Fort Collins, Colorado, Nov. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Carbide Tools Market size was valued at USD 11.3 Billion in 2022 and is expected to reach a market size of USD 17.1 Billion by 2032 at a CAGR of 4.3%.
The growing manufacturing and construction sector worldwide is a major factor impacting the market growth. According to the World Bank, in 2022, the manufacturing sector accounted for approximately 16% of the world GDP, while for major economies such as China, South Korea, and Japan, it accounted for more than 20% of their GDPs. In the manufacturing industry, carbide tools are for semiconductor electronics production, automotive parts such as engines and transmissions, axle production, and aircraft & shipbuilding. Besides, carbide tools are used in the construction industry for foundation and piloting machines, milling machines, and trenchers for constructing roads, mines, tunnels, water channels, and pipes.
According to The Royal Institution of Chartered Surveyors (RICS), the global construction activity index showed an improvement of around 7 points in the second quarter of 2023 compared to the third quarter of 2022.
The increasing demand for automation and digitalization for precision manufacturing is also promoting market growth. Precision manufacturing involves the designing and development of highly accurate components. CNC machines are utilized for this as they automate the various manufacturing processes, thereby increasing the productivity of the processes. They also produce parts with exact specifications, dimensions, and tolerances. Generally, carbide tools are used in CNC machines due to their various advantages, such as high wear resistance at higher temperatures and speeds, which reduces the process time. Due to their rigidity and stability, these tools also provide high accuracy and surface finish.
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Segmentation Overview:
The global carbide tools market has been segmented into type, configuration, coating, end-user, and region. The automotive segment held the dominant share of the market in 2022. The construction segment is expected to exhibit a substantial CAGR during the forecast period. In the construction sector, they are used for precision cutting, such as in tile cutters, tools for brick molds, ditch digger for power, water, and gas lines, and others. By region, Europe held a significant market share in 2022. This region's highly flourishing automotive industry is a major factor promoting market growth.
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Carbide Tools Market Report Highlights:
- The global carbide tools market growth is anticipated at a CAGR of 4.3% by 2032.
- The technological advancement in carbide tools and the growing adoption of CNCs across various sectors are prominent factors driving the growth of the carbide tool market.
- Based on type, the market is segmented into drilling tools, milling tools, turning tools, and others. The milling tool segment held the largest market share in 2022.
- Based on end-user, the market is further sub-segmented into automotive, electronics & electrical, plastics, aerospace, construction & mining, marine & defense, and others.
- Some prominent players in the carbide tools market report include Ingersoll Cutting Tool Company, SGS Tool Company, Advent Tool & Manufacturing, Inc., Sandvik AB, Garr Tool Company, Vora Group Of Industries, Mitsubishi Materials Corporation, Kennametal Inc., CERATIZIT S.A., Fullerton Tool Company Inc., West Ohio Tool, PROMAX Tools, Rock River Tool, Inc., and VHF Camfacture AG among others.
Industry Trends and Insights:
In February 2023, Arch Cutting Tools Corporation acquired Custom Carbide Cutter Inc. The acquisition aims to diversify the product portfolio of Arch Cutting tools with specialty carbide micro tools and high-performance burs and serve a broader consumer base.
In 2023, the tooling manufacturer Horn has introduced a novel tool system for crushing light materials.
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Carbide Tools Market Segmentation:
By Type: Drilling tools, milling tools, turning tools, others.
By Configuration: Hand-based, machine-based.
By Coating: Coated, non-coated.
By End-user: Automotive, electronics & electrical, plastics, aerospace, construction & mining, marine & defense, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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