Wilmington, Delaware, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Global Carbide Cutting Tools Market was valued at US$ 7.8 billion in 2022 and is predicted to rise at a substantial CAGR of 4.8% between 2023 and 2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
Carbide cutting tools, often known as carbide tools, are a type of cutting tool that is used in a variety of machining processes to cut, shape, or remove material from workpieces. Carbide is a composite material formed mostly of tungsten carbide (WC) particles linked together with a metallic binder, often cobalt (Co).
The demand for cutting tools that can consistently give correct results has increased as industries demand more precision and quality in their products. Precision machining is a strength of carbide cutting tools. Carbide cutting tools offer a longer tool life than other materials, reducing downtime for tool replacements and increasing total productivity. The rise of the carbide cutting tool market may be due to their vital role in achieving high-precision machining, enhancing productivity, and assisting in the expansion of numerous sectors. Carbide cutting tools are projected to remain at the forefront of cutting and machining solutions as technology and materials change.
- According to a deep-dive market assessment by RationalStat, the global carbide cutting tools market has been analyzed on the basis of market segments, including type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global carbide cutting tools market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global carbide cutting tools market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Carbide Cutting Tools Market: Segmental and Market Share Analysis
- On the basis of type, groover product category dominated the industry. These tools are frequently used in conjunction with lathes to carve channels on the end of a workpiece or into an existing bore. Groovers are also used for a variety of purposes, such as making recesses for retaining rings and necking workpieces to guarantee a clean fit when joining parts.
- On the basis of application, in the global carbide cutting tools market, the automobile industry is the largest end-user category. Drilling and fastening tools are the most commonly used tools for tightening fasteners, engine mounting, and other joint repairs.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 7.8 billion |
| Market Size Forecast | US$ 11.4 billion |
| Growth Rate | 4.8% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global carbide cutting tools market include,
- In July 2021, Sandvik AB agreed to buy a majority stake in Chuzhou Yongpu Carbide Tools Co. Ltd., a Chinese manufacturer of premium solid round tools. The transaction includes a call option to acquire the remaining half within three years.
Some of the prominent players and suppliers operating and contributing significantly to the global carbide cutting tools market growth include Ingersoll Cutting Tool Company, SGS Tool Company, Advent Tool & Manufacturing, Inc., Garr Tool Company, Mitsubishi Materials Corporation, Best Carbide Cutting Tools, Inc., CERATIZIT S.A., PROMAX Tools, Rock River Tool, Inc., and vHF Camfacture AG, among others.
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RationalStat has segmented the global carbide cutting tools market based on type, application and region
- Global Carbide Cutting Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Groovers
- Reamers
- Milling
- Cutters
- Drills
- Others
- Global Carbide Cutting Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Automotive
- Electronics & Electrical
- Aerospace, Marine & Defense
- Plastics
- Construction & Mining
- Others
- Global Carbide Cutting Tools Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Carbide Cutting Tools Market
- US
- Canada
- Latin America Carbide Cutting Tools Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Carbide Cutting Tools Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Carbide Cutting Tools Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Carbide Cutting Tools Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Carbide Cutting Tools Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Carbide Cutting Tools Market
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Key Questions Answered in the Carbide Cutting Tools Report:
- What will be the market value of the global carbide cutting tools market by 2030?
- What is the market size of the global carbide cutting tools market?
- What are the market drivers of the global carbide cutting tools market?
- What are the key trends in the global carbide cutting tools market?
- Which is the leading region in the global carbide cutting tools market?
- What are the major companies operating in the global carbide cutting tools market?
- What are the market shares by key segments in the global carbide cutting tools market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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