How Cutting Tools Market is Evolving in India

Vishal Pratap Singh

It is a well-known fact that the Indian market is one of the most price-competitive when it comes to the cutting tools industry. The cutting tools are used to remove material from the metallic workpiece by the removal of material. The Indian cutting tools market produces a wide range of tools such as saw blades, taps, reamers, hobs, chasers, broaches, rolling dies, drills, end mills, cutters, burrs, other gear cutting tools, tool bits, tips or inserts and many more.

The cutting tools market size was USD 77.24 billion in 2019 and is projected to reach USD 101.48 billion by 2027, exhibiting a CAGR of 4.2 per cent during the forecast period. “The increasing demand for metal cutting equipment from various industries including aerospace, defence, automotive and industrial machinery results in the growth of the market”, says AK Sareen, Managing Director, Ceratizit India.

Increased Uses of CNC Machines

The increasing popularity of CNC machines is also a factor for market growth. This is attributed to the advantages offered by CNC metal cutting tools including high efficiency, transparency, cost saving and time efficiency. Looking at the growing market landscape, cutting tool companies have strengthened their efforts to develop and manufacture more advanced designs to meet increased customer demands. Advances in workpiece manufacturing technologies such as metal injection molding, 3D printing, investment casting and close tolerance forging is also responsible for the growth in this market.

Advancements in Additive Manufacturing

There is an increase in popularity and technological advancements in additive manufacturing which has increased the demand for metal cutting tools. For instance, the 3D printing technology that enables to create three-dimensional objects through printing is rapidly gaining the interest of key players in the industry.

3D printing benefits such as optimum use of raw materials, waste reduction and ease of production of various complex geometries are expected to drive the market. Cutting tools are designed with inserts or replaceable tips and solid round tools. In these, the cutting edge consists of a separate piece of material, either brazed tools, welded or clamped on to the tool body. Cutting tools inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace and defence, construction oil and gas.

Increasing Use of CFRP

Carbon Fiber Reinforced Polymer also known as CFRP is making a significant impact in the cutting tools market sideling the expensive PCD (Polycrystalline Diamond) tools. Its strength, durability and corrosion resistance makes it ideal for the uses in automotive and aerospace sector. PVD coatings on various cutting tools are extending the lifespan of tools delivering an economic perspective for the industrialists.

Increased production demand to capitalize on the bourgeoning global requirements is enforcing industrialists to employee advance tools to support efficient operations and dwell higher outputs in lesser time. This is creating opportunities of conjunction for DCS (Digital Control System) and cutting tools. A digitalized layout reduces the chances of compromise on precision which is an utmost necessity for cutting tools hence elevating its application trajectory.

Increasing Adoption of Industry 4.0

Convergence of Industry 4.0 with the cutting tools is a mega trend imposing opportunities of voluminous trade and adoption on the cutting tools market. Cutting tool systems manufacturing company Sandvik Coromant has publicized its ‘CoroPlus’ suite of Industrial Internet of Things (IIoT) solutions intended at facilitating industrialists organise for Industry 4.0. This concept amalgamated with the cutting tools is aimed to develop the control and efficiency of output and condense costs through an arrangement of connected machining and access to manufacturing data and expert knowledge.

Rise in Commercial Demand

Cutting tools have enabled hassle free production of components, reducing the time required for manufacturing workpieces. Several large manufacturing facilities are increasingly adopting these tools. The rising commercial demand for cutting tools has also contributed in increasing the market size. Besides, rapid advancements in production technology and emerging needs for smaller factory footprints are also boosting the market.

Challenges in Cutting Tools Market

Cutting tools suppliers and machine tool builders are reliant on cutting fluids to eradicate high temperature, supply lubricity, diminish wear and rust, and provide chip evacuation. The health and environmental concerns related to the use of metal cutting fluids in manufacturing settings is a major factor restraining the cutting tools market growth. Application of these fluids on a daily basis on a working territory, expose machine operators to potential health vulnerabilities. However, with constant and substantial influx of investments in research and development, conventional substitute is surfacing along with the advancements in industrial protective gears for operators.

Expectations from Future

The market looks extremely promising, mainly due to rapidly growing manufacturing sectors across the country. As manufacturing sectors continue to grow further, uses of cutting tools are expected to accelerate exponentially, meeting changing customer needs. Therefore, the cutting tools market share is projected to escalate further in the next five years. There is a surging demand for efficient equipment in critical and complex machine component requirements which is expected to drive the industry in the coming future.