Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Carbide Tools Market Size, Share, Growth, and Trends Analysis by Product Type, Coating Type, Configuration, End User, and Region with Forecast, 2023-2029 is a latest research report of 160 pages published by Fortune Business Insights.
According to research report, the global carbide tools market was USD 10.39 billion in 2021. The global market size is expected to grow from USD 10.65 billion in 2022 and projected to reach USD 15.47 billion by 2029, exhibiting a CAGR of 5.5% during the forecast period from 2023-2029. Increasing adoption of the tools from the manufacturing industry and robust technological advancements are likely to enhance the industry’s growth. This information is provided by Fortune Business Insights, in its report, titled, “Carbide Tools Market, 2023-2029.”
Key Industry Development
February 2021- Mitsubishi Materials Corporation acquired 30% shares of carbide tools and cutting tools by Mantoverde Copper Mine to improve its carbide tools product portfolio.
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COVID-19 Impact
Halt on Manufacturing Restricted Market Growth During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to restrictions on manufacturing. The alarming spike in COVID infections led to the adoption of stringent restrictions by governments, thereby disrupting the supply chain. Furthermore, the halt on construction and production industries hampered the industry’s growth prospects. Moreover, transport restrictions created a prominent shortage of raw materials. However, the relaxation of lockdown provided remunerative growth opportunities to several manufacturers, thereby enhancing their sales figures. This factor elevated this industry after the pandemic.
Segmentation
Milling Tools Segment to Dominate Owing to its Efficiency and Adoption in Several Sectors
By product type, the market is segmented into drilling tools, milling tools, turning tools, and others. The milling tools segment is expected to dominate the market due to its efficiency and adoption in numerous industries.
Coated Segment to Dominate Backed by Rising Adoption of Coated Tools in Several Sectors
As per coating type, the market is segregated into coated and non-coated. The coated segment is expected to dominate due to the rising adoption of coated tools in aerospace, automotive, and other industries.
Hand-Based Segment to Lead Backed by Rising Demand from Manufacturing Sector
By configuration, the market is bifurcated into hand-based and machine-based. The hand-based segment is expected to lead due to its robust demand from the manufacturing industry.
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Automotive Segment to Dominate Backed by Increasing Manufacturing Activities
Based on end-user, the market is classified into automotive, construction, metal fabrication, electronics & electrical, aerospace, and others. The automotive segment is expected to lead due to rising manufacturing activities.
Regionally, the market is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rapid Industrialization and Urbanization in Developed Countries to Foster Market Growth
Carbide tools are also known as carbide-tipped or cemented carbide cutting tools. They are used in the manufacturing sector due to their efficiency. They are highly durable and tougher than steel. Rapid industrialization and urbanization in developed countries are expected to enhance the demand for tools. Furthermore, manufacturers focus on announcing novel and advanced products to enhance their product offerings. For example, LMT Tools India Pvt Ltd announced their innovative RMC cutter series in April 2020. This product range was developed for their 5-axis CNC machines and offered reduced operational costs and increased productivity. These factors may drive the carbide tools market growth.
However, fluctuating raw material prices are likely to hamper this industry’s progress.
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Regional Insights
Presence of a Robust Infrastructure Industry to Propel Market Progress in Europe
Europe is projected to dominate the carbide tools market share due to the presence of robust infrastructure industry. The market in Europe stood at USD 3.63 billion in 2021 and is expected to grow significantly during the upcoming years. Furthermore, the presence of several major players in the industry is expected to propel the carbide tools industry.
In Asia Pacific, increasing construction and automotive manufacturers is likely to enhance the demand for carbide tools. Furthermore, increasing industrialization and urbanization are expected to enhance the demand for carbide tools.
In North America, rising product launches and the rapidly developing automotive industry is expected to enhance the industry’s progress.
Competitive Landscape
Major Players Announce Innovative Products to Enhance their Brand Image
The prominent companies operating in the market launch innovative products to enhance their brand image. For example, Horn Cutting Tools Ltd announced its novel carbide inserts, such as IG3 and IG6 in December 2021. This strategy may allow Horn Cutting Tools to enhance its brand image. Furthermore, major players deploy research and development, mergers, acquisitions, innovations, partnerships, and expansions to enhance their market position.
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List of Key Players Profiled in the Report
- 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.)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Carbide Tools Market Key Players Market Share Insights and Analysis, 2021
- Global Carbide Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type (USD)
- Drilling Tools
- Milling Tools
- Turning Tools
- Others (Taps & Dies, Reamers, etc)
- By Coating Type (USD)
- Coated
- Non-coated
- By Configuration (USD)
- Hand Based
- Machine Based
- By End User (USD)
- Automotive
- Construction
- Metal Fabrication
- Electronics & Electrical
- Aerospace
- Others (Mining, etc)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Carbide Tools Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type(USD)
- Drilling Tools
- Milling Tools
- Turning Tools
- Others (Taps & Dies, Reamers, etc)
- By Coating Type (USD)
- Coated
- Non-coated
- By Configuration (USD)
- Hand Based
- Machine Based
- By End User (USD)
- Automotive
- Construction
- Metal Fabrication
- Electronics & Electrical
- Aerospace
- Others (Mining, etc)
- By Country (USD)
- U.S.
- Product Type
- Drilling Tools
- Milling Tools
- Turning Tools
- Others (Taps & Dies, Reamers, etc)Canada
- Product Type
- Canada
- Product Type
- Drilling Tools
- Milling Tools
- Turning Tools
- Others (Taps & Dies, Reamers, etc)
- Product Type
- Mexico
- Product Type
- Drilling Tools
- Milling Tools
- Turning Tools
- Others (Taps & Dies, Reamers, etc)
- Product Type
- U.S.
Continued...
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