Pune, India, June 13, 2023 (GLOBE NEWSWIRE) --
The global bi-metal band saw blade market size was worth USD 0.51 billion in 2022. The market value is slated to rise from USD 0.52 billion in 2023 to USD 0.76 billion by 2030 at 5.5% CAGR during the forecast period. Growth of the automotive sector is likely to boost demand for these products and lead to the development of the global market. Growing standards of living and an increase in demand for furniture and decorative interiors lead to increased demand for high-quality products, which is anticipated to expand the market during the forecast period. Fortune Business Insights presents this information in their report titled "Global Bi-Metal Band Saw Blade Market, 2023–2030."
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To make metal band saw blades, two different layers of metal—spring steel and high-speed steel—are used. To cut bronze, structural steel, bronze, pipes, and copper in the metalworking industry, bi-metal band saw blades are used.
Market Drivers & Restraints:
Superior Properties of Blades to Propel the Bi-Metal Band Saw Blade Market Growth
Band saws employ these blades for cutting tool steel, structural steel, high-speed steel, aluminum, and cast iron. It has exceptional strength, a cutting edge, and a long, resilient blade. High-speed steel teeth with carbide tips are on its teeth. These blades are typically more durable than carbon blades, resulting in longer blade shelf lives and high-performance sawing. The metalworking and manufacturing sectors need additional band saw devices that have longer lifetimes and deliver precise cuts of the highest caliber. The cost-effective equipment that enables high-performance metal sawing within in-house operations also increases output while addressing issues with production efficiency and lowering production costs in the automotive, aerospace, and defense industries.
On the contrary, fluctuations in raw material prices led to increased production costs, which may hamper market growth.
COVID-19 Impact:
Halted Production Hindered Market Growth
Globally implemented partial or whole lockdowns impeded manufacturing-related operations and reduced demand for these blades. It also put a stop to production, construction-related operations, and supply chain bottlenecks, which had an effect on the worldwide market's net sales. For instance, the Nachi Fujikoshi Group's net sales decreased by 19.3% from 2019 to 2020. An investigation by the United Nations Industrial Development Organization (UNICO) found that once lockdown was instituted in India in 2020, the manufacture of these blades came to an end. Additionally, the sales of band saw blades decreased as a result of the downturn in sales of machinery, textiles, chemicals, and automobiles. Due to COVID-19, the automotive industry's expansion has slowed.
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Segments:
Demand from Manufacturing Sector to Drive the Regular Segment Growth
Based on tooth type, the market is segmented into regular, hook, and skip.
Due to rising demand from the metal fabrication and cutting sectors, the regular segment is expected to lead the market with a considerable CAGR of 5.5% over the forecast period. Additionally, it has benefits, including the ability to produce automobile components and spare parts from non-ferrous metals, structural steel, and cast iron. Additionally, it offers advantages, including a longer, stronger, and more affordable blade. Such circumstances fuel the need for bi-metal band saw blades.
High-speed Steel Segment to Witness Major Growth Due to Various Usages
Based on product type, the market is segmented into carbide tipped and high-speed steel.
The high-speed steel segment was dominant in 2022 due to an increase in demand for these blades in small and medium-sized companies. Additionally, this sort of blade is flexible, strong, has excellent cutting abilities, and a long lifespan. The metal fabrication, automotive, aerospace, and defense industries all employ these goods.
Rising Demand from the Machine Manufacturing Sector to Boost Aluminum Growth
By application, the market is segmented into steel, aluminum, cast iron, and others (mold steels, bearing steels).
During the projected period, the market is dominated by the steel sector while the aluminum segment experiences the greatest CAGR of 5.9% during the forecast period. Manufacturers of machinery, metal, and automobiles are the main users of steel material. Additionally, the alloy is primarily employed in the automobile industry to create a variety of parts and components needed in both the automotive and aerospace industries, which boosts the demand for these blades for cutting operations.
Demand from the Metal Fabrication Industry Leads to the Automotive Segment Dominance
Based on end use, the market is segmented into automotive, aerospace & defense, machine manufacturing, mold processing industry, and others (military sector).
During the projected period, the machine manufacturing segment will dominate the market, while the automotive segment will develop at the highest CAGR of 6.2% over the forecast period. Increased industrialization in India, Brazil, Africa, and others led to a need for these instruments. The machine making industry currently holds a monopoly on the market. Additionally, the machine tool industry grew 8.4% more in 2021 than it did in the prior fiscal year 2020.
The market is studied across North America, Europe, Asia Pacific, South Africa, and the Middle East & Africa.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights:
Asia Pacific Dominates the Market Due to the Presence of Significant Players
In 2022, Asia Pacific held a significant bi-metal band saw blade market share. The market was worth 0.20 billion USD in 2022.It is anticipated that Asia Pacific will dominate the market during the forecast period due to the presence of several major regional players, technological advancements, and good product offerings. Additionally, growing sales of automotive trucks, cars, and bikes and growth in the automotive sector will subsequently increase demand for bi-metal blade products, which will drive market growth.
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Competitive Landscape:
Businesses Concentrate on Acquisitions and Product Development for Dominance
Bichamp Cutting Technology, Benxi Tools Co., Ltd., and other big players are executing developmental strategies by approving product development, acquisition, and product launch for business expansion and intensifying market competition by improving the product portfolio through different locations.
Key Industry Development:
April 2022 - Wikus launched a new ECOFLEX M42 bi-metal band saw blade for cutting metals such as stainless steel, cast iron, and aluminum. This blade is equipped with a hook tooth type. It is specifically designed for working in industry verticals such as metal fabrication and automotive.
List of Key Players Profiled in the Report
- Wikus (Germany)
- Simonds International LLC (U.S.)
- Bichamp Cutting Technology Co Ltd (China)
- Stanley Black & Decker, Inc (Lenox Tools) (U.S.)
- Eberlestrabe 28 (Germany)
- Hakansson Saws India Pvt. Ltd (India)
- Snap On Incorporated (BAHCO-Snap Europe) (U.S.)
- S. Starrett Company (U.S.)
- Dalian Special Steel Products Co Ltd (China)
- Benxi Tool Co Ltd (China)
Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Bi-Metal Band Saw Blade Market Key Players Market Share/Ranking, 2022
5. Global Bi-Metal Band Saw Blade Market Size Estimates and Forecasts, By Segments, 2019-2030
5.1. Key Findings
5.2. By Tooth Type (USD)
5.2.1. Regular
5.2.2. Hook
5.2.3. Skip
5.3. By Product Type (USD)
5.3.1. Carbide Tipped
5.3.2. High-Speed Steel
5.4. By Application (USD)
5.4.1. Steel
5.4.2. Aluminum
5.4.3. Cast Iron
5.4.4. Others (Mold Steels, Bearing Steels, etc.)
5.5. By End User (USD)
5.5.1. Automotive
5.5.2. Aerospace & Defense
5.5.3. Machine Manufacturing
5.5.4. Mold Processing Industry
5.5.5. Others (Military Industry, etc.)
5.6. By Region (USD)
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. South America
5.6.5. Middle East & Africa
6. North America Bi-Metal Band Saw Blade Market Size Estimates and Forecasts, By Segments, 2019-2030
6.1. Key Findings
6.2. By Tooth Type (USD)
6.2.1. Regular
6.2.2. Hook
6.2.3. Skip
6.3. By Product Type (USD)
6.3.1. Carbide Tipped
6.3.2. High-Speed Steel
6.4. By Application (USD)
6.4.1. Steel
6.4.2. Aluminum
6.4.3. Cast Iron
6.4.4. Others (Mold Steels, Bearing Steels, etc.)
6.5. By End User (USD)
6.5.1. Automotive
6.5.2. Aerospace & Defense
6.5.3. Machine Manufacturing
6.5.4. Mold Processing Industry
6.5.5. Others (Military Industry, etc.)
6.6. By Country (USD)
6.6.1. U.S.
6.6.2. Canada
6.6.3. Mexico
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