Annual output value of European tool industry is about 7 billion euros

The European Cutting Tool Association (ECTA) estimates from 2010 data that the annual value of the European tool industry is about 7 billion euros, of which the annual output value of cutting tools is about 5 billion euros, and the annual value of the tool chuck is about 2 billion euros. The number of employees in the European tool industry is approximately 60,000. The export of European tool products accounts for more than 50% of the global tool export.