The global turning tools market revenue was around US$ 5.7 billion in 2022 and is estimated to reach US$ 11.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.3% during the forecast period from 2023 to 2031.
The turning tool is utilized on lathes for finishing or cutting the outside diameter of a workpiece. It can be utilized to create cylindrical parts. In its basic form, turning can be defined as the machining of an exterior surface with a single-point cutting tool or with the workpiece rotating.
Market Driving Factors
The surge in demand in the automotive industry is estimated to boost the market. As vehicle manufacturers strive for more fuel-efficient, lighter, and environmentally friendly vehicles, the demand for precision-turned components is increasing. This includes transmission components, engine parts, and several other critical elements that need high tolerances and surface finishes.
Technological advancements are estimated to create possibilities in the market. This is mainly owing to the advanced innovations that have altered the way turning processes are performed, leading to enhanced precision, efficiency, and sustainability. Furthermore, one notable innovation is the advent of computer numerical control (CNC) technology. CNC turning machines have revolutionized the manufacturing industry by offering unmatched accuracy and repeatability. As a result, these machines are equipped with cutting-edge controls that allow for complicated machining operations, ensuring consistency and decreasing human error.
The shortage of availability of raw materials and the delivery of advanced tooling solutions is estimated to hinder market growth.
Regional Analysis
Asia-Pacific dominated the market in terms of the largest shares and is predicted to continue its dominance. This can be generally attributed to the raised in manufacturers of construction and automobile machines. Additionally, the manufacturing and construction industries in nations such as Indonesia, India, Bangladesh, and Vietnam are experiencing substantial market growth.
Segmentation Insights
Type Insight
The rough turning tools segment is predicted to dominate the market in terms of the highest revenue. This is owing to the advancements in technology and surging demand to develop superior-quality products is estimated to propel the market expansion.
Application Insight
The CNC lathe machine segment dominates the market in terms of the largest share. This is owing to the advancements in the production of lathes that can be easily dismantled and assembled, longitudinally movable cutting tools, and compact design.
End-User Industry Insight
The automotive segment is estimated to dominate the market in terms of growth rate. This is mainly due to the increase in demand for turning tools that is predicted to surge in the automotive industry owing to advancements in technology and economic growth.
The aerospace segment is predicted to dominate the market in terms of shares. This is mainly due to the increase in the manufacturing of aeronautical-related machinery that needs high-quality tools that provide precision.
Prominent Companies
Segmentation Outline
The global turning tools market segmentation focuses on the Type, Application, End-User Industry, and Region.
By Type
By Application
By End-User Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL TURNING TOOLS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: TURNING TOOLS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL TURNING TOOLS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL TURNING TOOLS MARKET, BY TYPE
5.1 OVERVIEW
5.2 ROUGH TURNING TOOLS
5.3 FINISH TURNING TOOLS
6 GLOBAL TURNING TOOLS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 CONVENTIONAL LATHE MACHINE
6.3 CNC LATHE MACHINE
7 GLOBAL TURNING TOOLS MARKET, BY END-USER INDUSTRY
7.1 OVERVIEW
7.2 AUTOMOTIVE
7.2.1 SCOPE OF WORK
7.2.1.1 EXTERNAL
7.2.1.2 INTERNAL
7.3 ELECTRONICS AND ELECTRICAL
7.4 AEROSPACE
7.5 CONSTRUCTION AND MINING
7.6 OTHERS
8 GLOBAL TURNING TOOLS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL TURNING TOOLS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 INGERSOLL CUTTING TOOL COMPANY
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 SECO TOOLS
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CERATIZIT
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 WALTER TOOLS
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 SHANGHAI TOOL WORKS CO. LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 APPLITEC MOUTIER SA
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 KYOCERA UNIMERCO
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 DORMER PRAMET
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 HANJIANG TOOL CO. LTD
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 WNT TOOLS INDIA PVT LTD
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 ALESA AG
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 DORIAN TOOL INTERNATIONAL INCORPORATED
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 KENNAMETAL FOUNDATION
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 BEIJING WORLDIA DIAMOND TOOLS CO. LTD
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 ALORIS TOOL TECHNOLOGY CO. INC
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 DANOBAT GROUP
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 ISCAR LTD
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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