Aerospace Cutting Tools Market is Forecasted to Reach US$ 4.7 Billion in 2028, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global aerospace cutting tools market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2022: US$ 2.46 billion

Market Size in 2028: US$ 4.7 billion

Growth (CAGR): 8.4% during 2023-2028

Cumulative Sales Opportunity 2023 to 2028: US$ 24.86 billion

Leading Raw Material Type: Cemented Carbide

Leading Product Type: Inserts

Leading Machine Type: Milling Machines

Leading Aircraft Type: Civil Aircraft

Leading Region: North America

Forecast Period: 2023-2028

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Aerospace Cutting Tools Market:

The global aerospace cutting tools market is segmented based on raw material type, product type, machine type, aircraft type, and region.

Based on material type –

·        The market is segmented into cemented carbide, ceramic, and others. 

·        Among these material types, cemented carbide is expected to maintain its market dominance as well as witness the fastest growth, over the next five years. Cemented carbide's hardness and wear resistance make it an ideal choice for machining critical aerospace parts, especially those in high-stress areas like turbine engines, which require materials with excellent wear resistance to withstand harsh operating conditions.

·        Furthermore, in aerospace manufacturing, cutting tools made from cemented carbide are widely used for machining complex shapes. These tools enable higher cutting speeds and feed rates, leading to increased machining productivity. As a result, cemented carbide is the most favored material type in the aerospace cutting tool market.

Based on product type –

·        The market is segmented into inserts, round tools, and tools & tooling systems. 

·        Among these product types, inserts is expected to maintain its market dominance as well as witness the fastest growth during the forecast period.

·        These cutting tools are typically used in indexable cutting tools such as milling cutters and turning tools. They are engineered with advanced geometries and coatings to optimize cutting performance. They are designed to be easily replaceable when the cutting edge becomes dull or worn out, which makes them more cost-effective in the long run.

Based on machine type –

·        The market is segmented into milling machines, turning machines, and others. 

·        Among these machine types, milling machines are expected to remain the dominant segment of the market during the forecast period. Milling machines can handle diverse materials and are equipped with various cutting tools and tool holders, making them versatile for a wide array of aerospace applications. These machines enable the mass production of identical parts and can achieve high levels of precision and accuracy.

Based on aircraft type –

·        The market is segmented into civil aircraft and military aircraft. 

·        Despite taking a nosedive in 2020, civil aircraft is expected to remain the most dominant segment of the market by aircraft type, during the forecast period. The return to service of the B737Max, the entry of new programs (C919, B777x, and MC-21), and the expected recovery in the production rates of the A320 and B737 programs are likely to fuel the segment’s growth.

To know the most attractive segments, click here for a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/3558/aerospace-cutting-tools-market.html#form

Which region shows the most promising growth forecast and opportunity?

The analysis suggests that North America is expected to remain the largest market for aerospace cutting tools during the forecast period. This growth outlook is mainly attributed to the following:

-      Driven by the presence of a large number of aircraft OEMs, tier players, cutting tool manufacturers, and material suppliers.

-      The USA is likely to remain the leading market, both in North America and globally, during the forecast period.

-      Concurrently, Europe is likely to be the fastest-growing region during 2023-2028, with France, Germany, and the UK being the major contributors.

Aerospace Cutting Tools Market Drivers:

Some of the key drivers listed in the report are given below.

-      The expected increase in the overall production of aircraft and

-      The concurrent high demand for precision cutting, shaping, and machining tools for aerospace components.

Competitive Landscape: Top Companies in the Aerospace Cutting Tools Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

-         Sandvik AB

-        IMC Group

-        Kennametal Inc.

-        OSG Corporation

-        Sumitomo Electric Industries Ltd.

-        Mitsubishi Materials Corporation

-        KYOCERA Precision Tools

-        Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.

-        Ceratizit Group

-        KORLOY.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the aerospace cutting tools market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to make convincing business decisions.

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