Global metal cutting tools market analysis
Technavio has been monitoring the global metal cutting tools market which, it says, is poised to grow by US$ 10.24 billion during 2020-2024, progressing at a CAGR of over 6% during the forecast period. Its latest report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
“Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities,” the analyst told ISMR.
“Growth in demand for additive manufacturing is a major trend. The year-on-year growth for 2020, for the global metal cutting tools market, is estimated at 5.09% and the incremental growth of the market is anticipated to be US$ 10.24 billion. Growth in the automotive industry is the major factor driving the growth of the market.”
Technavio believes that the APAC region will contribute 36% of the market share. The market, it adds, is fragmented and the degree of fragmentation ‘will accelerate during the forecast period’.
“To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments,” concluded the analyst.
Technavio suggests three forecast scenarios (optimistic, probable and pessimistic) taking into account the impact of COVID-19. For further information, see www.technavio.com/