Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the carbide tools market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the carbide tools market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as operating mode, coating, type, end-user, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global carbide tools market are Best Carbide Cutting Tools, Inc., Advent Tool & Manufacturing, Inc., Garr Tool Company, Ingersoll Cutting Tool Company, Mitsubishi Materials Corporation, VHF Camfacture AG, CERATIZIT S.A., Rock River Tool, Inc., Vora Industries, SGS Tool Company, Tunco Manufacturing Inc., PROMAX Tools, Global Excel Tools Manufacturing Sdn, OSG Corporation, Sandvik AB, Plansee Group, Sumitomo Electric Corporation, Guhring Ltd., Allied Machine and Engineering Corp. among others. To achieve a substantial market share in the worldwide carbide tools market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
With the ability to provide durability, carbide-based machine tools and tool holders are expected to drive market’s growth. Carbide parting tools help in maintaining the edges of cutting equipment and offer a longer service life. Also, a great deal of emphasis is being placed on optimal cutting geometries and high performance covers, which are gaining popularity among consumers and subsequently driving the market forward. Increasing production and sales of hybrid electric vehicles in developed countries is one of the key factors contributing to the increase in sales of performance vehicles made from tungsten carbide. Aside from reducing production waste, carbide tools also offer a number of benefits, including reduced labor costs, higher quality, and lower inventory costs. Furthermore, companies are placing a high value on cutting geometries that are perfect and high-performance coverings. This attracts customers, and in turn, drives the market's growth. In order to improve machining performance, carbon coatings are used in cutting tools. They allow these tools to maintain their hardness and withstand high temperatures throughout many operations. As coatings are increasingly used on carbide tools, the market's growth is expected to be driven by the use of carbide tools.
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Scope of Carbide Tools Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Operating Mode, Coating, Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Best Carbide Cutting Tools, Inc., Advent Tool & Manufacturing, Inc., Garr Tool Company, Ingersoll Cutting Tool Company, Mitsubishi Materials Corporation, VHF Camfacture AG, CERATIZIT S.A., Rock River Tool, Inc., Vora Industries, SGS Tool Company, Tunco Manufacturing Inc., PROMAX Tools, Global Excel Tools Manufacturing Sdn, OSG Corporation, Sandvik AB, Plansee Group, Sumitomo Electric Corporation, Guhring Ltd., Allied Machine and Engineering Corp. among others. |
Segmentation Analysis
Manual are expected to be the fastest-growing segment in 2022.
The operating mode segment includes manual and automatic. The manual segment is expected to witness the highest growth rate during the forecast period. Manual carbide tools can go by the name of hand-based carbide tools. These are widely utilised in the construction, manufacturing, automobile, and other industries.
Coated are expected to be the fastest-growing segment in 2022.
The coating segment includes coated and non-coated. The coated segment is expected to witness the highest growth rate during the forecast period. Coated inserts are very popular because they work well with a variety of components. Coated tools help increase output and speed up processes.
Mills are expected to be the fastest-growing segment in 2022.
The type segment includes router bits, circular saw blades, mills, reamers, tap & dies, cutters, and CNC inserts. The mills segment is expected to witness the highest growth rate during the forecast period. In high-speed applications, these mills are used for cutting extremely hard materials such as non-ferrous metals, polymers, alloys, and cast iron due to their heat resistance. In addition, mills can cut materials in both lateral and horizontal directions through rotation.
Automotive & transportation is expected to be the fastest-growing segment in 2022.
The end-user segment includes construction, metal fabrication, furniture & carpentry, automotive & transportation, oil & gas, heavy machinery, and others. The automotive & transportation segment is expected to witness the highest growth rate during the forecast period. As a result of the growing use of carbide turning tools in processes such as hole-making, face milling, and crankshaft metal machining in automobile parts, this segment is expected to grow. Performance cars are weather-resistant due to the use of tungsten carbide in ball joints, brakes, and crankshafts.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the carbide tools market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. There are a number of factors driving the growth of the North America carbide tools market. The main factor is an increase in automotive production and better performance of carbide tools. The presence of lower-cost and better alternatives, however, hinders the growth of the North America carbide tools market.
Country Analysis
- Germany
Germany's carbide tools market size was valued at USD 0.51 billion in 2022 and is expected to reach USD 1.88 billion by 2030, at a CAGR of 7.2% from 2023 to 2030.
As a result of the presence of major manufacturers in the country, the carbide tools market continues to grow in both revenue and market share.
- China
China’s carbide tools market size was valued at USD 0.54 billion in 2022 and is expected to reach USD 1.95 billion by 2030, at a CAGR of 7.4% from 2023 to 2030.
The thriving construction landscape and overall enhanced machinery processing are spurring the demand for carbide tools in the coming years. As a result, the increasing facilities in China to meet the regional demand is leading to market expansion.
- India
India's carbide tools market size was valued at USD 0.42 billion in 2022 and is expected to reach USD 1.73 billion by 2030, at a CAGR of 7.3% from 2023 to 2030.
Amidst the country's efforts to strengthen its position in the global manufacturing hub, ambitious plans regarding infrastructure are also expected to boost market demand for carbide tools.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the growth of the e-commerce sector and use of carbide coatings on tools to enhance the functioning of machines.
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