The cutting tools ensure the effective manufacturing of critical and intricate components with ease and utmost precision. These cutting tools form an indispensable part of machine tools that are either numerically or conventionally controlled. The cutting tool inserts are used in applications such as threading, milling & shearing, parting & grooving and drilling & boring. The growth of the cutting tools market is driven by various factors such as growing demand from industries, increasing demand for power tools in DIY & household sector and growing market for high-speed steel cutting tools. This is mainly because, cutting tools systems are highly efficient equipment for various major manufacturing process. However, the growth of the market can be hindered due to the high cost of carbide tool.

The global Cutting tools market is expected to grow at about 6.69% CAGR during the forecast and reach USD 16,724.4 million by 2023. In 2017, the market was led by Asia Pacific, with a 35.5% share, followed by America and Europe with shares of 29.6% and 25.7%, respectively.

The Cutting tools market has been segmented based on tool type, material type, application and region. On the basis of tool type, Solid Round Tools dominated the market with a share of 65.69%, having accounted for 2,196.4 million units in 2017 and is projected to grow at the highest CAGR of 5.55% from 2018 to 2023. Based on material type, Cemented Carbide dominated the market with a share of 40.07%, having accounted for 1,339.76 million units in 2017 and is projected to grow at the highest CAGR of 5.88% from 2018 to 2023. Based on application, Automotive dominated the market with a share of 24.23%, having accounted for 810.35 million units in 2017 and is projected to grow at the highest CAGR of 6.26% from 2018 to 2023.