segment.
The automotive segment to hold the major market share over 2022-2031
On basis of the end-user industry, the automotive segment contributed to the highest market share in 2021, accounting for nearly half of the global turning tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The segmental surge over the forecast timespan can be credited to the rise in demand for turning tools that are anticipated to increase in the automotive industry attributed to advancements in technology and economic growth. However, the aerospace segment is anticipated to record the fastest CAGR of 9.8% over the forecast period. The growth of the segment during the forecast period can be attributed to the rise in the manufacturing of aeronautical-related machinery requires high-quality tools that offer precision.
Asia-Pacific to retain global market domination over 2022-2031
By Region, Asia-Pacific contributed notably in 2021, and is projected to continue its dominance during 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 timespan can be credited to an increase in manufacturers of automobiles and construction machines, which is expected to boost the demand for turning tools in the region. However, the LAMEA region is anticipated to record the fastest CAGR of 10.3% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to a rise in the construction and mining industries. The report also analyzes other regions such as Europe and North America.
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Major market players
- 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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