Global Turning Tools Market is valued approximately at USD 6221.3 million in 2023 and is anticipated to grow with a healthy growth rate of more than 8.30% over the forecast period 2024-2032. Turning is a machining process used to create cylindrical components by removing material from a workpiece using rotating cutting tools. Global Turning Tools Market include tools specifically designed for turning operations in machining processes. Turning tools are essential in industries such as automotive, aerospace, construction, and general manufacturing, where precision and efficiency in machining are crucial. The Global Turning Tools Market encompasses various types of turning tools, including lathe tools, inserts, holders, chucks, and accessories, catering to a wide range of turning applications and machining requirements. Key players in the market using various initiative contribute to the development and utilization of turning tools in manufacturing operations globally.
Growing use of computer numerical control (CNC) equipment for turning operations is one of the factors driving demand for the Global Turning Tools Market. CNC machines are becoming more and more important to a variety of industries, from aerospace to automotive. It provides precision, efficiency, and diversity in machining processes. The increased use of CNCs has made turning tools more important, as they must be able to meet the high requirements of accuracy and efficiency set by these sophisticated machines. For instance, in June 2023, DMG Mori launched CNC turning centers, T1 and T2. According to the company, machines equipped with 12-station turret, VDI 40 on the bigger model and VDI 30 tooling on the smaller lathe. Furthermore, high-speed machining made possible by CNC technology leads to quicker production cycles and higher productivity, which in turn increases the demand for turning tools made of materials that can tolerate faster cutting rates without sacrificing uniformity and quality. However, high initial investment and a quality concern will stifle market growth between 2022 and 2032.
The key regions considered for the global Turning Tools market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, Asia-Pacific was the largest regional market in terms of revenue and expected to grow at the fastest rate over the forecast period. Countries such as China, Japan, South Korea, and India, has a key manufacturing hub across the Asia Pacific region for various industries including automotive, electronics, aerospace, and machinery. This robust manufacturing activity fuels demand for Global Turning Tools Market across a wide range of applications.
Major market player included in this report are:
- WNT Tools India Private Limited
- CERATIZIT S.A.
- ALESA AG
- Walter Tools,
- Hanjiang Tool Co., Ltd.
- ISCAR LTD.
- Kennametal Inc.
- Dormer Pramet s.r.o.
- Shanghai Tool Works Co.Ltd
- Ingersoll Cutting Tool Company
The detailed segments and sub-segment of the market are explained below:
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
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1.Global Turning Tools Market Definition and Research Assumptions
- 1.1.Research Objective
- 1.2.Market Definition
- 1.3.Research Assumptions
- 1.3.1.Inclusion & Exclusion
- 1.3.2.Limitations
- 1.3.3.Supply Side Analysis
- 1.3.3.1.Availability
- 1.3.3.2.Infrastructure
- 1.3.3.3.Regulatory Environment
- 1.3.3.4.Market Competition
- 1.3.3.5.Economic Viability (Consumer's Perspective)
- 1.3.4.Demand Side Analysis
- 1.3.4.1.Regulatory frameworks
- 1.3.4.2.Technological Advancements
- 1.3.4.3.Environmental Considerations
- 1.3.4.4.Consumer Awareness & Acceptance
- 1.4.Estimation Methodology
- 1.5.Years Considered for the Study
- 1.6.Currency Conversion Rates
Chapter 2.Executive Summary
- 2.1.Global Turning Tools Market Size & Forecast (2022- 2032)
- 2.2.Regional Summary
- 2.3.Segmental Summary
- 2.3.1.By Type
- 2.3.2.By Application
- 2.3.3.End-User Industry
- 2.4.Key Trends
- 2.5.Recession Impact
- 2.6.Analyst Recommendation & Conclusion
Chapter 3.Global Turning Tools Market Dynamics
- 3.1.Market Drivers
- 3.2.Market Challenges
- 3.3.Market Opportunities
Chapter 4.Global Turning Tools Market: Industry Analysis
- 4.1.Porter's 5 Force Model
- 4.1.1.Bargaining Power of Suppliers
- 4.1.2.Bargaining Power of Buyers
- 4.1.3.Threat of New Entrants
- 4.1.4.Threat of Substitutes
- 4.1.5.Competitive Rivalry
- 4.1.6.Futuristic Approach to Porter's 5 Force Model
- 4.1.7.Porter's 5 Force Impact Analysis
- 4.2.PESTEL Analysis
- 4.2.1.Political
- 4.2.2.Economic
- 4.2.3.Social
- 4.2.4.Technological
- 4.2.5.Environmental
- 4.2.6.Legal
- 4.3.Top investment opportunity
- 4.4.Top winning strategies
- 4.5.Disruptive Trends
- 4.6.Industry Expert Perspective
- 4.7.Analyst Recommendation & Conclusion
Chapter 5.Global Turning Tools Market Size & Forecasts by Type 2022-2032
- 5.1.Rough turning tools
- 5.2.Finish turning tools
Chapter 6.Global Turning Tools Market Size & Forecasts by Application 2022-2032
- 6.1.Conventional lathe machine
- 6.2.CNC lathe machine
Chapter 7.Global Turning Tools Market Size & Forecasts by End-User Industry 2022-2032
- 7.1.Automotive
- 7.2.Electronics and electrical
- 7.3.Aerospace
- 7.4.Construction and mining
- 7.5.Others
Chapter 8.Global Turning Tools Market Size & Forecasts by Region 2022-2032
- 8.1.North America Turning Tools Market
- 8.1.1.U.S. Turning Tools Market
- 8.1.1.1.Type breakdown size & forecasts, 2022-2032
- 8.1.1.2.Application breakdown size & forecasts, 2022-2032
- 8.1.1.3.End-User Industry breakdown size & forecasts, 2022-2032
- 8.1.2.Canada Turning Tools Market
- 8.2.Europe Turning Tools Market
- 8.2.1.U.K. Turning Tools Market
- 8.2.2.Germany Turning Tools Market
- 8.2.3.France Turning Tools Market
- 8.2.4.Spain Turning Tools Market
- 8.2.5.Italy Turning Tools Market
- 8.2.6.Rest of Europe Turning Tools Market
- 8.3.Asia-Pacific Turning Tools Market
- 8.3.1.China Turning Tools Market
- 8.3.2.India Turning Tools Market
- 8.3.3.Japan Turning Tools Market
- 8.3.4.Australia Turning Tools Market
- 8.3.5.South Korea Turning Tools Market
- 8.3.6.Rest of Asia Pacific Turning Tools Market
- 8.4.Latin America Turning Tools Market
- 8.4.1.Brazil Turning Tools Market
- 8.4.2.Mexico Turning Tools Market
- 8.4.3.Rest of Latin America Turning Tools Market
- 8.5.Middle East & Africa Turning Tools Market
- 8.5.1. Saudi Arabia Turning Tools Market
- 8.5.2. South Africa Turning Tools Market
- 8.5.3.Rest of Middle East & Africa Turning Tools Market
Chapter 9.Competitive Intelligence
- 9.1.Key Company SWOT Analysis
- 9.2.Top Market Strategies
- 9.3.Company Profiles
- 9.3.1.WNT Tools India Pvt Ltd
- 9.3.1.1.Key Information
- 9.3.1.2.Overview
- 9.3.1.3.Financial (Subject to Data Availability)
- 9.3.1.4.Product Summary
- 9.3.1.5.Market Strategies
- 9.3.2.Ceratizit
- 9.3.3.ALESA AG
- 9.3.4.Walter Tools
- 9.3.5.Hanjiang Tool Co.Ltd.
- 9.3.6.ISCAR LTD.
- 9.3.7.Kennametal Foundation
- 9.3.8.Dormer Pramet s.r.o
- 9.3.9.Shanghai Tool Works Co. Ltd
- 9.3.10.Ingersoll Cutting Tool Company
Chapter 10.Research Process
- 10.1.Research Process
- 10.1.1.Data Mining
- 10.1.2.Analysis
- 10.1.3.Market Estimation
- 10.1.4.Validation
- 10.1.5.Publishing
- 10.2.Research Attributes