Industrial Production Products & Services

Metal Cutting Tools: Market Size, Growth & Forecast to 2030

The Metal Cutting Tools market is valued at about $47.2 billion (2026) and is projected to grow at a 4.8% CAGR through 2030. The largest cost driver is Raw materials (tungsten carbide, cobalt, high-speed steel) (40% of spend).

Market size
$47.2 bn (2026)
CAGR to 2030
+4.8%
Buyer power
Favours buyers
Tracked suppliers
120
Projected market growth (index, 2026 = 100)
Base year 2026
Official data · Claight projectionForecast
Market size index, 2026 = 100, at the 4.8% CAGR.
Forecast
2026
2027
2028
2029
2030
2031
2026 base: 1002031 est: 126

Cost structure

Raw materials (tungsten carbide, cobalt, high-speed steel)
40%
Direct manufacturing labor and precision machining
25%
Energy and advanced PVD/CVD coating processes
15%
Research, development and custom tool engineering
12%
Logistics, specialized packaging and outbound freight
8%

Key suppliers

Sandvik ABKennametal Inc.IMC Group (Iscar)Mitsubishi Materials Corp.Kyocera CorporationOSG Corporation
Read the full Metal Cutting Tools report →

Claight market analysis of proprietary and public data. Full report: /category-intelligence/metal-cutting-tools