External Grooving Tools Market size was valued at USD 1.2 Billion in 2024 and is projected to reach USD 1.9 Billion by 2033, exhibiting a CAGR of 5.5% from 2026 to 2033.
The global external grooving tools market was valued at approximately USD 1.25 billion in 2022 and is projected to reach USD 1.85 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030. In 2023, regional contributions to the market revenue were as follows: North America accounted for 25%, Asia Pacific led with 40%, Europe contributed 20%, Latin America held 8%, and the Middle East & Africa comprised 7%. Asia Pacifics dominance is driven by robust industrialization and a growing demand for precision machining, particularly in countries like China, Japan, and India.
North Americas substantial market share is attributed to its strong emphasis on innovation and advanced manufacturing technologies, with significant demand from the aerospace and automotive sectors. Europe maintains a significant presence due to its well established automotive and aerospace industries, especially in Germany, France, and the United Kingdom. Latin America and the Middle East & Africa, while holding smaller shares, present emerging opportunities fueled by industrial expansion and infrastructure development. The increasing adoption of automation and advanced manufacturing technologies across these regions further supports the demand for high performance external grooving tools.
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Leistritz
ARNO
Beijing Worldia Diamond Tools
Derek
Paul Horn GmbH
ISCAR LTD
SECO TOOLS
Neumu-Ehrenberg
WIDIA
TUNGALOY CORPORATION
Wohlhaupter Corporation
REMS
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global External Grooving Tools Market
Standard Grooving Tools
Specialized Grooving Tools
Threading Grooving Tools
Parting Tools
Cobalt-based Alloys
Carbide Tools
High-speed Steel (HSS)
Ceramic Tools
Aerospace
Automotive
Manufacturing
Medical Equipment
Electronics
Straight Grooving Tools
Tapered Grooving Tools
Curved Grooving Tools
Multi-point Grooving Tools
OEMs (Original Equipment Manufacturers)
Aftermarket Suppliers
Small and Medium Enterprises (SMEs)
Large Enterprises
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global External Grooving Tools Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global External Grooving Tools Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global External Grooving Tools Market, By Type
6. Global External Grooving Tools Market, By Application
7. Global External Grooving Tools Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global External Grooving Tools Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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