The global carbide tools market is predicted to register a CAGR of 7.1% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 7.6 billion in 2023 to US$ 15 billion by 2033 end.
The extensive application of carbide tools in the manufacturing sector, owing to their efficiency, high durability, and enhanced toughness in comparison to steel, is stimulating market growth. Robust urbanization and industrialization in developed economies are propelling the demand for these tools. Additionally, carbide tool manufacturers are zeroing in on the development and introduction of novel and more sophisticated carbide products in their product portfolio.
The market is further projected to expand on account of rising residential and commercial construction activities, backed by investments in public infrastructure. For instance, in May 2022, Spain’s government decided to invest US$ 448 million to develop Xerta Senia Canal.
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The project was initiated in Q1 2022 and is expected to be completed by Q4 2024. As a result, the demand for drill bits is accelerating. Furthermore, the robust infrastructural development in emerging economies, such as India, China, and Brazil, among others, is projected to boost the application of carbide tools.
Key Takeaways from the Carbide Tools Market:
- China is projected to lead the carbide tools market over the next decade. The China market is estimated to account for US$ 3.6 billion by 2033, expanding at a CAGR of 8.7% till 2033.
- India is anticipated to be a significant market for carbide tools in terms of CAGR. From 2023 to 2033, India is projected to observe a 9.6% CAGR, driven by the rising manufacturers of construction and automotive machinery. By 2033, the market is assessed to account for US$ 642.1 million.
- The United States, the second leading market, is predicted to stand at US$ 2 billion by 2033. The market is projected to register a 6.9% CAGR, catalyzed by the surging product launches to refine the supply chain of these products.
- The United Kingdom market estimation for 2033 is US$ 557.6 million. The regional market is projected to expand at 7.2% CAGR, driven by the high geographical presence of key manufacturers in the region.
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News Featuring Market Developments by Key Players of Carbide Tools:
- In October 2022, KYOCERA Corporation launched a new high-functioning Flat Drill KDZ in the new solid drill product offering. This new tool supports multiple machining-like counter boring. The excellent coating of MEGACOAT NANO EX helps attain chipping and wear resistance at an intense level, thereby supporting high-precision drilling applications.
- In July 2022, Sandvik AB announced that it had acquired the United States-based Peterson Tool Company, Inc., which is a custom tooling manufacturer. With this acquisition, the product offering of the company would extend to custom carbide form inserts for applications related to grooving and production turning. The company would be located in the GWS Tool business unit in Walter, which comes under the business area of Sandvik Manufacturing and Machining Solutions.
- In April 2020, LMT Tools India Pvt. Ltd. unveiled their inventive RMC cutter series. The product range has been developed mainly for the company’s 5-axis CNC machines and provided lowered operational costs and enhanced productivity.
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Carbide Tools Market by Category
Tool Type:
- Burrs
- Countersinks
- Cutters
- Drills
- Engraving Blanks
- Mills
- Non-tipped Reamers
- Routers
- Tipped Bores
- Tipped Centres
- Tipped Reamers
Configuration:
- Hand based
- Machine-based
Fabrication:
- Coated
- Non coated
End Use:
- Construction
- Furniture & Carpentry
- Heavy Machinery
- Metal Fabrication
- Oil & Gas
- Other Manufacturing
- Transportation
Region:
- North America
- Latin America
- Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
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