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)
Rising Demand for Enhanced Carbide Cutting Tools to Provide Growth Opportunities for Carbide Tools Market during 2021–2028
According to our latest market study on “Carbide Tools Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Tool Type, Configuration, and End-User,” the market was valued at US$ 10,623.97 million in 2020 and it is projected to reach US$ 15,320.99 million by 2028; it is expected to grow at a CAGR of 4.8% from 2021 to 2028.
Carbide tools retain their cutting-edge hardness at high machining temperatures generated by high cutting speeds and feeds that reduce machining cycle time. These tools confer improved surface finish and hold size with better quality for prolonged periods. Along with this, carbide tools last longer due to the carbide chip forming surface resists wear as the chip flows over the tools. This reduces the need for costly changes with increased scrap and rework. Further, carbide tools are used when machining highly abrasive materials. The carbide is also known as tungsten carbide as it comprises half part tungsten and half part carbide. The substance features stiffness thrice that of steel and is commonly used on other types of wood-cutting tools as well. Carbide-tipped wood cutting tools higher cutting speed than standard steel-based woodworking tools. Thus, the better performance capabilities of carbide tools than their counterparts are propelling the growth of the carbide tools market.
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.
Impact of COVID-19 Pandemic on Carbide Tools 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.
Xinrui Industry Co., Ltd.; CERATIZIT S.A.; GARR TOOL; Ingersoll Cutting Tool Company; KYOCERA Precision Tools; DIMAR GROUP; MITSUBISHI MATERIALS Corporation; Sandvik Coromant; YG-1 Co., Ltd.; and Makita Corporation are among the major companies operating in the carbide tools market.
Carbide Tools Market - by Geography (2020, %)
The report segments the global carbide tools market as follows:
By Tool Type