According to our latest study on "End Mills Market Analysis and Forecast to 2031 - by Material, Diameter Size, and End Use Industry," the market is expected to grow from US$ 724.00 million in 2023 to US$ 1,117.90 million by 2031; it is anticipated to record a CAGR of 5.6% from 2023 to 2031. The report includes growth prospects owing to the current end mills market trends and their foreseeable impact during the forecast period.
The US, Canada, and Mexico are the significant economies in North America. The well-established infrastructure in developed countries, including the US and Canada, helps manufacturing firms explore the limits of science, technology, and commerce. Technological advancements in the region have led to high competition in the manufacturing industry. As per the National Institute of Standards and Technology (NIST), the manufacturing sector in the US was valued at US$ 2.3 trillion in 2021, accounting for a 12.0% share of the total GDP that year. It ranks second among the largest machinery and equipment manufacturing countries in the world. It is also a leading fabricated metal product manufacturer across the world. Thus, a robust machine manufacturing base drives the demand for metal-cutting machines in North America, in turn bolstering the end mills market growth.
North American countries have flourishing aerospace & defense industries, which can be mainly ascribed to stable economies, developed infrastructure, high technology adoption rate, and increasing government involvement. In March 2023, the Government of Canada invested ?US$ 7.44 million to support the opening of H55 in Canada. H55, a Swiss-based business renowned for providing electric propulsion systems, is a spin-off of Solar Impulse, the first electric airplane provider in the world. The rising trend of prototyping with on-demand metal cutting machines in the aerospace industry offers practical ways to rapidly manufacture aerospace sheet metal parts without the need for complicated manufacturing setups. This trend of rapid prototyping may generate a massive demand for metal-cutting machines, which is expected to bolster the end mills market growth in North America in the future.
Key Findings of Market Study:
Based on diameter, the end mills market is segmented into less than 4 mm, 4 mm to 6 mm, 6 mm to 8 mm, 8 mm to 12 mm, and above 12 mm. The diameter size primarily denotes a significant role of an end mill in the overall application of metal-cutting and metalworking machines. The end use of different types of end mills varies based on operational requirements. During the milling of metal parts, a fabricator shapes and forms a workpiece using rotary cutters to remove material selectively; the process demands precision and accuracy, which results in the need for end mills of various diameters. The growing number of aircraft orders and rising government spending in the aerospace and defense sector and increasing development in the automotive sector are anticipated to propel the growth of the end mills market at the global level.
NS Tool USA, Inc.; TOWA Corporation; SDK Tool (China) Co., Limited; Karnasch Professional Tools GmbH; Hoffmann Group USA; Kodiak Cutting Tools; Harvey Tool Company; Fullerton Tool Company, Inc.; Precision Technology Co., Ltd; Union Tool Co.; Osg Usa, Inc; Kyocera Sgs Precision Tools, Inc.; and IZAR CUTTING TOOLS S.A.L. are among the key players profiled in the end mills market report. Companies in the market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
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