Cutting tools market is expected to touch USD 28.7 Billion by 2027 – Market Report
Cuttings tools find application in industries such as building & construction, carpentry, automotive, manufacturing, among others. The market size of cutting tools has been steadily growing owing to the rising demand from several sectors and rising investments in CNC technology.
According to market report by Market Research Future (MRFR), the global cutting tools market is expected to reach USD 28.7 Billion by 2027, registering a CAGR of 6.02% during the forecast period.
As the cutting tools market continue to grow, companies are investing and strengthening their efforts to develop and manufacture more advanced designs to meet increased customer demands. Advances in workpiece manufacturing technologies, such as metal injection molding, 3D printing, investment casting, and close-tolerance forging, drive the market growth.
The pandemic has caused short-term disruptions, however, the challenges have given rise to new cutting tools market trends, including production trends such as the vast adoption of CNC technology. There is a vast demand for these tools into a heritage industry, which would support the cutting tools market to grow steadily over the next six years.
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