Gear Cutting Tools Market Report Overview
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The global gear cutting tools market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
Gear cutting tools are specific cutters used in the manufacture and processing of gearboxes. Cutting methods, which can be separated into forming methods and generating methods, are used to create gears. Gear-shaped and rack-shaped tools, such as gear shaper cutters, gear hob cutters, and gear shaving cutters, are used in the generative technique. Gear shaper cutters are used in the shaping procedure.
Technological improvement and innovation will further enhance the product's performance, allowing it to gain a broader range of uses in the downstream market. Furthermore, consumer choice analysis, market dynamics (drivers, restraints, opportunities), new product introduction, COVID-19 impact, regional disputes, and carbon neutrality provide critical information for us to go deep into the Gear Cutting Tools industry.
COVID-19 Impact: Outbreak of Pandemic Increased the Market Demand
The Asia-Pacific region is a key manufacturer of cutting tools; however, because of the COVID-19 pandemic epidemic, production units were temporarily shut down, impeding gear cutting tools market growth. Furthermore, supply disruptions in raw materials such as cemented carbide, high-speed steel, ceramics, stainless steel, polycrystalline diamond, cubic boron nitride, and exotic materials have impacted cutting tool manufacturing, resulting in decreased revenues. Because of the damaged supply chains, various industry verticals such as automotive, aerospace & defence, construction, electronics, oil & gas, power generation, wood, and die & mold have been impacted. The global epidemic has resulted in a sharp drop in demand for components, particularly in nations with complete lockdowns. The trade war between China and the U.S. has already caused havoc in the U.S.
Latest Trends
"Use of 3D printing gaining traction and reducing operational expenses"
The use of 3D printing or additive manufacturing for gear manufacture is one of the primary trends that will gain traction in the gear shaping machine industry in the next few years. Because 3D printing constructs the product in thin layers one by one, it simplifies the manufacture of complex geometries and removes the need for melting and reusing materials, lowering capital and raw material expenses. Though the initial cost of purchasing a 3D printer is significant, the benefits enable manufacturers to improve efficiency and reduce operational expenses, increasing their demand for manufacturing equipment.
Gear Cutting Tools Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into the dominating segment by type are Gear hobs, milling cutters, gear shaper cutters, and others.
- By Application Analysis
Based on application, the market can be divided into machinery industry
automotive industry, aerospace industry, energy industry, medical industry, and others.
Driving Factors
"The convergence of Industry to boost the demand for the equipment"
with cutting tools is a megatrend that is imposing massive trade and adoption prospects on the cutting tools market. Sandvik Coromant, a manufacturer of cutting tool systems, has announced the release of its 'CoroPlus' suite of Industrial Internet of Things (IIOT) solutions aimed at assisting industrialists in preparing for Industry 4.0. According to the corporation, this approach combined with cutting tools is intended to improve output control and efficiency while reducing costs through an arrangement of connected machining and access to manufacturing data and expert knowledge.
"Increased production demand may offer lucrative growth opportunities to the market"
To capitalize on the expanding global requirements is compelling industrialists to use advanced equipment to assist efficient operations and produce larger outputs in less time. This opens up options for DCS to collaborate. These factors are estimated to propel gear cutting tools market growth.
Restraining Factors
"Health risk for workers to limit market expansion "
Cutting fluids are used by cutting tool providers and machine tool manufacturers to eliminate high temperatures, offer lubrication, reduce wear and corrosion, and provide chip evacuation. The health and environmental problems associated with the use of metal-cutting fluids in manufacturing settings are a prominent factor impeding the growth of the cutting tools market. The use of these fluids on a daily basis in a working environment exposes machine operators to significant health risks. However, with a consistent and significant influx of R&D funding, conventional substitutes are emerging alongside developments in industrial protective gear for operators.
Gear Cutting Tools Market Regional Insights
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"Growing Demand in Asia Pacific Anticipated to Boost Market Expansion"
The gear cutting tools market is spread across various regions, including North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the market in terms of both value and volume, owing to the presence of major gear cutting tools manufacturers, particularly in countries like China, Japan, and India. The region is also witnessing significant growth in the automotive and manufacturing sectors, which is driving the demand for gear cutting tools.
Key Industry Players
"Adoption Innovative Strategies by Key Players Influencing Market Development"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Samputensili, Gleason, Nachi-Fujikoshi, LMT, Kennametal, Sandvik, Mitsubishi, Liebherr, Luren, J.SCHNEEBERGER, Chongqing Xingwang and HANJIANG. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over gear cutting tools market share by the key players stimulates the market growth.
List of Market Players Profiled
- Samputensili
- Gleason
- Nachi-Fujikoshi
- LMT
- Kennametal
- Sandvik
- Mitsubishi
- Liebherr
- Luren
- J.SCHNEEBERGER
- Chongqing Xingwang
- HANJIANG
- Harbin First Tool Manufacturing Co.
- TaiYuan
- Chongqing Tool Factory Co.
- Taizhou Zhongtian
- HRB Tool
- EST Tools
- Shanghai Tool
Report Coverage
This report examines an understanding of the gear cutting tools market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
Frequently Asked Questions
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What is the leading region in Gear Cutting Tools market?
Asia Pacific is the leading region in the gear cutting tool market.
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Which are the driving factors of the Gear Cutting Tools market?
The convergence of Industry to boost the demand for the equipment and the increased production demand may offer lucrative growth opportunities to the market are the driving factors for the Gear Cutting Tools market.
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Which are the top companies operating in the Gear Cutting Tools market?
The top key players in the Gear Cutting Tools market are Samputensili, Gleason, Nachi-Fujikoshi, LMT, Kennametal, Sandvik, Mitsubishi, Liebherr, Luren, J.SCHNEEBERGER, Chongqing Xingwang and HANJIANG.
