Report : Carbide Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tool Type (End Mills, Tipped Bores, Burrs, Drills, Cutters, and Other Tools), Configuration (Hand-Based and Machine-Based), and End-User (Automotive and Transportation, Metal Fabrication, Construction, Oil and Gas, Heavy Machinery, and Other End-Users)
According to the new research report titled “Carbide Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 15,320.99 million by 2028, registering a CAGR of 4.8% from 2021 to 2028.
Rising developments in manufacturing designing and growing requirements to increase the production efficacy are establishing the base for the manufacturer’s investigation of superior machine tool products, thereby boosting the demand for carbide tools. The machine tools used across industries are primarily utilized for machining or shaping metal or other rigid materials to offer a unique form with the help of boring, grinding, shearing, and cutting. Presently, there are two main types of machine tools significantly being used across different industries—high-speed steel (HSS) and carbide tools. These tools are extensively used across machining applications due to their significant features such as high speed, reduced cycle time, long working life, retaining cutting edge at high machining temperature, and exceptional wear resistance at cutting edge. The rising popularity of carbide tools, particularly across manufacturing applications, is one of the significant factors expected to boost the market during the forecast period. Furthermore, these carbide tools are being used in manufacturing units across automotive, aerospace, railway, furniture & carpentry, energy & power, and healthcare equipment industries. In these industries, special cutting tools are used to design and manufacture a product, which is propelling the demand for carbide tools. The deployment of carbide tools across different industries to operate it manually or automatically is further boosting the growth of the carbide tools market globally.
The carbide tool market is segmented on the basis of tool type, configuration, end user, and geography. Based on tool type, the market is segmented into end mills, tipped bores, burrs, drills, cutters, and other tools. In 2020, the end mills segment accounted for the largest market share. In terms of configuration, the market is bifurcated into hand-based and machine-based. In 2020, the machine-based segment accounted for a larger share in the market. Based on end-user, the carbide tools market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and other end-users. In 2020, the automotive and transportation segment accounted for the largest share in the market. Geographically, the global carbide tools market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the APAC segment accounted for the significant share in the global market.
The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles’ and human’s movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has adversely affected economies and countless industries in various countries. The lockdown imposition has resulted in lesser production of commodities, goods, and services. Therefore, manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The worldwide lockdown to minimize the transmission of virus has significantly disrupted the supply chain activities along with production volume across several manufacturers, especially the small & medium enterprise owners. Moreover, the production activities in multiple industries have contracted significantly during 2020, resulting in decline in the carbide tools market. However, with the increasing need for healthcare products, the demand for carbide tools is surging from the medical industries.
Key Findings of Study:
The global carbide tools market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM) and significant strategic initiatives are being taken by several market players in the global carbide tools market. For instance, on January 2021, Ingersoll Cutting Tools Company announced the introduction of more than 30 new product lines. These unique and creative designs offer speed and feed capabilities for milling, drilling, turning, and grooving applications.