Cutting down: Improved downstream demand will benefit firms, but low innovation will limit growth
IBISWorld’s Cutting Tool & Machine Tool Accessory Manufacturing market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.
Industry Statistics & Market Size
Annual Growth 08-13
Annual Growth 13-18
Industry Analysis & Industry Trends
The Cutting Tool and Machine Tool Accessory Manufacturing industry experienced adverse effects from the economic downturn. During the recession, negative economic conditions reduced demand for machined parts at tool and die businesses and demand for custom work fell. As the economy improves, downstream demand will likely rise, spurring marginal revenue growth. Nevertheless, stagnant product innovation will hamper overall growth.
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Industry Report - Industry Key Buyers Chapter
The Cutting Tool and Machine Tool Accessory Manufacturing industry is characterized by a large number of small operators. In 2013, IBISWorld estimates that over 75% of all industry establishments employ fewer than 20 people. Because of their niche manufacturing focus on cutting tool machinery and accessory manufacturing, these firms lack the capacity to garner a significant amount of the industry's potential US market share. Instead, firms work locally or regionally to supply various downstream manufacturers with new tools, replacement parts and periodic service and repair of existing machinery... purchase to read more
What is the Cutting Tool & Machine Tool Accessory Manufacturing Industry?
This industry primarily manufactures metal-cutting and metal-forming machine tools, accessories and attachments. Firms may also provide custom fabrication and repair work on a contract basis.
Small cutting toolsCutting tool attachments and accessoriesOther metal-cutting tools and partsMiscellaneous receipts
Manufacturing cutting tools for metalworking machineryManufacturing accessories for machine toolsPerforming miscellaneous contract, repair and resale work