Turning Tools Market Expected to Reach $12.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Turning Tools Market," The turning tools market size was valued at $5.3 billion in 2021, and is estimated to reach $12.1 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.

Turning tools market scope consists of a replaceable insert in the body of the tool. It involves a fixed and non-rotating cutter as in turning, the workpiece spins instead of the tool. The tool inserts vary in shape, material, coating, and geometry. These tools can be round in shape to increase the strength of the edges; tools in diamond shape allow sharp points to cut into fine features; square shaped tools maximize the number of separate edges to change it if it wears out.

Rise in global population significantly increased the demand for private and public vehicles for transportation purposes. According to the U.S. Department of Transportation, as of 2020, there were as many as 274 million vehicles on the roads in the U.S. This large number of on-road vehicles has significantly increased the number of garages and service centers, as they are vital for maintaining safe working condition of vehicles. Increase in number of garages and service centers, thereby creating a demand for turning tools market outlook. These are extensively used in garages and auto service centers for repair and maintenance of vehicles to extend the vehicle life. Furthermore, turning tools are cost-effective and have minimal maintenance requirements, making them ideal for use in small industries.  

Major players are adopting product launch and acquisition as key strategies to sustain the competition and improve their product portfolios. For instance, in April 2022, Walter Doubles launched Tiger Tec Gold range for turning applications, specially designed for turning operations. Such instances are expected to boost the turning tools market growth during the forecast period.

Asia-Pacific registered the highest share of the global turning tools market share in terms of revenue in 2021, owing to increasing manufacturers of automobiles and construction machines, which is expected to boost the demand for the turning tools market. In addition, the construction and manufacturing industries in countries such as India, Indonesia, Vietnam, and Bangladesh are experiencing significant growth during the forecast period.

However, during the COVID-19 pandemic, various manufacturers in the turning tools market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the salesm od turning tools companies. In addition, lack of manpower and raw materials constricted supply of equipment for turning tools, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of turning tools companies.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global turning tools market trends and dynamics. 
• On the basis of type, the rough turning tools segment has dominated the turning tools market in terms of revenue in 2021, while finish turning tool is projected to grow at a significant CAGR during the forecast period.
• By end user, the automotive segment registered the highest revenue in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global turning tools market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the turning tools industry.
• The turning tools market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global turning tools market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.