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Sawing and Cutting Tools Market

Market Study on Sawing and Cutting Tools: With Increasing Integration with Industry 4.0 Technology, Data Analytics, and loT Sensors, PMR Foresees a Host of Growth Opportunities Arising in the Market

A Detailed Analysis of the Sawing and Cutting Tools Market Based on the Expanding DIY Trend, Growing Miniaturization Trend, and Rising Ubiquity of Smart Technology

Sawing and Cutting Tools Market

The global sawing and cutting tools market is forecast to expand at a CAGR of 4.1% and thereby increase from a value of US$7.1 Bn in 2023, to US$9.7 Bn by the end of 2030.

Attributes

Key Insights

Sawing and Cutting Tools Market Size (2023E)

US$7.1 Bn

Projected Market Value (2030F)

US$9.7 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

4.1%

Historical Market Growth Rate (CAGR 2018 to 2022)

4.6%

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Market Introduction and Definition

Instruments used in sawing and cutting are made to use cutting to separate or shape materials. Numerous industries, including building, manufacturing, metalworking, and woodworking, frequently use these instruments. Shears, blades, saws, and knives are a few examples; each is made for a certain material or purpose. These instruments are essential when forming raw materials into the appropriate shapes for manufacturing, handicraft, or construction.

It is anticipated that demand for sawing and cutting tools will increase due to the increased need for automation and precision across a range of industries. Manufacturing sectors like electronics, aerospace, and automotive are progressively implementing automation to boost productivity. Materials must be precisely cut and shaped for this automation. Throughout the forecast period, this is likely to result in a significant demand for sophisticated cutting tools.

Additionally, as component manufacturing becomes more precise, there is an increasing need for equipment that can provide precise cuts and flawless finishes. This increases the need for instruments for precise sawing and cutting. In addition, instruments that accurately operate on small components are required due to the trend toward downsizing in electronics and medical devices. This contains the highly sought-after micro-cutting instruments, which promote growth.

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Market Growth Drivers

Rising Demand for Construction Sector

The demand for cutting tools is fueled by the growth of the global construction industry, especially in fields like metal fabrication, woodworking, and concrete cutting. Infrastructure development, which includes developing homes, businesses, bridges, and roads, is accelerated by urbanization and growing populations. The increase in building activity is closely correlated with a rise in the need for cutting equipment for metal fabrication, woodworking, and concrete cutting.

Furthermore, in the process of building both residential and commercial structures, there is an especially high demand for cutting equipment. A variety of cutting tools are needed for the frequent cutting and shaping of materials such as wood, steel, concrete, and other composites in these constructions. Additionally, government programs and expenditures on building projects, such as infrastructure plans and stimulus packages, promote economic expansion and increase the need for cutting equipment. Projects involving public facilities, airports, and roadways may fall under this category.

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Market Restraints

High Initial Costs of Sawing and Cutting Tools

High raw material costs for sawing and cutting tools can greatly impact the market because they raise manufacturing costs for suppliers. Robust and effective cutting tools require materials such as premium steel, carbide, or other specialty alloys. Moreover, price fluctuations for these commodities can put pressure on industry profit margins and raise consumer pricing for products. If manufacturers are unable to absorb or balance these rising material prices properly, they may find it difficult to remain competitive.

The sawing and cutting tool industry's general market dynamics, supply chain management, and strategic choices can all be impacted by this dynamic. In addition, an increase in the price of raw materials can have an impact on the entire supply chain. To offset the effects of growing costs, manufacturers can find themselves struggling with the requirement to research alternative materials, negotiate advantageous contracts with suppliers, or optimize manufacturing processes.

Strict Regulations Related to Functioning of Sawing and Cutting Tools

In the market for sawing and cutting instruments, stringent regulations relate to the tight guidelines and regulations that regulatory agencies place on the production, distribution, and use of these tools. These rules frequently seek to safeguard workers, maintain a sustainable environment, and guarantee product safety.

Moreover, manufacturers may have to spend more money on materials and procedures that adhere to strict guidelines to comply with these regulations, which could raise their production costs. Furthermore, a company's reputation and market presence may suffer if certain restrictions are broken, leading to potential legal ramifications. Negotiating and adhering to intricate regulatory frameworks can be difficult and restrictive for the sawing and cutting tool industry.

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Opportunities

Rapid Advancements in Technology

The sawing and cutting tool industries are growing due to constant innovation in technologies, including smart tooling, precise engineering, and sophisticated coatings. This trend is fueled in part by businesses who spend money on R&D to improve tool performance—prolonged investigation results in cutting state-of-the-art tool coatings. Hardness, heat resistance, and reduced friction are all improved by coatings such as titanium nitride (TiN), diamond-like carbon (DLC), and other nanocomposites. This gives end users more productivity, longer tool life, and cost-effectiveness.

Moreover, sawing and cutting tools that are complex and extremely effective can also be produced because of advancements in precision engineering processes, such as 3D printing and computer numerical control (CNC) machining. More accuracy, smoother surface finishes, and better cutting performance are all a result of this precision. In addition, there has been a greater integration of Industry 4.0 technology, like data analytics and Internet of Things sensors. This enables cutting process optimization, predictive maintenance, and real-time tool monitoring.

Analyst’s Viewpoint

Over the projected period, the growing trend of miniaturization has benefited the global market for sawing and cutting equipment. In fields like carpentry and signage, where customization frequently entails complex designs and unusual cuts, specialist cutting equipment is essential. As a result of industry demands, there is a growing need for specialized cutting tools. Among them are instruments designed specifically for certain materials or uses.

Furthermore, in the renewable energy industry, accurate cutting is essential for producing parts like solar panels and wind turbine blades. Cutting tool demand is influenced by this sector's growth. However, the construction sector is expanding globally, particularly in emerging economies.

Cutting tools for use with steel and concrete, two common building materials, are in greater demand as construction activities rise. Crop harvesting and trimming are two examples of precision agriculture techniques that are becoming increasingly automated. As a result, there is a rise in demand for cutting tools for agricultural machines.

Supply-side Dynamics

Manufacturers are key players in the saw and cutting tool supply market. With their vast distribution networks and economies of scale, established manufacturers hold a dominant position. These businesses make significant investments in R&D to create cutting-edge goods, with an emphasis on materials, coatings, and design to improve cutting effectiveness and longevity.

Specialized suppliers also frequently add to the supply chain by supplying components and raw materials that are necessary for the manufacture of tools. Furthermore, advanced coatings, high-speed steel, and tungsten carbide are necessary components in the production of cutting tools, and obtaining these materials safely and effectively is crucial for maintaining competitiveness.

In addition, due to globalization, manufacturing centers have emerged in several locations, each of which adds to the total supply of cutting tools. Businesses may optimize expenses and logistics with the aid of this decentralized supply chain. Furthermore, to cut lead times and avoid excess inventory, just-in-time inventory management partnerships with suppliers have grown more widespread.

Additionally, the use of digital technology in industrial processes improves accuracy and efficiency. Examples of these technologies include automation and CNC machining. Ensuring that every instrument satisfies industry standards and customer expectations requires the implementation of quality control methods

Market Segmentation

Which is the Top Performing Application Segment of the Market?

Industrial Category to Dominate Sales Due to Upbeat Demand from Construction and Automotive Sectors

The industrial category dominated the market in 2022. Sawing and cutting tools are constantly in great demand in the industrial sector, which includes the manufacturing, construction, and automotive industries. Furthermore, customized cutting tools for their particular industrial uses are frequently needed by manufacturers. This raises the need for tailored solutions, which are more prevalent in the business world.

Moreover, large-scale production is usually a feature of industrial operations, meaning that cutting tools must be used frequently. As a result, there is a constant need for these instruments to keep up manufacturing efficiency. Industries frequently have very strict regulations on compliance and safety. This encourages them to spend money on cutting equipment that satisfies these requirements, which expands the market.

The DIY category held a significant share of the market, motivated by a DIY mentality and a growing interest in home renovation initiatives. As a result of consumers' growing preference for do-it-yourself solutions, this market segment is growing. The DIY sector of the saw and cutting instruments market has grown owing to the factors such as the ease of access to information online, the desire to save money, and the availability of user-friendly instruments. A major factor propelling this growing trend has also been the shift in customer preferences toward independent and customized projects. Producing creative, easy-to-use products for do-it-yourselfers, manufacturers are meeting this demand.

Top Regional Markets

Led by the US, North America Stands the Strongest with the Highest Demand for Specialized Cutting Equipment

The North America sawing and cutting tools market led the market in 2022, fueled by developments in digital and robotic technologies. The objective of this change is to improve the accuracy and efficiency of manufacturing processes. Furthermore, sustainable practices—such as using eco-friendly materials and energy-efficient manufacturing—have become more popular. Within the larger manufacturing and industrial equipment sector, the sawing and cutting tools market in the US is a sizeable business.

Additionally, eco-friendly cutting equipment and procedures are becoming more and more popular, and there is an increasing emphasis on sustainability in the market. Moreover, growth prospects include venturing into newly developing markets that demand specialized cutting equipment, such as the production of electric vehicles, and renewable energy equipment. To guarantee product quality, and user safety, this market must abide by industry standards, and safety requirements.

Thriving Industrial Activity Promotes a Flourishing Growth Environment in South Asia, and Oceania

South Asia, and Oceania sawing and cutting tools market is expected to grow at a significant rate over the forecast period owing to the region's growing industrial activity and building developments. The market has expanded in part because of the need for effective cutting tools in industries, including manufacturing and infrastructure. As the needs of the South Asia, and Oceania region's industries change, major companies frequently concentrate on technical developments.

In addition, the South Asia, and Oceania region's need for sophisticated sawing and cutting equipment has been boosted by elements including urbanization, increased disposable income, and a growing focus on manufacturing precision. Moreover, China's market is driven by the nation's sizable manufacturing sector for the duration of the projection period. The fact that China is known as the world's factory greatly increases the need for cutting tools. To increase accuracy and productivity, Chinese manufacturers have made investments in cutting-edge cutting tool technology such as automation, and computer numerical control (CNC) cutting machines.

Competitive Intelligence and Business Strategy

The saw and cutting tool market is highly competitive, with major competitors like Apex Tool Group, Atlas Copco, Ingersoll-Rand, KOKI Holdings, and others controlling sizeable market shares. Newcomers to the market, like Starrett, and Tungsten ToolWorks, add to the competition by encouraging creativity and technical developments in the sector. The increased rivalry brought about by the need for precision cutting tools globally has forced businesses to prioritize research and development in order to stay ahead of the competition. Regional players are also very important in serving particular market demands.

Additionally, in order to improve product offers and market reach, producers and end users are increasingly collaborating and forming strategic alliances. The competitive strategies of companies operating in the saw and cutting tool industry are further shaped by ongoing developments in materials science and digital technologies. In addition, to stay competitive, major manufacturers concentrate on creating cutting tools with enhanced performance, longevity, and accuracy.

Furthermore, they use digital technologies like loT and Al to monitor tool conditions, improve tool performance, and offer predictive maintenance. Important components of competition include price competitiveness and product differentiation, as businesses work to provide affordable solutions without sacrificing quality.

Key Recent Developments

New Product Launch

In May 2023, the launch of Saws and Cutting Tools Direct's innovative TCT Saw Blades was announced. Designed to meet the demands of both skilled artisans and amateur woodworkers, these cutting-edge blades offer exceptional performance and unparalleled precision.

Market Impact: The novel TCT Saw Blades from Saws and Cutting Tools Direct, which will go on sale in May 2023, could help the market expand. The sophisticated features of the blades, which appeal to both novice and expert woodworkers, point to a possible rise in demand, propelling the cutting tools market's expansion. Additionally, the release of these innovative TCT Saw Blades can increase market competitiveness and motivate other businesses to improve their product lines. The industry as a whole may innovate and improve as a result of this competition, which would further expand the market. High-performance tool consumer interest is probably going to be a major factor in determining the general market dynamics.

(Source: PRLog)

In January 2020, the Max Performance accessory line will include new cutting metal and miter saw blades, which Makita U.S.A., Inc. is happy to announce.

Market Impact: In order to meet customer requests and maybe boost sales in the tools and accessories sector, Makita U.S.A., Inc.'s market position was probably positively impacted by the addition of new cutting metal and miter saw blades to the Max Performance accessory line. Further demonstrating their responsiveness to industry demands, Makita U.S.A., Inc. expanded their Max Performance accessory line with specialized blades, which may draw in a larger clientele and aid in the company's overall market growth in the tools and accessories sector.

(Source: Makita USA)

Sawing and Cutting Tools Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Oceania
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Application
  • Region

Key Companies Profiled

  • Apex Tool Group
  • Atlas Copco
  • Hilti Corporation
  • Ingersoll-Rand
  • KOKI Holdings
  • Others

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Sawing and Cutting Tools Market Research Segmentation

By Application:

  • Industrial
  • DIY

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Apex Tool Group
  • Atlas Copco
  • Hilti Corporation
  • Ingersoll-Rand
  • KOKI Holdings

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 4.1% during the projected period.

The sawing and cutting tools market was valued at approximately US$7.1 billion in 2023.

The US held the largest market share in 2023.

The prominent players in this market are Apex Tool Group, Atlas Copco, Ingersoll-Rand, and KOKI Holdings.

By application, the DIY segment is expected to grow at the fastest CAGR during the forecast period.

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