Increasing Demand from Aerospace Industry Bolsters the End Mills Market Size
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.
Cutting tools such as end mills are used for a variety of purposes in the aerospace industry. They are mainly used in milling operations that require high precision and smooth surfaces. End mills are commonly employed in this industry as they can cut through materials such as titanium, aluminum, steel alloy, and plastics. They are crucial in manufacturing aircraft components such as engines, wings, fuselage structures, and landing gears. The aerospace industry increasingly emphasizes lightweight materials and high-end manufacturing techniques to enhance the fuel efficiency and performance of aircraft. Airbus, a European plane manufacturer, inaugurated a production facility for the A-320 narrow bodies in Tianjin, China, in July 2023. The company takes such initiatives to expand its production capabilities in the country. With this development, Airbus would be able to fabricate ~75 new A-320 neo-family jets every month by 2026. In 2022, Collins Aerospace, a business of Raytheon Technologies (US), invested US$ 200 million in India and unveiled its Global Engineering and Technology Center (GETC) and Collins India operation center in Bengaluru. With this move, Collins Aerospace plans to scale up its manufacturing operations by acquiring digital technology and engineering capabilities.
End Mills Market — by Geography, 2023
End Mills Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbide, Steel, and Others), Type (Square Nose, Ball Nose, and Others), Diameter Size (Upto 4 mm, 4–6 mm, 6–8 mm, 8–12 mm, and Above 12 mm), End-Use Industry (Automotive, Heavy Machinery, Semiconductor and Electronics, Medical and Healthcare, Energy, Aerospace and Others), and Geography
End Mills Market Size, Growth, Share by 2031
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Source: The Insight Partners Analysis
As per General Aviation Manufacturers Association (GAMA) data, 3,050 airplane and 962 helicopter deliveries were recorded across the world in 2023, signifying an increase of ~9% and ~9.8%, respectively, compared to 2022. In addition, an upsurge in backlogs for all segments of general aviation aircraft and helicopters is anticipated to further propel the number of deliveries during 2023–2031.
End mills are used in wing assembly, engine mounting, and fuel tank and landing gear production, among other aircraft manufacturing processes. Thus, fostering aerospace manufacturing activities worldwide with huge investments, coupled with a surge in the need for aircraft fleets, favors the progress of the end mills market, as these cutting tools are employed in a wide range of processes in the aerospace industry, including cutting, bending, and designing.
Based on material, the end mills market is segmented into carbide, steel, and others. The carbide segment held the largest end mills market share in 2023. The others segment includes materials other than conventional ones, i.e., polycrystalline diamond, cubic boron nitride, ceramic, and cast iron, which are used to fabricate end mills. Developments in manufacturing, automotive, and aerospace sectors are projected to drive the expansion of the end mills market size. Carbide end mills come in a wide range of diameters, lengths, and flute counts. The selection of carbide end mills primarily depends on the material that needs to be cut and the level of surface quality required for the operation. These mills are employed in metalworking operations for milling, turning, drilling, and tapping when a sharp cutting edge and a tiny radius are needed. Nonetheless, carbide end mills are considered a reliable option for several metal production applications due to their features such as high speed, reduced cycle time, long working life, ability to withstand high machining temperature, and exceptional wear resistance.
Developments in terms of manufacturing design and mounting requirements to increase production efficacy are encouraging further investigations into superior milling tool products, thereby boosting the demand for carbide end mills. These end mills are being used in manufacturing units across the automotive, aerospace, railway, furniture and carpentry, energy & power, and healthcare equipment industries, among others. They can be potentially used on a few of the toughest materials, including cast iron, non-ferrous metals, alloys, and polymers, which makes them a viable option for milling operations in industries such as automotive, manufacturing, power plants, and semiconductor and electronics. For instance, A345 solid carbide end mills are primarily utilized to machine non-ferrous metals such as aluminum, brass, and copper, whereas 45–50 high-hardness carbide (HRC) end mills are used to machine steel. Additionally, the P20 mold steel also necessitates 55–60 high-hardness carbide end mills. Huana Tools, Kennametal Inc., Guhring, Inc., and Mastercut Tool Corp. are a few of the companies offering carbide end mills.
The geographic scope of the end mills market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). APAC held the largest end mills market share in 2023 and is projected to maintain its dominance during the forecast period. North America is the second-largest contributor to the global end mills market, followed by Europe. Europe holds a significant share of the end mills market. The region is known for its well-established manufacturing facilities, including automotive, aerospace, machinery, and construction. These industries heavily rely on metal working machines to achieve high precision and efficiency in their manufacturing processes. Germany is known for its advanced engineering and manufacturing capabilities. In 2022, the German government invested US$ 220 billion in industrial transformation; thus, the country is expected to experience growth in aerospace & industrial manufacturing, which would subsequently lead to an increase in demand for metal working machines, thereby fueling the end mills market growth. The Middle East & Africa and South America are also likely to contribute notable shares to end mills market growth owing to the rising investments toward industrialization and expanding manufacturing bases.
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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