The global carbide tools market size was valued at $11,300.0 million in 2020, and is projected to reach $18,375.5 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
Carbide cutting tools are an important component of industrial equipment. They are a type of metal cutting tool used on heavy-duty machines including CNC lathes, turret lathes, and engine lathes. Special carbide tips are brazed onto steel metal surfaces and bodies of carbide cutting tools. When compared to standard cutting tools, cutting carbide tools are more wear resistant and have a longer shelf life. Rise in use of carbide tools in industrial applications is one of the main reasons for development of the carbide cutting tool market.
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In addition, another important market trend is increasing automation levels across various end-use industries. Moreover, important element that boost the industry is e-commerce platforms that provide carbide cutting equipment at low prices. Emergence of e-commerce platforms aids producers of carbide cutting tools in increasing their geographical presence, leading in overall carbide tools market growth.
In 2020, Europe dominated the global market, in terms of revenue, accounting for around 38.7% share, followed by Asia-Pacific. Key factors that drive growth of the global market include increase in consumption of consumer electronics & electrical devices, growth in focus on product customizations specially in the automotive industry, and growth of renewable energy systems. However, fluctuation in foreign exchange rates & raw material prices and trade war between China and the U.S. are expected to hamper the market growth to a certain extent.
Competitors in the carbide tools market use strategic moves such as mergers, acquisitions, and market initiatives to strengthen their market position. For instance, GARR TOOL and Mastercam announced a collaboration in November 2020, to provide clients with a comprehensive tool library directly within the Mastercam platform. This was attributed to growth in reliance on fast and simple access to data as production process grows. Hence, the relationship is expected to be of enormous benefit to present and future customers.
In addition, key players are improving their product portfolio by manufacturing environment friendly materials, which also offer excellent cost effectiveness. For instance, in September 2020 Mitsubishi Materials Corporation (MCC), introduced lead free cutting brass tools “GloBrass,” which delivers improved cost effectiveness by revising mixture ratio of copper and zinc and deliver electrical conductivity and hot workability. Hence, increasing need for improved cutting tools to produce advanced and contemporary machining is expected to drive the carbide cutting tools market.
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Leading Players:
Key companies profiled in the carbide tools market report include Ingersoll Cutting Tool Company, SGS Tool Company, Advent Tool & Manufacturing, Inc., Garr Tool Company, Mitsubishi Materials Corporation, Best Carbide Cutting Tools, Inc., CERATIZIT S.A., PROMAX Tools, Rock River Tool, Inc., and VHF Camfacture AG.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging carbide tools market trends and dynamics.
- Depending on product type, the milling tools segment dominated the market, in terms of revenue in 2020.
- By end user, the automotive segment registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The report provides an extensive analysis of the current trends and emerging carbide tools market opportunities.
- In-depth carbide tools market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
- Key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the carbide tools industry.
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