A new Future Market Insights (FMI) study forecasts robust growth prospects for the global carbide tools market, prominently driven by fostering rate of adoption for automotive and fabrication applications. Sales in the global carbide tools market are slated to top US$ 7.6 Billion in 2023. Expanding at a healthy 7.1% CAGR, the market size is projected to total US$ 15 Billion by 2033.
The global market for carbide tools is predicted to generate revenues of more than $7 billion in 2022, with a healthy Y-o-Y growth rate of 6.4%. According to FMI’s data, mills and drills together represent slightly under 60% of the entire revenue from sales of carbide tools.
The survey predicts that drills and mills will remain the most often used types of carbide tools. The increasing usage of carbide drills for automotive applications, particularly those involving vehicle engines, appears to provide them an advantage over carbide mills.
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The latter are anticipated to become more prominent in fabrication, the paper states. Moreover, it is anticipated that in the near future, sales of carbide burrs would increase due to the growing need for thermal deburring applications.
The majority of carbide tools supplied now have machine-based configurations, according to FMI’s analysis. Significant prospects in automated or lathe machines are highlighted in the paper. The main deciding elements that favour machine-based setup over hand-based configuration will continue to be practical handling and operation, high-speed compatibility, and superior proficiency.
The fact that about 90% of carbide tools are coated attests to their superior performance over uncoated alternatives. Although the former has a higher price point, FMI predicts that coated tools will continue to generate more revenue than non-coated equipment because performance has overtaken pricing as the most important factor. Sales of non-coated carbide tools will be sustained by their use in woodworking applications.s.
Escalating utilization of carbide tools for job-shop applications in metal fabrication, general automotive applications, and high-speed cutting applications will predominantly push sales prospects of carbide tools, as per FMI’s research.
While adoption of carbide tools for automotive and fabrication end use applications holds more than 55% share in the total market revenue, growing adoption by heavy machinery manufacturers is also underpinning significant revenue generation in carbide tools market.
Europe has been spearheading the expansion of carbide tools market, which is likely to receive strong support from towering sales of EVs in the region. The report underscores remarkable contribution of China and India to the global market revenue.
Spectacular growth of the automotive components and metal fabrication industries has been instrumental in fueling the use of carbide tools within high-potential developing Asian economies, particularly China and India. Rapid automation of metal fabrication applications is cited as a predominant booster to adoption rate of carbide tools within the aforementioned countries.
According to the report, the collective share of China and India currently equates just-under a fourth of the global value, likely to thrive at a robust pace in the years to come.
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FMI has covered detailed market structure in the carbide tools market report, which includes some of the most prominent players such as KYOCERA Corporation, YG-1 Co., Ltd., Mitsubishi Materials Corporation, Allied Machine & Engineering Corp., OSG Corporation, Fullerton Tool Company, Sumitomo Electric Hartmetall GmbH, and others.
The global market for carbide tools is a highly fragmented landscape and FMI has characterized the space by moderate competition. Established brands such as IMC Group and Sandvik AB have been facing challenges related to profit margins owing to promising entry of new market players. While entrants are likely to maintain their focus on economics costs during new product launches, leading companies will continue to prioritize expansion.
Carbide Tools Market By Category
Tool Type :
- Circular Saw Blades
- CNC Inserts
- Router Bits
- Cutters
- Mills
- Tap & Dies
- Reamers
End Use :
- Metal Fabrication
- Automotive & Transportation
- Automotive
- Railway
- Aerospace
- Marine
- Heavy Machinery
- Construction
- Furniture & Carpentry
- Oil & Gas
- Fabrication
- Manufacturing Purposes
- Other Manufacturing
Fabrication :
- Coated
- Non-coated
Configuration :
- Hand-based
- Machine-based
Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
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