DUBLIN--(BUSINESS WIRE )--The "Metal Cutting Tool Market By Tool Type, By Product Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global metal cutting tool market was valued at $65,485.4 million in 2021, and is projected to reach $97,870.4 million by 2031, registering a CAGR of 4.1% from 2022 to 2031.

A metal cutting tool is a tool used to remove material from a metal work piece through the process of shear deformation. The cutting process may be achieved by using a single-point or multi-point tool. Single-point tools are used to remove material by means of one cutting edge, in shaping, turning, plaining, and other similar operations. Multipoint tools are used in milling, drilling, and grinding.

Rise in popularity and technological advancements in additive manufacturing has increased the demand for metal cutting tools. For instance, the 3D printing technology that permits to make three-dimensional objects through printing is rapidly gaining interests of key players within the industry. 3D printing benefits, such as optimum use of raw materials, waste reduction, and simple production of varied complex geometries are expected to drive the growth of the market.

Metal cutting tools are designed with inserts or replaceable tips and solid round tools. In these, the leading edge consists of a separate piece of fabric, either brazed tools, welded or clamped on to the tool body. In addition, metal cutting tools inserts and solid round tools are utilized in many applications across various industries, like automotive, aerospace and defense, construction electronics.

Major players are adopting product launch and acquisition as key developmental strategies to improve the product portfolio of tool robot's market. For instance, in February 2020, Makita Corporation launched new 18V LXT cordless brushless threaded rod cutter, metal hole puncher and 12 Amp Recipro Saw. This is expected to improve the product portfolio of the company.

The COVID-19 pandemic forced many companies in the global metal cutting tools market to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacts revenue flow of the global metal cutting tools market.

In addition, there is a halt in manufacturing of industrial products, owing to lack of raw materials and manpower in the lockdown period. Further, no new consignments are received by companies that operate in this sector. Hence, halt in industrial activities and lockdowns for several months has affected the global metal cutting tools market and the market is anticipated to witness a slow recovery during the forecast period.

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900