Overview of the global turning tools market

Technavio’s market research report predicts that the global turning tools market will grow at a CAGR of nearly 8% during the forecast period. The rising need to develop better-quality products is one of the primary drivers for market growth. Manufacturers are concentrating on adopting advanced tools to lower the production time without compromising on the quality of the product. High speed steel (HSS) metal cutting tools are increasingly used by many companies to produce products with high precision. Failure in adhering to design specifications drives the need for re-machining the workpiece, that in turn, increases the time and cost affecting the manufacturers and customers across the value chain. Moreover, the effective implementation of metal cutting tools enables the production of with dimensional accurate products, it enables manufacturers to compete on a global scale, consequently fueling market growth.

One of the latest trends that will gain traction in the turning tools market is the use of face drivers. The utilization of face drivers in the work holding turning machines assists in improving the production and quality with reduction in cycle time.  Moreover, different sizes of face drivers are available based on the shaft, enabling the operator to finish the work piece in one clamping and avoid a second operation that involves rechecking. Furthermore, face drivers also offer quick-charge components that help in cutting down the vibration and harmonics to remove chatter improving feed rates, speed, and torque for detailed cuts.

Competitive analysis and key vendors

The turning tools market consists of several players and the market’s competitive environment is intense. The new vendors in the market are increasingly finding it difficult to compete with the international players in terms of quality, features, functionalities, and services. Moreover, with the introduction of products that include new features and technologies the competitiion wil further intensfy in the coming years. To sustain the competiton, vendors are focusing on catering to the rising demand from customers for high precision and cost-effective equipment.

Key vendors in the market are:

• Ingersoll Cutting Tool Company
• ISCAR
• Kennametal Foundation
• Sandvik
• Mikron Tool
• NTK Cutting Tools
• WNT tools

Other prominent vendors include CERATIZIT, CeramTec Group, DEWALT, FRAISA, Guhring, Hanjiang Tool, Jiangsu Feida Drills, KYOCERA UNIMERCO, Mitsubishi Materials, MAPAL, Shanghai Tool Works, SECO, SUMITOMO ELECTRIC Hartmetall, Samvardhana Motherson Group, STAR SU, Raymond, Travers Tool, Tiangong International, vhf, UNION TOOL, WNT Tools, and ZCC Cutting Tools.             

Segmentation by product and analysis of the turning tools market

• Boring
• Facing

During 2016, the boring segment dominated the turning tools market and is expected to continue the dominion over the next four years. The utilization of boring process in drilling and casting to achieve sizing, straightness, and concentricity will be the major factor driving the growth of this market segment.              

Geographical segmentation and analysis of the turning tools market

• Americas
• APAC
• EMEA

In terms of geography, APAC led the global turning tools market during 2016 and is foreseen to continue its dominance during the forecast period as well. This mainly attributes to the growth of the automobile and shipbuilding industries which increases the scope for turning tools in the region.                

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global turning tools market?
• What are the key market trends impacting the growth of the global turning tools market?
• What are the challenges to market growth?
• Who are the key vendors in the global turning tools market?
• What are the market opportunities and threats faced by the vendors in the global turning tools market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global turning tools market?

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