Our recent research titled "End Mills Market Analysis and Forecast to 2031 - by Material, Diameter Size, and End Use Industry" indicates a promising growth trajectory for the end mills market. The market is projected to expand from US$ 724.00 million in 2023 to US$ 1,117.90 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.6% during the period from 2023 to 2031. This report outlines the growth opportunities driven by current trends in the end mills market and their anticipated effects throughout the forecast period.
The ongoing launch of new vehicle models, coupled with the demand for sophisticated manufacturing techniques, is expected to sustain the growth of end mills in the coming years. The United States stands as the leading automobile manufacturer globally. The increasing demand for vehicles has led to significant investments in the automotive sector within the country. For example, in February 2024, Schaeffler announced plans to enhance its operations in the US by establishing a new manufacturing facility focused on producing automotive electric mobility solutions. The company is set to invest over US$ 230 million to develop this advanced manufacturing site in Ohio, with further expansions planned through 2032.
Moreover, notable automotive manufacturing plants in the US include the assembly facility of the Mazda-Toyota joint venture in Huntsville, General Motors Company's Detroit/Hamtramck Assembly, Flint Truck Assembly, Lansing Delta Township Assembly, and Orion Assembly. Additionally, Ford Motor Company's Flat Rock Assembly Plant, Dearborn Truck, and Michigan Assembly Plant are significant contributors to the automotive landscape. The thriving automotive sector, along with the critical role of cutting tools, is a key driver of growth in the end mills market.
The end mills market is categorized based on several factors, including material, type, diameter size, and end-use industry. In terms of material, the market is divided into carbide, steel, and others. The types of end mills include square nose, ball nose, and others. Diameter sizes are classified into up to 4 mm, 4-8 mm, and above 8 mm. Furthermore, the end-use industries for end mills encompass automotive, heavy machinery, semiconductors and electronics, medical and healthcare, energy, aviation, and others. Geographically, the end mills market is segmented into North America, Europe, APAC, MEA, and SAM.
Key players in the end mills market include 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.. These companies, along with several others, are actively introducing innovative technologies and product offerings, contributing to the growth of the end mills market. A comprehensive analysis of various other significant companies has also been conducted in this study to provide a well-rounded perspective of the market ecosystem.