Market Overview

The cutting tools ensure the effective manufacturing of critical and intricate components with ease and utmost precision. These cutting tools form an indispensable part of machine tools that are either numerically or conventionally controlled. The cutting tool inserts are used in applications such as threading, milling & shearing, parting & grooving, and drilling & boring. The growth of the cutting tools market is driven by various factors such as growing demand from industries, increasing demand for power tools in DIY & household sector, and a growing market for high-speed steel cutting tools. This is mainly because cutting tool systems are highly efficient equipment for various major manufacturing processes. However, the growth of the market can be hindered due to the high cost of carbide tools.
Cutting tools are tools that 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, welded, or clamped onto the tool body. Cutting tool inserts and solid round tools are used in many applications across various industries, such as automotive, aerospace & defense, construction, and oil and gas. The GCC & Middle East cutting tools market is expected to register a CAGR of 2.47% during the forecast period. Several factors are driving the growth of the market. The use of cutting tools in manufacturing and demand for high-speed steel cutting tools are majorly driving market growth. Also, an increase in the use of power tools in households is projected to contribute to the cutting tools market growth. The scope for growth in developing nations is expected to provide a lucrative market to the existing players. However, the lack of skilled labor and high cost of cutting tools are restricting the growth of the market.

Market Segmentation

The cutting tools market has been segmented based on tool type, material type, application, and region. Based on tool type, solid round tools dominated the market with a share of 62.17%, having accounted for USD 475.07 million in 2020, and are projected to grow at a rate of 1.71% from 2021 to 2028. Based on material type, cemented carbide dominated the market with a share of 46.11%, having accounted for USD 352.37 million in 2020, and is projected to grow at the highest CAGR of 3.11% from 2021 to 2028. Based on application, the oil & gas segment dominated the market with a share of 25.44%, having accounted for USD 194.41 million in 2020 and is projected to register a CAGR of 1.30% from 2021 to 2028.

Major Players

The key players operating in the Middle East & GCC cutting tools market include Kennametal Inc. (US), OSG Corporation (Japan), Makita Corporation (Japan), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Snap-on Incorporated (US), Hilti Corporation (Liechtenstein), Sandvik AB (Sweden), FRAISA SA (Switzerland), and KYOCERA Corporation (Japan).

COVID 19 Impacts

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TABLE OF CONTENTS

1 EXECUTIVE SUMMARY
1.1 MIDDLE EAST & GCC COUNTIRES CUTTING TOOLS MARKET, BY TOOL TYPE
1.2 MIDDLE EAST & GCC COUNTIRES CUTTING TOOLS MARKET, BY MATERIAL TYPE
1.3 MIDDLE EAST & GCC COUNTIRES CUTTING TOOLS MARKET, BY APPLICATION
2 MARKET INTRODUCTION
2.1 SCOPE OF THE STUDY
2.2 RESEARCH OBJECTIVE
2.3 MARKET STRUCTURE
2.4 KEY BUYING CRITERIA
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 FORECAST MODEL
3.6 LIST OF ASSUMPTIONS & LIMITATIONS
4 MARKET INSIGHTS
5 MARKET DYNAMICS
5.1 INTRODUCTION
5.2 DRIVERS
5.2.1 USE OF CUTTING TOOLS IN MANUFACTURING
5.2.2 DEMAND FOR HIGH-SPEED STEEL CUTTING TOOLS
5.2.3 INCREASE IN USE OF POWER TOOLS IN HOUSEHOLDS
5.2.4 DRIVERS IMPACT ANALYSIS
5.3 RESTRAINT
5.3.1 LACK OF SKILLED LABOR
5.3.2 HIGH COST OF CUTTING TOOLS
5.3.3 RESTRAINTS IMPACT ANALYSIS
5.4 OPPORTUNITY
5.4.1 SCOPE FOR GROWTH IN DEVELOPING NATIONS
6 MARKET FACTOR ANALYSIS
6.1 SUPPLY CHAIN ANALYSIS
6.1.1 DESIGN AND DEVELOPMENT
6.1.2 RAW MATERIAL/COMPONENT SUPPLY
6.1.3 CUTTING TOOLS MANUFACTURE/ASSEMBLY
6.1.4 CUTTING TOOLS DISTRIBUTION
6.1.5 END USE
6.2 PORTER’S FIVE FORCES MODEL
6.2.1 THREAT OF NEW ENTRANTS
6.2.2 BARGAINING POWER OF SUPPLIERS
6.2.3 THREAT OF SUBSTITUTES
6.2.4 BARGAINING POWER OF BUYERS
6.2.5 INTENSITY OF RIVALRY
6.3 IMPACT OF THE COVID-19 OUTBREAK ON MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET
6.3.1 IMPACT ON PRODUCTION
6.3.2 IMPACT ON SUPPLY CHAIN
6.3.3 IMPACT ON RAW MATERIALS
6.3.4 CASH FLOW CONSTRAINTS
6.3.5 IMPACT ON PRICING
7 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET, BY TOOL TYPE
7.1 OVERVIEW
7.1.1 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY TOOL TYPE, 2019–2028
7.2 INDEXABLE INSERTS
7.2.1 INDEXABLE INSERTS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
7.3 SOLID ROUND TOOLS
7.3.1 INDEXABLE INSERTS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET, BY MATERIAL TYPE
8.1 OVERVIEW
8.1.1 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY MATERIAL TYPE, 2019–2028
8.2 CEMENTED CARBIDE
8.2.1 CEMENTED CARBIDE: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.3 HIGH-SPEED STEEL
8.3.1 HIGH-SPEED STEEL: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.4 CERAMICS
8.4.1 CERAMICS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.5 STAINLESS STEEL
8.5.1 STAINLESS STEEL: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.6 POLYCRYSTALLINE DIAMOND
8.6.1 POLYCRYSTALLINE DIAMOND: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.6.2 POLYCRYSTALLINE DIAMOND: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.7 CUBIC BORON NITRIDE
8.7.1 CUBIC BORON NITRIDE: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
8.8 EXOTIC MATERIALS
8.8.1 EXOTIC MATERIALS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET, BY APPLICATION
9.1 OVERVIEW
9.1.1 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY APPLICATION, 2019–2028
9.2 AUTOMOTIVE
9.2.1 AUTOMOTIVE: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.3 AEROSPACE & DEFENSE
9.3.1 AEROSPACE & DEFENSE: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.4 CONSTRUCTION
9.4.1 CONSTRUCTION: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.5 ELECTRONICS
9.5.1 ELECTRONICS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.6 OIL & GAS
9.6.1 OIL & GAS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.7 POWER GENERATION
9.7.1 POWER GENERATION: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.8 WOOD
9.8.1 WOOD: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.9 DIE & MOLD
9.9.1 DIE & MOLD: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
9.10 OTHERS
9.10.1 OTHERS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
10 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET, BY REGION
10.1 OVERVIEW
10.1.1 MIDDLE EAST & GCC COUNTRIES CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028
10.2 MIDDLE EAST
10.2.1 MIDDLE EAST CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY COUNTRY, 2019–2028
10.2.2 TURKEY
10.2.3 IRAN
10.2.4 ISRAEL
10.2.5 REST OF MIDDLE EAST
10.3 GCC COUNTRIES
10.3.1 GCC COUNTRIES CUTTING TOOLS MARKET ESTIMATES & FORECAST, BY COUNTRY, 2019–2028
10.3.2 SAUDI ARABIA
10.3.3 UAE
10.3.4 REST OF GCC COUNTRIES
11 COMPETITIVE LANDSCAPE
11.1 INTRODUCTION
11.1.1 MARKET STRATEGY ANALYSIS
11.2 COMPETITIVE BENCHMARKING
11.3 KEY DEVELOPMENTS & GROWTH STRATEGIES
11.3.1 PRODUCT LAUNCH
11.3.2 EXPANSION
11.3.3 ACQUISITION
11.3.4 PRODUCT DEVELOPMENT
11.3.5 COLLABORATION
11.3.6 PARTNERSHIP
12 COMPANY PROFILES
12.1 KENNAMETAL INC.
12.1.1 COMPANY OVERVIEW
12.1.2 FINANCIAL OVERVIEW
12.1.3 PRODUCTS OFFERED
12.1.4 KEY DEVELOPMENTS
12.1.5 SWOT ANALYSIS
12.1.6 KEY STRATEGIES
12.2 OSG CORPORATION
12.2.1 COMPANY OVERVIEW
12.2.2 FINANCIAL OVERVIEW
12.2.3 PRODUCTS OFFERED
12.2.4 KEY DEVELOPMENTS
12.2.5 SWOT ANALYSIS
12.2.6 KEY STRATEGIES
12.3 MAKITA CORPORATION
12.3.1 COMPANY OVERVIEW
12.3.2 FINANCIAL OVERVIEW
12.3.3 PRODUCTS OFFERED
12.3.4 KEY DEVELOPMENTS
12.3.5 SWOT ANALYSIS
12.3.6 KEY STRATEGIES
12.4 ROBERT BOSCH GMBH
12.4.1 COMPANY OVERVIEW
12.4.2 FINANCIAL OVERVIEW
12.4.3 PRODUCTS OFFERED
12.4.4 KEY DEVELOPMENTS
12.4.5 SWOT ANALYSIS
12.4.6 KEY STRATEGIES
12.5 STANLEY BLACK & DECKER, INC.
12.5.1 COMPANY OVERVIEW
12.5.2 FINANCIAL OVERVIEW
12.5.3 PRODUCTS/SERVICES OFFERED
12.5.4 KEY DEVELOPMENTS
12.5.5 SWOT ANALYSIS
12.5.6 KEY STRATEGIES
12.6 SNAP-ON INCORPORATED
12.6.1 COMPANY OVERVIEW
12.6.2 FINANCIAL OVERVIEW
12.6.3 PRODUCTS OFFERED
12.6.4 KEY DEVELOPMENTS
12.6.5 SWOT ANALYSIS
12.6.6 KEY STRATEGIES
12.7 HILTI CORPORATION
12.7.1 COMPANY OVERVIEW
12.7.2 FINANCIAL OVERVIEW
12.7.3 PRODUCTS/SERVICES OFFERED
12.7.4 KEY DEVELOPMENTS
12.7.5 SWOT ANALYSIS
12.7.6 KEY STRATEGIES
12.8 SANDVIK AB
12.8.1 COMPANY OVERVIEW
12.8.2 FINANCIAL OVERVIEW
12.8.3 PRODUCTS/SERVICES OFFERED
12.8.4 KEY DEVELOPMENTS
12.8.5 SWOT ANALYSIS
12.8.6 KEY STRATEGIES
12.9 FRAISA SA
12.9.1 COMPANY OVERVIEW
12.9.2 FINANCIAL OVERVIEW
12.9.3 PRODUCTS OFFERED
12.9.4 KEY DEVELOPMENTS
12.9.5 SWOT ANALYSIS
12.9.6 KEY STRATEGIES
12.10 KYOCERA CORPORATION
12.10.1 COMPANY OVERVIEW
12.10.2 FINANCIAL OVERVIEW
12.10.3 PRODUCTS OFFERED
12.10.4 KEY DEVELOPMENTS
12.10.5 SWOT ANALYSIS
12.10.6 KEY STRATEGIES
13 APPENDIX
13.1 REFERENCES
13.2 RELATED REPORTS

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