Estimated at a healthy Y-o-Y growth of 6.4%, global revenues of carbide tools market are set to exceed US$ 7 billion in 2022. A new Future Market Insights (FMI) study forecasts robust growth prospects for the global carbide tools market, prominently driven by fostering rate of adoption for automotive and fabrication applications. Drills and mills will remain the highest selling types of carbide tools, according to the report.
FMI’s analysis concludes that mills and drills collectively account for just-under 60% share in the total revenue generated through carbide tools sales. Carbide drills are however observed hold an edge over carbide mills owing to higher adoption for automotive applications, particularly related to automotive engines.
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The latter are expected to gain prominence in fabrication, as indicated by the report. Moreover, notably increasing demand for thermal deburring applications will reportedly spur sales of carbide burrs in the near future.
Based on FMI’s analysis, most of the carbide tools that are sold have machine-based configuration. The report highlights significant opportunities in 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.
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 anticipates 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.
Competition Landscape
Leading players operating in the carbide tools market are striving to gain a competitive edge by participating in multiple organic and inorganic strategies. They are conducting exhaustive research and development activities to introduce cutting-edge carbide parting tools for various applications. They are also engaging in partnerships, joint ventures, mergers, and acquisitions to broaden their presence in the market. For instance:
- In February 2022, Horn, a leading supplier of grooving tools based in the U.S., launched new tools to produce narrower grooves. This would allow the company to expand its circular interpolation system for slot milling. The exchangeable inserts are available in various coatings to suit the material that is being machined. The solid carbide tool shank is capable of damping vibration throughout the milling process owing to its mass.
- In January 2022, Guhring, Inc., a prominent manufacturer of round shank cutting tools headquartered in Brookfield, announced that it will be launching its novel product range at the Birmingham NEC in March. It will also debut its sharpest solid carbide milling tool named RF100 Sharp Series. It is considered to be ideal for applications, such as trochoidal cutting, finishing, helical milling, roughing, ramping, and slotting.
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Carbide Tools Market By Category
- Tool Type :
- Circular Saw Blades
- CNC Inserts
- Router Bits
- Cutters
- Mills
- Tap & Dies
- Reamers
- End Use :
- Metal Fabrication
- Automotive & Transportation
- Automotive
- Railway
- Aerospace
- Marine
- Heavy Machinery
- Construction
- Furniture & Carpentry
- Oil & Gas
- Fabrication
- Manufacturing Purposes
- Other Manufacturing
- Fabrication :
- Coated
- Non-coated
- Configuration :
- Hand-based
- Machine-based
- Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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