Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the carbide tools market will grow from USD 10.67 billion in 2022 and reach USD 16.38 billion by 2030. Carbide tools have extensive usage in machining applications which is propelling its sales around regions. Their unique capabilities make them favourable to be used in high-end machinery.
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Key Insight of Carbide Tools Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the carbide tools market. Key factors favouring the growth of the carbide tools market in North America include launching technologically advanced carbide tool products. The high growth rate of end-users in regional countries provides lucrative market growth. The demand for construction machinery is rising, and thus the requirement for carbide tools is increasing simultaneously.
The automatic segment is expected to augment the market during the forecast period.
The operating mode segment is divided into manual and automatic. The automatic segment is expected to augment the market during the forecast period. Automated carbide tools are quite efficient compared to manual tools. These have many features that cut down on time and enable the precise shaping of metals.
The drilling tools segment is expected to augment the market during the forecast period.
The product segment is divided into milling tools, drilling tools, turning tools, reamers, taps and dies and others. The drilling tools segment is expected to augment the market during the forecast period. Drilling tools are widely adopted across industries as they are required in shaping metal components. Drilling tools generally have high precision, which leads to a reduction in wastage.
The tungsten carbide segment will likely grow at the highest CAGR during the forecast period.
The material type segment includes calcium carbide, aluminium carbide, silicon carbide, iron carbide and tungsten carbide. The tungsten carbide segment will likely grow at the highest CAGR during the forecast period. Tungsten carbide contains an equal amount of carbon and tungsten and is usually grey. It provides hardness, high strength, and a greater modulus of elasticity to the end product.
The non-coated segment will likely grow at the highest CAGR during the forecast period.
The coating segment includes coated and non-coated. The non-coated segment will likely grow at the highest CAGR during the forecast period. This can be attributed to their affordability as compared to the coated segment. Further, non-coated tools are widely used in the electronics industry.
The aerospace segment will likely grow at the highest CAGR during the forecast period.
The end-user segment includes construction, automotive, aerospace, electronics and electrical, mining, metal fabrication, oil and gas and others. The aerospace segment will likely grow at the highest CAGR during the forecast period. This can be attributed to the growing investments in research and development of machinery and equipment. The rise in global air traffic has led to higher demand for aircraft components, propelling carbide tools' growth.
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Advancement in market
In February 2021, a significant player, Peal Toolworks, acquired another company named Tooling Concepts Inc, which is involved in the manufacturing and distributing of milling tools. The objective of this acquisition was to expand the former's presence in Mid-western U.S. countries.
In July 2021, Sandvik AB acquired around 67% of the stakes of a Chinese company, Chuzhou Yongpu Carbide Tools Co. Ltd. Sandvik expanded their product portfolio of cutting and carbide tools through this acquisition.
Market Dynamics
Driver: Numerous attributes
Carbide tools have gained prominence in recent years due to their numerous attributes, including superior resistance against wear and tear, fast operating speed, highly efficient cutting edge and high durability. Carbide tools have been used in manufacturing industries such as construction, automobile, marine, oil and gas and aviation. Carbide tools are a revolutionary emerging technology for enhancing the toughness and endurance of metals in highly high-temperature applications, such as engine hot area elements. The development of stiffer, more demanding, smaller, lighter materials that can endure higher operating temperatures using carbide tools raises the possibility of even more significant productivity gains and weight reduction. Compared to conventional manual tools, advanced carbide tools are a viable alternative for various structural applications due to their superior corrosion resistance, high hardness, erosion resistance, low density, strong elastic modulus, and lower friction coefficients.
Restraint: High upfront cost
The high upfront cost associated with carbide tools impacts market growth. These tools are more expensive than their conventional counterparts due to their advanced features. Further, operating and maintenance costs are associated with these carbide tools, making them non-affordable for many medium-scale and small-scale industries.
Opportunity: Growth of the automobile industry
Following the expanding openness, the income of the people, the arrival of new and existing models, easy availability of finance at a relatively low rate of interest, and price concessions made by dealers and manufacturers, the global automotive industry has grown dramatically since 1991. Although various factors influence automotive demand, passenger vehicle sales nearly doubled in the last decade, albeit from a low base, due to pent-up demand and the opening of more markets. The sales of personal automobiles, which include conventional and advanced electric vehicles, have increased as more people seek personal mobility. Nearly half of consumers plan to buy a private passenger car. This reflects a long-term shift in consumer choice toward personal mobility. The demand for enhanced components is increasing at a faster pace. Also, the majority of commercial vehicle manufacturers have their manufacturing base in these regions, which attracts a lot of local consumers. The preference of consumers has shifted towards more advanced components in their vehicles. Thus, manufacturing metal components has increased the sales of carbide tools.
Challenge: Severe environmental impacts
The use of carbide tools market involves the use of cutting fluids. Cutting fluids offer lubrication, reduce corrosion and wear resistance, and enable easy metal processing. However, these cutting fluids are harmful to the workers and also impact the surrounding environment. These fluids further pollute the environment and produce toxic gases if not disposed of properly.
Some of the major players operating in the 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
Key Segments Cover in the Market:
By Operating Mode:
• Manual
• Automatic
By Product:
• Milling Tools
• Drilling Tools
• Turning Tools
• Reamers
• Taps and Dies
• Others
By Material Type:
• Calcium Carbide
• Aluminum Carbide
• Silicon Carbide
• Iron Carbide
• Tungsten Carbide
By Coating:
• Coated
• Non-Coated
By End-user:
• Construction
• Automotive
• Aerospace
• Electronics and Electrical
• Mining
• Metal Fabrication
• Oil and Gas
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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