The presence of multiple manufacturers in the U.S. is set to drive the market in the assessment period. As per FMI, North America carbide tools market is projected to hold about 14.7% of the share in 2022.
Sales in the global carbide tools market are slated to top US$ 7.0 Bn in 2022. Expanding at a healthy 7.2% CAGR, the market size is projected to total US$ 10.7 Bn by 2029.The global market for carbide tools is predicted to generate revenues of more than $7 billion in 2022, representing a healthy Y-o-Y growth rate of 6.4%. According to FMI’s analysis, mills and drills together represent just under 60% of the total revenue from sales of carbide tools.
The report predicts that drills and mills will remain the most widely used types of carbide tools. Carbide drills, on the other hand, appear to have an advantage over carbide mills due to higher adoption for automotive applications, particularly those related to automotive engines. According to the report, the latter are expected to gain prominence in fabrication. Furthermore, rising demand for thermal deburring applications is expected to boost carbide burr sales in the near future.
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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.
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 more than 55% share in the total market revenue, growing adoption by heavy machinery manufacturers is also underpinning significant revenue generation in carbide tools market.
Europe has been spearheading the expansion of carbide tools market, which is likely to receive strong 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 been instrumental in fueling 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.
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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.
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 economics costs during new product launches, leading companies will continue to prioritize expansion.
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