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According to our latest market study on “Carbide Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Tool Type, Configuration, and End-User,” the market was valued at US$ 10,623.97 million in 2020 and it is projected to reach US$ 15,320.99 million by 2028; it is expected to grow at a CAGR of 4.8% from 2021 to 2028.
Carbide tools retain their cutting-edge hardness at high machining temperatures generated by high cutting speeds and feeds that reduce machining cycle time. These tools confer improved surface finish and hold size with better quality for prolonged periods. Along with this, carbide tools last longer due to the carbide chip forming surface resists wear as the chip flows over the tools. This reduces the need for costly changes with increased scrap and rework. Further, carbide tools are used when machining highly abrasive materials. The carbide is also known as tungsten carbide as it comprises half part tungsten and half part carbide. The substance features stiffness thrice that of steel and is commonly used on other types of wood-cutting tools as well. Carbide-tipped wood cutting tools higher cutting speed than standard steel-based woodworking tools. Thus, the better performance capabilities of carbide tools than their counterparts are propelling the growth of the carbide tools market.
Rising developments in manufacturing designing and growing requirements to increase the production efficacy are establishing the base for the manufacturer’s investigation of superior machine tool products, thereby boosting the demand for carbide tools. The machine tools used across industries are primarily utilized for machining or shaping metal or other rigid materials to offer a unique form with the help of boring, grinding, shearing, and cutting. Presently, there are two main types of machine tools significantly being used across different industries – high-speed steel (HSS) and carbide tools. These tools are extensively used across machining applications due to their significant features such as high speed, reduced cycle time, long working life, retaining cutting edge at high machining temperature, and exceptional wear resistance at cutting edge. The rising popularity of carbide tools, particularly across manufacturing applications, is one of the significant factors expected to boost the market during the forecast period. Furthermore, these carbide tools are being used in manufacturing units across automotive, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries. In these industries, special cutting tools are used to design and manufacture a product, which is propelling the demand for carbide tools. The deployment of carbide tools across different industries to operate it manually or automatically is further boosting the growth of the carbide tools market globally.
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With the growing end-use industries across the globe, there is a continuous need of carbide tools in industries to accomplish production efficacy, therefore growing the demand for carbide tools. Lathe and milling machine are used in operations such as turning, milling, and drilling, and integrating these machines with carbide tools helps ensure smooth operations without compromising on their performances. Carbide tools are being employed in the manufacturing processes in industries such as automotive, aerospace, medical, energy, and oil & gas. Furthermore, cemented carbide tools have become a primary means of increasing the productivity of the metal-cutting process, alongside ensuring greater accuracy. Thus, the surging demand for carbide tolls in different industries is encouraging different trends in the market, thereby bolstering its growth of the carbide tools market globally. The rising popularity of carbide tools, particularly across manufacturing applications, is one of the significant factors expected to boost the market during the forecast period. Furthermore, these carbide tools are being used in manufacturing units across automotive, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries, among others. In these industries, special cutting tools are used to design and manufacture the product, which is boosting the demand for carbide tools. The deployment of carbide tools across different industries to operate either manually or automatically is further boosting the growth of the carbide tools market. Additionally, the rising population of these countries is the main driver for the region’s construction industry.
Further, governments of various economies are taking several measures to attract private investments in construction and infrastructure development. For instance, the 2011–2020 Economic Transformation Program (ETP) by the Malaysian government attracts huge FDIs in the country’s infrastructure and construction activities. Therefore, the increasing construction sector across the region demands the application of carbide tools in the specific cutting tools for the foundation and piloting machines. Moreover, government initiatives, rapid technological developments, and digitalization of economies are among other factors propelling the region’s overall economic growth, which is driving it from a developing phase to a developed phase. Moreover, the increase in demand for high-speed cutting tools in the manufacturing industries has also been adding to the growth in revenue of the carbide tools market.
The carbide tool market is segmented on the basis of tool type, configuration, end user, and geography. Based on tool type, the market is segmented into end mills, tipped bores, burrs, drills, cutters, and other tools. In 2020, the end mills segment accounted for the largest market share. In terms of configuration, the market is bifurcated into hand-based and machine-based. In 2020, the machine-based segment accounted for a larger share in the market. Based on end-user, the carbide tools market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and other end-users. In 2020, the automotive and transportation segment accounted for the largest share in the market. Geographically, the global carbide tools market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the APAC segment accounted for the significant share in the global market.
The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles’ and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has adversely affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Therefore, manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The worldwide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities along with production volume across several manufacturers, especially the small & medium enterprise owners. Moreover, the production activities in multiple industries have contracted significantly during 2020, resulting in decline in the carbide tools market. However, with the increasing need for healthcare products, the demand for carbide tools is surging from the medical industries.
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The global carbide tools market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM) and significant strategic initiatives are being taken by several market players in the global carbide tools market. For instance, on January 2021, Ingersoll Cutting Tools Company announced the introduction of more than 30 new product lines. These unique and creative designs offer speed and feed capabilities for milling, drilling, turning, and grooving applications.
The overall carbide tools market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the carbide tools market with respect to all the segments. It also provides the overview and forecast for the global carbide tools market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the carbide tools market.
Mitsubishi Materials Corporation, Sandvik Coromant, Kyocera Precision Tools, Ingersoll Cutting Tool Company, and Ceratizit S.A. are some of the key market players operating in the global carbide tools market. The listing of key players is derived by considering multiple factors such as overall revenue, current carbide tools product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the carbide tools ecosystems which were studies analyzed during the course of this market research study, such as, Xinrui Industry Co., Ltd., GARR TOOL, DIMAR GROUP, YG-1 Co., Ltd., and Makita Corporation among others. Further, in 2021, Ingersoll Cutting Tools Company expands high speed and feed product lines. In 2020, YG-1 expands “K-2 4Flute Multiple Helix Carbide End Mills Line” optimized for steel, stainless steel and cast-iron machining.
A few major players operating in the global carbide tools market are Xinrui Industry Co., Ltd.; CERATIZIT S.A.; GARR TOOL; Ingersoll Cutting Tool Company; KYOCERA Precision Tools; DIMAR GROUP; MITSUBISHI MATERIALS Corporation; Sandvik Coromant; YG-1 Co., Ltd.; and Makita Corporation.
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Most of the market initiatives were observed in Asia Pacific (APAC) region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
GARR TOOL now available on mastercam Makita Corporation announced the launch of new products at STAFDA
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