According to our new research study on “Carbide Tools Market to 2028 – Global Analysis and Forecast – by Tool Type, Configuration, End-User”. The global Carbide Tools Market Size was valued US$ 10,623.97 Million in 2020 and is expected to reach US$ 15,320.99 Million by 2028 with a CAGR growth rate of 4.8% during the forecast period from 2021 to 2028. The COVID-19 outbreak has affected the overall growth rate of global carbide tools market in the year 2020 in a negative manner to some extent, due to decline in revenue and growth of companies operating in the market owing to supply and demand disruptions across the value chain. Thus, there was a decline in y-o-y growth rate during the year 2020. However, the positive demand outlook from industries such as automotive, transportation, and heavy machinery among others is anticipated to drive the market growth in a positive manner over the forecast period of 2021 to 2028 and thus the market growth will be steady in the coming years.
Carbide Tools Market: Competition Landscape and Key Developments
MITSUBISHI MATERIALS Corporation, Sandvik Coromant, KYOCERA Precision Tools, Ingersoll Cutting Tool Company, and CERATIZIT S.A., Xinrui Industry Co., Ltd., GARR TOOL, DIMAR GROUP, YG-1 Co., Ltd., and Makita Corporation. are among the key carbide tools market players profiled in this research study.
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.
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 market globally. The carbide coatings are used in cutting tools for improving their machining performance, as the coating enables these tools to withstand higher temperatures to be able to maintain their hardness, unlike the uncoated tools; however, this modification contributes to the higher cost of these tools. Solid carbide tools are more expensive than the high-speed steel tools. Therefore, the increasing availability of high-speed steel (HSS) and powder metal tools at comparatively low costs is limiting the adoption of carbide-tipped tools. The tools made from HSS feature much sharper edge than that held by carbide tools. Furthermore, the HSS-based tools can be shaped more easily than carbide-tipped tools, along with allowing the production of tools with more extreme shapes and unique cutting edges than carbide.
Automotive production is constantly rising across the world, particularly in Asian and European countries, which is driving the demand for carbide tools. The sector widely uses carbide tools in crankshaft metal machining, face milling, and hole-making, among other machining operations involved in auto parts manufacturing. The automotive industry is obtaining excellent results with the use of tungsten carbide in ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts of a vehicle that sees hard usage and extreme temperatures. Automotive giants such as Audi, BMW, Ford Motor Company, and Range Rover are contributing significantly to the carbide tools market growth.
Hybrid electric vehicles are gaining traction in North America, thus boosting the carbide tools market growth in the region. Countries such as the US and Canada are prominent automotive manufacturers in the region. According to the American Automotive Policy Council, automakers and their suppliers contribute ~3% to the US GDP. General Motors Company, Ford Motor Company, Fiat Chrysler Automobiles, and Daimler are among the major automotive manufacturers in North America. As per data by the International Organization of Motor Vehicle Manufacturers, in 2019, the US and Canada manufactured ~2,512,780 and ~461,370 cars, respectively. Further, the carbide tools are also highly used in railway, aerospace & defense, and marine industries.
Carbide Tools Market: Segmental Overview
The carbide tool market is segmented into tool type, configuration, end user, and geography. Based on tool type, the market is further segmented into end mills, tipped bores, burrs, drills, cutters, and other tools. In terms of configuration, the market is categorized into hand-based and machine-based. Based on end-user, the market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and others. The end mills segment led the carbide tools market, by tool type.
Post time: Jun-29-2021
