Sales in the global carbide tools market are slated to top USD 7.6 Billion in 2023. Expanding at a healthy 7.1% CAGR, the market size is projected to total USD 15 Billion by 2033.
Estimated at a healthy Y-o-Y growth of 6.4%, global revenues of the carbide tools market are set to exceed US$ 7 billion in 2022. FMI’s analysis concludes that mills and drills collectively account for just under 60% share in the total revenue generated through carbide tools sales.
According to the report, drills and mills will continue to be the most popular carbide tool types. Carbide drills, on the other hand, appear to have an advantage over carbide mills due to higher adoption for automotive applications, particularly those related to automotive engines.
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According to the report, the latter are expected to gain prominence in fabrication. Furthermore, rising demand for thermal deburring applications is expected to boost carbide burr sales in the near future.
Based on FMI’s analysis, most of the carbide tools that are sold have machine-based configurations. The report highlights significant opportunities in automatic machines or lathe machines. Convenient handling and operation, high-speed compatibility, and superior proficiency will remain the key determining factors rendering a higher preference for machine-based over hand-based configuration.
Almost 90% of carbide tools are coated, which affirms their improved performance over non-coated counterparts. Despite a high price point associated with the former, FMI anticipates that the revenue of coated tools will remain dominant over non-coated tools, as performance has become paramount. Adoption for woodworking applications will sustain sales of non-coated carbide tools.
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 the 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 the carbide tools market.
Europe has been spearheading the expansion of the carbide tools market, which is likely to receive strong support from towering sales of EVs in the region. The report underscores the 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 the 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.
FMI has covered a 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 the promising entry of new market players. While entrants are likely to maintain their focus on economic costs during new product launches, leading companies will continue to prioritize expansion.
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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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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