Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Carbide Tools Market Size Was Valued At USD 10.39 Billion In 2021. The Market Is Projected To Grow From USD 10.65 Billion In 2022 To USD 15.47 Billion By 2029, Exhibiting A CAGR Of 5.5% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. Because of this, the demand for carbide tools is lower than expected in all areas compared to before the pandemic. We found that the global market for carbide tools was 5.2% smaller in 2020 than it was in 2019.
These tools are also called cemented carbide tools or carbide-tipped cutting tools. For the past few decades, the most common tools used in manufacturing have been carbide cutting tools or inserts. Powdered tungsten and carbide are used to make it.
Request Sample Copy of Report “Carbide Tools Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- In February 2022 - Peak Toolworks acquired Tooling Concepts Inc, based in , which provides cutting and milling tools. Acquisitions were made to improve geographic presence in midwestern US states such as Indiana, Michigan and Minnesota.
- In July 2021 – Sandvik AB acquired a 67% stake in China-based Chuzhou Yongpu Carbide Tipped Tools Co Ltd, which deals in carbide cutting tools and cutting tools. This acquisition was made to enhance the product portfolio of carbide tools in various geographies.
- In March 2021 – Plansee Group owns approximately 50% of Luxembourg-based Ceratizit S.A. This acquisition helped improve the diversity of our product portfolio.
Segment Analysis:
Product Type Insights
In the product type segment, there are tools for drilling, milling, turning, and more. The milling tools will have the highest CAGR, at 5.3%, during the time frame of the forecast. (2023-2030).
Milling tools make up a big part of the market because they are very effective, rigid, and hard. It is used in the building and car industries because it works well.
Coating Type Insights
During the time period covered by the forecast, the coated segment will have the most market share. This is because coated inserts are used in the auto, aerospace, and other industries. Also, cutting is faster and easier with coated drills and bits, which saves time and money. This means that the market will be led by this segment for the next few years.
Configuration Insights
The hand-based segment is expected to grow quickly because these products are used a lot in manufacturing, automotive, and industrial applications, which are a big part of the global market.
The machine-based segment will lead the market over the next few years. This is because these tools are used in machines that cut quickly, such as CNC machines, lathe machines, milling machines, drilling machines, and machines that mill and turn. Because of these things, the market grows.
End User Insights
The most important part of the market is the automotive segment. This is because more and more companies are making automotive machines, which means more and more people need these tools. Also, more people are moving to cities in developing countries like India, Brazil, Africa, and others, which means they need more cars, bikes, and trucks. This makes people want to buy these tools, which helps the market share of carbide tools grow.
Regional Outlook:
Due to strong economic growth in countries like Germany and the U.K., it is expected that Europe will have the biggest share of the world market. The growth of the market was helped by the fact that the industry had good infrastructure and that there were a lot of big companies in Europe that made cutting tools.
Several companies, such as Guhring Ltd, Garr Tools Ltd, Ceratizit S.A., and Sandvik AB, have their biggest presence in the United Kingdom. Infrastructure and utility industries, which have been around for a long time, also drive the need for these products. It is also used a lot in the building, car, and space industries. This will probably make more people want to use these tools, which helps the market grow.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/248474/?Moode=PM
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.5% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 10.65 Billion |
| By Product Type | Drilling Tools, Milling Tools, Turning Tools, Others |
| By Coating | Coated, Non-coated, Others |
| By Configuration | Hand Based, Machine Based, Others |
| By End User | Automotive, Construction, Metal Fabrication, Electronics & Electrical, Aerospace, Others |
| By Companies | OSG Corporation (U.S.), Sandvik AB (Sweden), Makita Corporation (Japan), Plansee Group (Ceratizit S.A.) (Luxembourg), Kennametal Inc (U.S.), Sumitomo Electric Industries Ltd (Japan), Guhring Ltd – (U.K.), Fullerton Tool Company Inc (U.S.), YG-1 Co Ltd (Japan), Allied Machine & Engineering Corp (U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
To keep up with the competition on the market, the big players are now focusing on new technologies like barrel tools and damped boring bars. Key players are also working on a new line of cutting tools made of carbide that are more technologically advanced. For instance, in April 2020, LMT Tools India Pvt. Ltd. came out with new RMC cutters for 5-axis CNC machines. The new, innovative RMC cutters have features like lower operating costs and better efficiency. When it's being used, it doesn't shake as much as other tools. Walter AG also released the Walter Titex D170 set of carbide-tipped tools for machining centres and CNC machines in October 2021. It lasts 50% longer than tools that are usually used. Because of these kinds of technological advances, people are likely to buy more of these products in the future.
Market Driving Factors:
The global market is growing because more and more of these products are being used in important industries like aerospace, automotive, construction, electronics, and more. These industries need these products because they are very useful, durable, and help increase productivity. More infrastructure work in developing countries like India, China, Brazil, and others is expected to increase the demand for these products and help the market grow. These are often used to make tools that can drill, mill, and turn. Rapid industrialization and urbanisation in developed countries like France, Germany, and the U.S. drive up the demand for cars and automobiles. People think that this will help the market grow. For example, from 2018 to 2021, 1.2% more people in the U.S. lived in cities. The market is growing because of these things.
Key Segments Covered:
Top Market Players:
OSG Corporation (U.S.), Sandvik AB (Sweden), Makita Corporation (Japan), Plansee Group (Ceratizit S.A.) (Luxembourg), Kennametal Inc (U.S.), Sumitomo Electric Industries Ltd (Japan), Guhring Ltd – (U.K.), Fullerton Tool Company Inc (U.S.), YG-1 Co Ltd (Japan), Allied Machine & Engineering Corp (U.S.), and others.
By Product Type
- Drilling Tools
- Milling Tools
- Turning Tools
- Others
By Coating
- Coated
- Non-coated
- Others
By Configuration
- Hand Based
- Machine Based
- Others
By End User
- Automotive
- Construction
- Metal Fabrication
- Electronics & Electrical
- Aerospace
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Metal Cutting Tools Market - The Global Metal Cutting Tools Market Size Was Valued At USD 73.29 Billion In 2021. The Market Is Projected To Grow From USD 75.97 Billion In 2022 To USD 105.46 Billion By 2029, Exhibiting A CAGR Of 4.8% During The Forecast Period.
- Turning Tools Market - The global Turning Tools market size was valued at USD 5.3 billion in 2021, and is projected to reach USD 12.1 billion by 2031, also is growing at a CAGR of 8.3% from 2022 to 2030.
- Agriculture Tools Market- The global Agriculture Tools Market size was valued at USD 155.68 billion in 2021 and is projected to grow at a CAGR of 5.0% from 2022 to 2030.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
