Europe Carbide Tools Market Is Set To Account For 37.5% Of The Total Market Share In 2022 – FMI

In 2022, sales in the global market for carbide tools are anticipated to reach US$ 7.0 Bn. By 2029, the market size is expected to reach US$ 10.7 Bn, growing at a healthy 7.2% CAGR.

The market will be driven by the durability of machine tools and tool holders made of carbide. The edges of cutting equipment can be kept sharp with the help of carbide parting tools, which also have a longer lifespan.

Sales are expected to increase due to the widespread use of carbide lathe tools in machining applications. These tools’ distinctive qualities, such as their extended usable life, quick speed, superior wear resistance, shorter cycle times, and ability to maintain their cutting edge at high machining temperatures, will keep boosting sales.

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Mergers And Acquisitions Boosting The Carbide Tools Market?

It is anticipated that an increase in mergers and acquisitions among national and international manufacturers will bring about prosperous opportunities for manufacturers of carbide lathe tools. These tactics not only open up new untapped markets but also aid in developing novel prospects in developing markets.

For instance, Mitsubishi Materials (MMC) successfully acquired a 30% stake in the Chilean Mantoverde copper mine in February 2021 for US$ 275 million. As part of the Mantoverde Development Project, MMC is slated to participate in the construction of facilities to support the processing and extraction of sulphide ore (MVDP). The market is expected to be driven by renowned companies implementing comparable strategies.

U.K. Carbide Tools Market Exhibiting High Demand?

“Carbide Hole Cutters are Showcasing High Demand Amid Surging Adoption of New Coatings”

Leading companies’ ongoing development of a number of new products in the U.K. is expected to boost sales. According to FMI, the market for carbide tools in Europe is expected to hold 37.5% of the overall market share in 2022.

For example, in December 2021, Horn Cutting Tools Ltd. (U.K.) unveiled IG6 and SG3, two distinct high-performance coatings for carbide inserts. In contrast to uncoated inserts, these are best suited for turning applications and can increase the service life of inserts by a factor of 10 or more.

The demand for carbide hole cutters is anticipated to rise in the coming years due to the rising number of new product launches in the U.K.

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How is the U.S. Carbide Tools Market Faring?

“Acquisitions between Leading Players to Propel the Sales of Carbide Turning Tools”

The market is expected to be driven during the assessment period by the presence of numerous manufacturers in the U.S. According to FMI, the market for carbide tools in North America is anticipated to account for 14.7% of the total in 2022.

For instance, in February 2022, Elkhart-based tooling solutions provider Tooling Concepts Inc. was purchased by Peak Toolworks. The former could strengthen its presence in the Midwest with the aid of this acquisition.

In order to expand and better serve its customers who are involved in the machining and cutting of metal, composites, plastics, and wood, the company will also open a facility in Elkhart. Sales of carbide turning tools are anticipated to soar as more and more major players with U.S. bases engage in acquisitions.

What is the India Carbide Tools Market Outlook?

“Expansion of the E-commerce Sector to Fuel the Demand for Carbide Parting Tools”

Sales in the Indian market are likely to increase in the coming years as a result of growing awareness of automation in the metal fabrication sector. According to FMI, the South Asian market for carbide tools is expected to account for 12.1% of the overall market.

ToolKart unveiled its most recent online e-commerce platform for industrial buyers to choose and buy cutting tools online without hassle in July 2020. The new website will allow users to source all of their tooling needs, including both special and common cutting tools.

In light of the COVID-19 pandemic, the company wants to reduce the abundance of inexpensive cutting tools currently on the market by supporting Indian producers and facilitating contactless transactions. Therefore, it is anticipated that the growth of India’s e-commerce sales channel will be beneficial for the market for carbide parting tools.