Turning Tools Market to Accrue $12.1 Bn, Globally, by 2031 at 8.3% CAGR: Allied Market Research
PORTLAND, Ore., Sept. 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Turning Tools Market by Type (Rough turning tools, Finish turning tools), by Application (Conventional lathe machine, CNC lathe machine), by End-user industry (Automotive, Electronics and electrical, Aerospace, Construction and mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global turning tools industry was estimated at $5.3 billion in 2021, and is set to reach $12.1 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
- A prominent increase in the utilization of turning tools in various industrial applications drives the growth of the global turning tools market.
- PORTLAND, Ore., Sept. 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, " Turning Tools Market by Type (Rough turning tools, Finish turning tools), by Application (Conventional lathe machine, CNC lathe machine), by End-user industry (Automotive, Electronics and electrical, Aerospace, Construction and mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."
- A prominent increase in the utilization of turning tools in various industrial applications drives the growth of the global turning tools market.
- Based on the type, the rough turning tools segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global turning tools market share.