Cutting Tool And Machine Tool Accessory Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Cutting Tool And Machine Tool Accessory Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, August 27, 2021 /EINPresswire.com/ — Machine tool manufacturers are producing 3D laser processing machines to reduce processing time for laser cutting and welding applications. A 3D laser is a 5-axle laser machine which cuts sheet-metal components in three dimensions. Metals including mild steel, stainless less and aluminum can be cut using lasers. Laser cutting significantly reduces the processing time required for cutting applications and thus reduces costs. Other benefits include localized laser energy input, high feed rate and minimal heat input. 3D lasers are typically used in automotive and aerospace industry for cutting or welding of aluminum parts, drilling of engine parts, and laser surfacing of used parts. According to an article published by engineering.com, laser cutting machines account for the largest segment of metal cutting machinery market, thus indicating a significant rise in the use of this technology. Major companies producing 3D laser cutting machines include Mitsubishi electric, Trumpf, LST GmbH, Mazak.
The global cutting tool and machine tool accessory market is expected to grow from $69.47 billion in 2020 to $74.95 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $101.09 billion in 2025 at a CAGR of 8%.
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Major players covered in the global cutting tool and machine tool accessory manufacturing industry are Doosan Machine Tools, Allied Machine & Engineering, Sandvik, Amada Co Ltd, Kennametal Inc.
The cutting tool and machine tool accessory market consists of sales of cutting tool and machine tool accessory by entities (organizations, sole traders or partnerships) that produce accessories and attachments for metal cutting and metal forming machine tools including knives and bits for metalworking lathes, planers, and shapers, measuring attachments (e.g., sine bars) for machine tools, metalworking drill bits and taps and dies (i.e., machine tool accessories).
TBRC’s global cutting tool and machine tool accessory market report is segmented by type into metalworking knives and bits, measuring attachments, metalworking drill bits, machine tool taps and dies; by application into automotive, manufacturing, others.
Cutting Tool And Machine Tool Accessory Global Market Report 2021 – By Type (Metalworking Knives And Bits, Measuring Attachments, Metalworking Drill Bits, Machine Tool Taps And Dies), By Application (Automotive, Manufacturing), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides cutting tool and machine tool accessory market overview, forecast cutting tool and machine tool accessory market size and growth for the whole market, cutting tool and machine tool accessory market segments, and geographies, cutting tool and machine tool accessory market trends, cutting tool and machine tool accessory market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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