Cutting Tool Producers and Cutting Tool Market Trend

The global cutting tool market has witnessed steady growth over the years, propelled by a diverse range of downstream applications and advancements in tool materials. According to HDIN Research, the market has expanded from $35.9 billion in 2019 to $40.2 billion in 2024, with a compound annual growth rate (CAGR) of 2.3% during the period. Projections suggest further growth, with the market expected to reach $44.3 billion by 2029, at a slightly reduced CAGR of 2.0% from 2024 to 2029.

A significant portion of the cutting tool market is comprised of various tool materials, including cemented carbide, tool steel (carbon tool steel, alloy tool steel, high-speed tool steel), ceramics, and superhard materials such as polycrystalline diamond and cubic boron nitride. Among these, cemented carbide tools dominate the market, accounting for 63.4% of the market share, followed by tool steel tools at 26.2%.

The downstream applications of cutting tools span a wide range of industries, including steel structure engineering, rail transportation, shipbuilding, energy equipment, machinery manufacturing, and petroleum engineering. This diversification of applications ensures a steady demand for cutting tools across various sectors, contributing to the overall market growth.

Key players in the global cutting tool market include Sandvik, Kennametal, Iscar, Mitsubishi, Kyocera, and Taegutec, among others. These companies play a crucial role in driving innovation, introducing advanced cutting tool technologies, and meeting the diverse needs of end-users across different industries.

The market's growth trajectory reflects not only the expansion of industrial sectors but also the continuous efforts of cutting tool manufacturers to enhance tool performance, durability, and efficiency. As industries evolve and demand for precision machining increases, the cutting tool market is expected to remain resilient and continue its upward trajectory in the coming years.