[315 Pages Report] The global Carbide Tools market is projected to reach US$ 10,726.3 Mn by the end of the forecast period while growing at a value CAGR of 7.0%. According to Future Market Insight’s volume analysis, the global Carbide Tools Market is estimated to have reached 187,652.6 thousand units by 2018 end and is expected to reach 365,280.9 thousand units by 2028 while exhibiting a CAGR of 6.9% during the forecast period.
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The report on the Carbide Tools market covers comprehensive information about market trends, volume (Thousand Units) and value (US$ Mn) projections, recent developments, dynamics (drivers, restraints, trends & opportunities) and competition landscape pertaining to the global Carbide Tools market for the study period 2018 to 2028.
Robust Technological Innovations and Growing Automation in Machine Cutting Tools Paving Way for Growth of Global Carbide Tools Market
Based on FMI’s analysis, most of the carbide tools that are sold have machine-based configuration. The report highlights significant opportunities for automatic machines or lathe machines. Convenient handling and operation, high-speed compatibility, and superior proficiency will remain the key determining factors rendering higher preference for machine-based over hand-based configuration.
Carbide Tools Market – Cutting Tools, and Drilling and Milling Tools Hold Prominent Shares
Among end user segments, metal fabrication and automotive & transportation are significant contributors to the global Carbide Tools market. In metal fabrication, Carbide Tools are frequently used for job shop applications, such as hole making, surface finishing, among others.
Within the automotive sector, drills, reamers, countersinks and mills tools are used for general applications, such as the making of co-centric holes, providing surface finishing and for other purposes. For many Carbide Tools, manufacturers are focused on creating coolant circulations inside Carbide Tools to improve the operational efficiency of tools.
Carbide Tools Market End-Use Sectors
Most Carbide Tools are available as coated type, as coating enhances the cutting output or cutting efficiency of Carbide Tools. The coated segment is expected to grow at addressable CAGR during the forecast period because of because of the substantial growth being witnessed in automation in the manufacturing sector. Non-coated type Carbide Tools are used mainly for woodworking purposes.
Almost 90% of carbide tools are coated, which affirm their improved performance over non-coated counterparts. Despite a high price point associated with the former, FMI expects that the revenue of coated tools will remain dominant over non-coated tools, as performance has become the paramount. Adoption for woodworking applications will sustain sales of non-coated carbide tools.
Escalating utilization of carbide tools for job-shop applications in metal fabrication, general automotive applications, and high-speed cutting applications will predominantly push sales prospects of carbide tools, as per FMI’s research. While adoption of carbide tools for automotive and fabrication end-use applications holds over 55% share in the total market revenue, growing adoption by heavy machinery manufacturers is also underpinning significant revenue generation in carbide tools market.
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Europe has been spearheading the expansion of carbide tools market, which is likely to receive powerful support from towering sales of EVs in the region. The report underscores remarkable contribution of China and India to the global market revenue. Spectacular growth of the automotive components and metal fabrication industries has helped to fuel the use of carbide tools within high-potential developing Asian economies, particularly China and India. Rapid automation of metal fabrication applications is cited as a predominant booster to adoption rate of carbide tools within the aforementioned countries. According to the report, the collective share of China and India currently equates just-under a fourth of the global value, likely to thrive at a robust pace in the years to come.
FMI has covered detailed market structure in the carbide tools market report, which includes some of the most prominent players such as KYOCERA Corporation, YG-1 Co., Ltd., Mitsubishi Materials Corporation, Allied Machine & Engineering Corp., OSG Corporation, Fullerton Tool Company, Sumitomo Electric Hartmetall GmbH, and others.
Carbide Tools Market Key Segment
By Product Type, the Carbide Tools market is segmented into
- Circular Saw Blades
- CNC Inserts
- Router Bits
- Tap & Dies
By end user, the Carbide Tools market is segmented into
- metal fabrication
- automotive & transportation
- heavy machinery
- furniture & carpentry
- oil & gas
- manufacturing purposes
- other manufacturing
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The global market for carbide tools is a highly fragmented landscape and FMI has characterized the space by moderate competition. Established brands such as IMC Group and Sandvik AB have been facing challenges related to profit margins owing to promising entry of new market players. While entrants are likely to maintain their focus on economic costs during new product launches, leading companies will continue to prioritize expansion.