Global Turning Tools Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global turning tools market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global turning tools market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global turning tools market for 2017-2021. Technavio’s database and industry-specific repositories are used for defining the hypothesis for the study, which is further fine-tuned through primary research involving industry experts.

Turning is a metal cutting process primarily used for generating cylindrical surfaces. In this process, mostly the workpiece is rotated on a spindle. Turning tools find their applications in almost every manufacturing industry. The key users of turning tools are automotive, aerospace, oil and gas, agricultural machinery, and other similar industries. The dynamics in these industries will impact the demand for turning tools globally.

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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global turning tools market:

Rise in construction activities in emerging nations of APAC

The global construction market is witnessing a mixed trend across various regions. Although the slowdown in the Chinese economy has impacted the global construction market, infrastructure planning in developing economies such as India and Indonesia will boost the growth of the global cutting tools market.

Gaurav Mohindru, a lead tools and components research analyst at Technavio, says, “Indonesia is another emerging nation in APAC, and it is contributing a double-digit share of its GDP in the construction sector. The government has announced infrastructure spending of billions of dollars between 2016 and 2020, with about 20% of its spending sanctioned in 2016.”

Growth of metal cutting tools in India

The cutting tool and machining industry are witnessing developments, especially in terms of integration of new tools and technology as well as tool materials, to keep pace with the changing dynamics of the market.

With the continuous and rapid technological advances in computer numeric control machines and workpiece materials to be machined and changing requirements of customers, suppliers of machines tools must offer cutting-edge solutions. This must be coupled with the best service support to satisfy the main objectives of customers such as increased productivity, lower cost per component, and the latest innovative technologies,” adds Gaurav.

Increasing need to develop superior-quality products

Manufacturers worldwide are focusing on adopting state-of-the-art tools to minimize the production time without compromising on the quality of the product. Moreover, on-time delivery is rapidly becoming the key buying criterion across industries.

Furthermore, customers are now insisting on Coordinating Measuring Machine reports to verify the quality of products as well as their adherence to specifications. Despite the deployment of several high-quality machining centers and other such machines, the use of the right cutting tools for machining components is a prime factor that determines the quality of the products manufactured.

Top vendors:

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

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global turning tools market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com