Newark, Feb. 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the carbide tools market will grow from $10.67 billion in 2022 to reach $16.38 billion by 2030. Carbide tools are widely used in machining applications that will drive their use. sales in the regions. Their unique capabilities make them favorable to be used in high-end machinery.
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Key Carbide Tool Market Insights
North America holds the largest market size during the forecast period.
North America is expected to hold the largest market share in the carbide tools market. Key factors fueling the growth of the carbide tool market in North America include the launch of technologically advanced carbide tool products. The high growth rate of end users in regional countries provides lucrative market growth. The demand for construction machinery is increasing and thus the need for carbide tools is simultaneously increasing.
The auto segment is expected to increase the market during the forecast period.
The operating mode segment is divided into manual and automatic. The auto segment is expected to increase the market during the forecast period. Automatic carbide tools are quite efficient compared to manual tools. These have many features that reduce time and allow precise metal forming.
The drilling tools segment is expected to increase the market during the forecast period.
The product segment is divided into milling tools, drilling tools, turning tools, reamers, taps and dies and others. The drilling tools segment is expected to increase the market during the forecast period. Drilling tools are widely adopted in industries as they are required to shape metal components. Drilling tools generally have high precision, which leads to a reduction in waste.
The tungsten carbide segment is likely to grow at the highest CAGR during the forecast period.
The material type segment includes calcium carbide, aluminum carbide, silicon carbide, iron carbide and tungsten carbide. The tungsten carbide segment is likely to grow at the highest CAGR during the forecast period. Tungsten carbide contains an equal amount of carbon and tungsten and is usually gray. It provides hardness, high resistance and a greater modulus of elasticity to the final product.
The uncoated segment is likely to grow at the highest CAGR during the forecast period.
The coating segment includes coated and uncoated. The uncoated segment is likely to grow at the highest CAGR during the forecast period. This can be attributed to its affordability compared to the coated segment. In addition, uncoated tools are widely used in the electronics industry.
The aerospace segment is likely to grow at the highest CAGR during the forecast period.
The end-user segment includes construction, automotive, aerospace, electronics and electrical, mining, metal fabrication, oil and gas, and others. The aerospace segment is likely to grow at the highest CAGR during the forecast period. This can be attributed to the growing investments in research and development of machinery and equipment. The increase in global air traffic has led to higher demand for aircraft components, driving the growth of carbide tools.
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Advancement in the market
In February 2021, a major player, Peal Toolworks, acquired another company called Tooling Concepts Inc, which is involved in the manufacturing and distribution of milling tools. The aim of this acquisition was to expand the presence of the former in the countries of the US Midwest.
In July 2021, Sandvik AB acquired about 67% of the shares of a Chinese company, Chuzhou Yongpu Carbide Tools Co. Ltd. Sandvik expanded its carbide and cutting tool product portfolio through this acquisition.
Market dynamics
Driver: Numerous attributes
Carbide tools have gained prominence in recent years due to their many attributes such as superior wear resistance, fast operating speed, highly efficient cutting and high durability. Carbide tools have been used in manufacturing industries such as construction, automotive, marine, oil and gas, and aviation. Carbide tools are a revolutionary emerging technology for improving the hardness and strength of metals in high temperature applications such as engine hot area elements. The development of stiffer, more demanding, smaller and lighter materials that can withstand higher operating temperatures using carbide tools increases the possibility of even more significant productivity increases and weight reductions. Compared to conventional hand tools, advanced carbide tools are a viable alternative for various structural applications due to their superior corrosion resistance, high hardness, erosion resistance, low density, strong elastic modulus and coefficients lower friction.
Limitation: High initial cost
The high initial cost associated with carbide tools affects the growth of the market. These tools are more expensive than their conventional counterparts due to their advanced features. In addition, operating and maintenance costs are associated with these carbide tools, making them unaffordable for many medium and small scale industries.
Opportunity: Growth in the automotive industry
Following the increasing openness, people’s incomes, the arrival of new and existing models, the easy availability of financing at a relatively low interest rate and the price concessions made by dealers and manufacturers, the global industry of the automobile has grown dramatically since 1991. Although several factors influence automobile demand, sales of passenger vehicles nearly doubled in the last decade, albeit from a low base , due to the accumulated demand and the opening of more markets. Sales of personal automobiles, which include conventional and advanced electric vehicles, have increased as more people seek personal mobility. Almost half of consumers plan to buy a private passenger car. This reflects a long-term shift in consumer choice towards personal mobility. The demand for improved components is increasing at a faster rate. Also, most commercial vehicle manufacturers have their manufacturing base in these regions, which attracts many local consumers. Consumer preference has shifted towards more advanced components in their vehicles. Thus, the manufacture of metal components has increased the sales of carbide tools.
Challenge: severe environmental impacts
Market use of carbide tools involves the use of cutting fluids. Cutting fluids provide lubrication, reduce corrosion and wear resistance, and allow easy metal processing. However, these cutting fluids are harmful to workers and also affect the environment. These fluids further pollute the environment and produce toxic gases if not disposed of properly.
Some of the major players operating in the carbide tools market are:
• Best Carbide Cutting Tools, Inc.
• Advent Tool & Manufacturing, Inc.
• Garr Tool Company
• Ingersoll cutting tools company
• Mitsubishi Materials Corporation
• VHF Camfacture AG
• CERATIZIT SA
• Rock River Tool, Inc.
• Vora Industries
• SGS Tool Company
• Tunco Manufacturing Inc.
• PROMAX tools
• Global Excel Tools Manufacturing Sdn
• OSG Corporation
Sandvik AB
• Plansee Group
• Sumitomo Electric Corporation
• Guhring Ltd.
• Allied Machine and Engineering Corp
Coverage of key market segments:
By operating mode:
• Manual
• Automatic
By product:
• Milling tools
• Drilling tools
• Turning tools
• Reamers
• Caps and matrices
• Others
By type of material:
• Calcium carbide
• Aluminum carbide
• Silicon carbide
• Iron carbide
• Tungsten carbide
For coating:
• Coated
• Not coated
By end user:
• Construction
• Automotive
• Aerospace
• Electronics and electrical
• Mining
• Manufacture of metals
• Oil and gas
• Others
By Region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and the rest of South America)
• Middle East and Africa (United Arab Emirates, South Africa, rest of MEA)
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About the report:
The market is analyzed based on value (millions of dollars). All segments have been analyzed globally, regionally and nationally. The study includes analysis of more than 30 countries for each part. The report analyzes drivers, opportunities, restraints, and challenges to gain a critical view of the market. The study includes five gatekeeping forces model, attractiveness analysis, product analysis, supply and demand analysis, competitive position grid analysis, analysis of distribution and marketing channels.
About The Brainy Insights:
The Brainy Insights is a market research company that aims to provide actionable insights through data analytics to businesses to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ goals of high-quality production in a short period of time. We offer both custom (customer specific) and syndicated reports. Our repository of syndicated reports is diverse across all categories and subcategories of domains. Our customized solutions are tailored to meet customer requirements, whether they want to expand or plan to launch a new product in the global market.
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