CAGR: 7.1%Current Market Size: USD 7.0 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global carbide tools market is expected to grow from USD 7.0 billion in 2022 to USD 12.1 billion by 2030, at a CAGR of 7.1% during the Projection period 2023-2030. The growth of the carbide tools market is mainly driven by the growing usage of carbide tools.
Cutting tools made of carbide are frequently used to shape metal for use in a variety of applications. For stiff materials, these instruments offer exceptional durability and accuracy grinding. Metals are frequently machined and shaped with carbide tools. These tools have numerous uses in the automotive, electrical, aerospace, and electronics industries, among others. Wear and tear resistance, fast speed, shorter cycle times, durability, and operability at high temperatures are only a few advantages of carbide tools. Carbide tools are used in a variety of production processes. Tools made of carbide are produced using tungsten and carbide powder. These carbide tools make it easier to fabricate precisely formed metal. These tools have a number of distinctive qualities that make them suitable for use in powerful machines. Carbide-based cutting tools and high-speed tooling (HSS) cutting tools are two categories of cutting tools that are effective in the machining sector. As the more widely used of the two in recent years, carbide tools appear to have had a significant impact on the industry. Machine tools are used to bore, shear, grind, cut, or otherwise shape metal or other rigid materials into a certain shape. As the demand for carbide tools grows, manufacturers are working hard to meet it by releasing more cutting-edge, high-performance carbide tools.
Sample Request: - Global Carbide Tools Market
Market Dynamics:
Drivers:
Numerous industries, including the aerospace, automotive, material handling, construction, and others, have found success with carbide tools. Metals can be ground and shaped as needed by the various industries using carbide tools. By producing high-precision metal with carbide tools and reducing the costs of manual labour, manufacturing facilities can operate more profitably. The clients may use the carbide tools longer and at faster speeds. These tools also guarantee resilience to extreme temperatures. Various alternatives for carbide tools are available depending on the desired speed, temperature, type of load, etc. Additionally, these instruments can be used with a variety of inputs, including manual and electrical.
Restraints:
Carbide tools are made from a variety of basic materials, including calcium carbide, aluminium carbide, silicon carbide, iron carbide, and tungsten carbide. These materials have different costs, therefore the ultimate price of carbide tools relies on the substance employed in their production. The costs of developing carbide tools are influenced by the prices of the raw materials. Additionally, these variables divide market shares among crucial vendors, which results in a loss for suppliers and lowers the calibre of product development. Therefore, the expansion of the market for carbide tools is impacted by the shifting cost of raw materials.
Opportunities:
Global construction industry trends have changed at a dizzying pace during the past few decades. A few elements that have contributed to the growth of the construction industry in recent years include technological innovations, major improvements in construction methods, and higher-quality raw materials. The demand for heavy and civil engineering as well as general construction will increase, even if economic factors will continue to play a part in the construction industry's global expansion. It is anticipated that an enormous rise in commercial, residential, and industrial projects would sustain the expansion of the global market for carbide tools. Additionally, the massive increase in general construction projects will have an impact on the demand for carbide tools in various applications.
Challenges:
Manufacturers are creating more sophisticated tools with improved features in response to the expansion of the construction sector. Sometimes carbide tools are ineffective, particularly in the mining and oil industries. As a result, numerous businesses are investigating and creating cutting-edge automatic tools that can replace carbide tools for particular purposes.
Segmentation Analysis:
The global carbide tools market has been segmented based on operating mode, coating, type, end-user, and region.
By Operating Mode
The operating mode segment includes manual and automatic. The manual segment led the largest share of the carbide tools market with a market share of around 64.5% in 2022. Hand-based carbide tools are another name for manual carbide tools. These are widely used in building, manufacturing, car, and other sectors of the economy.
By Coating
The coating segment includes coated and non-coated. The coated segment led the largest share of the carbide tools market with a market share of around 54.5% in 2022. Due to their effectiveness in many components, coated inserts are in great demand. Tools with coatings aid in boosting output and speeding up operations.
By Type
The type segment includes router bits, circular saw blades, mills, reamers, tap & dies, cutters, and CNC inserts. The mills segment led the largest share of the carbide tools market with a market share of around 34.5% in 2022. Due to their heat resistance, these mills are utilised in high-speed applications to cut extremely hard materials such non-ferrous metals, polymers, alloys, and cast iron. Additionally, mills have the ability to rotationally cut materials in both a lateral and horizontal orientation. Sales in the sector are expected to increase as a result of the expanding use of mills for cutting jewellery patterns, wood engravings, and machine parts.
By End-User
The end-user segment includes construction, metal fabrication, furniture & carpentry, automotive & transportation, oil & gas, heavy machinery, and others. The automotive & transportation segment led the largest share of the carbide tools market with a market share of around 36% in 2022. The segment is expected to be driven by the growing use of carbide turning tools in processes such as hole-making, face milling, and crankshaft metal machining needed in the production of automobile parts. The use of tungsten carbide in ball joints, brakes, and crankshafts gives performance cars great weather resistance. One important element driving up sales in the market is the rising production and sales of hybrid electric vehicles in industrialised nations.
Global Carbide Tools Market - Sales Analysis.
The sale of the carbide tools market expanded at a CAGR of 6.5% from 2016 to 2022.
Cutting tools made of carbide are frequently used to shape metal for use in a variety of applications. For stiff materials, these instruments offer exceptional durability and accuracy grinding. Metals are frequently machined and shaped with carbide tools. These tools have numerous uses in the automotive, electrical, aerospace, and electronics industries, among others. Wear and tear resistance, fast speed, shorter cycle times, durability, and operability at high temperatures are only a few advantages of carbide tools. Carbide tools are used in a variety of production processes. Tools made of carbide are produced using tungsten and carbide powder. These carbide tools make it easier to fabricate precisely formed metal. These tools have a number of distinctive qualities that make them suitable for use in powerful machines.
Due to the rising demand for these instruments, a number of producers are concentrating on creating high-performing, cutting-edge goods. For instance, Rockford-based milling, turning, and hole-making tool company Ingersoll Cutting Tools stated in June 2021 that it has upgraded its indexable deep hole drilling head. The company did this by expanding the drilling head's diameter range and offering unique wear-resistant grades for greater endurance. Thus, it is anticipated that in the years to come, demand for carbide grinding bits would increase as a result of key manufacturers' ongoing upgrades to their current product lines. Additionally, the market is expected to be driven by the growing demand to achieve operational efficacy and the quick development of cutting-edge manufacturing designs.
Thus, owing to the aforementioned factors, the global carbide tools market is expected to grow at a CAGR of 7.1% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analysed for the carbide tools market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the carbide tools market and held a 38% share of the market revenue in 2022.
Global Carbide Tools Market - Country Analysis:
Germany's carbide tools market size was valued at USD 0.51 billion in 2022 and is expected to reach USD 1.88 billion by 2030, at a CAGR of 7.2% from 2023 to 2030. Sales and demand in the region of carbide tools are anticipated to increase as a result of the widespread use of carbide tools in machining applications. These tools are special in that they have short cycle times, extended working lives, high speeds, excellent wear resistance, and the ability to maintain their cutting edges at high machining temperatures. These attributes will drive up the demand for carbide tools in the region.
China’s carbide tools market size was valued at USD 0.54 billion in 2022 and is expected to reach USD 1.95 billion by 2030, at a CAGR of 7.4% from 2023 to 2030. Cutting tools are being coated with carbide to increase their machining efficiency. These tools can tolerate high temperatures and keep their hardness over numerous operations thanks to coatings. The increased use of coatings on carbide tools will boost sales of those tools and is anticipated to fuel market expansion.
India's carbide tools market size was valued at USD 0.42 billion in 2022 and is expected to reach USD 1.73 billion by 2030, at a CAGR of 7.3% from 2023 to 2030. ToolKart released its most recent online e-commerce platform for industrial buyers to choose and buy cutting equipment online without fuss in July 2020. The new website will allow users to source all of their tooling needs, including both unusual and common cutting instruments. In light of the COVID-19 pandemic, the company wants to limit the abundance of inexpensive cutting tools already on the market by supporting Indian producers and simplifying contactless transactions. Therefore, it is anticipated that the growth of India's e-commerce sales channel will be beneficial for the market for carbide parting tools.
Key Industry Players Analysis:
To increase their market position in the global carbide tools market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.1% |
Market Size |
7.0 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Operating Mode, By Coating, By Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Best Carbide Cutting Tools, Inc., Advent Tool & Manufacturing, Inc., Garr Tool Company, Ingersoll Cutting Tool Company, Mitsubishi Materials Corporation, VHF Camfacture AG, CERATIZIT S.A., 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 |
By Operating Mode |
|
By Coating |
|
By Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Carbide Tools Market By Operating Mode:
Global Carbide Tools Market By Coating:
Global Carbide Tools Market By Type:
Global Carbide Tools Market By End-User:
Global Carbide Tools Market By Region:
Global carbide tools market is expected to reach USD 12.1 billion by 2030.
The carbide tools market is projected to have a CAGR of 7.1%.
Leading market players active in the global carbide tools market are Best Carbide Cutting Tools, Inc., Advent Tool & Manufacturing, Inc., Garr Tool Company, Ingersoll Cutting Tool Company, Mitsubishi Materials Corporation, VHF Camfacture AG, CERATIZIT S.A., 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. among others.
Based on the end-user, the global carbide tools market has been segmented into Construction, Metal Fabrication, Furniture & Carpentry, Automotive & Transportation, Oil & Gas, Heavy Machinery and Others.
Political Factors- Before deciding whether to grow, the carbide tools market should carefully assess the taxes policies that are applicable to the sector. Industries that the government views as high priority will gain more from tax policy. In an effort to attract foreign direct investment, the governments of many developing countries are actively seeking to reduce company taxes. Due to the low tax rates, these countries should be considered in the carbide tools market because it will be simpler to make a profit and invest in R&D, innovation, and new product development.
Economic Factors- Since operating in highly efficient financial markets enhances one's liquidity position and strengthens one's potential to enter new markets, it has an impact on the expansion plans of the carbide tools market globally. The condition and efficiency of the financial markets will determine the carbide tools market's capacity to raise cash at fair prices. The way the crarbide tools market operates is influenced by the current economic system. A structure with perfect or monopolistic competition will not have the same economic or regulatory environment as one with an oligopolistic or monopolistic structure.
Social Factors- Respect for hierarchy and social class stratification are two important social traits that could influence the commercial, marketing, and human resource management strategies in the carbide tools market. carbide tools market does effectively with a hierarchical organisation and formal work culture when entering nations with large power distance. Increasing social stratification is another sign of the need for effective market segmentation strategies because the carbide tools market cannot simultaneously target several groups from different social classes with the same marketing mix.
Technological Factors- The development of information and communication technologies has made it easier to deploy cutting-edge marketing techniques to enhance consumer collaboration. In the current business environment, social media use has grown significantly. The market for carbide tools can benefit from the opportunities offered by social media marketing to improve business success. Technology advancements can be used to launch original social media campaigns for creating online brand communities. The bioinformatics services industry can expand its market share by entering areas where technology is still in its infancy and focusing on new technological advances.
Environmental Factors- A significant trend in many industries is the development of renewable technology to reduce reliance on natural resources. carbide tools market should evaluate how well a country's technology infrastructure supports the use of renewable technologies in order to capitalise on this environmental trend. Governments in certain regions of the world offer alluring incentives to adopt renewable energy. To achieve its objectives for sustainable economic development, the carbide tools market can invest in renewable energy sources by taking advantage of the opportunity.
Legal Factors- Data protection has become a critical problem due to consumer worries about their privacy and security. Carbide tools market must examine data protection regulations in order to protect consumer data. Laws are also in place to control costs, ensure a certain standard of quality, and protect consumers from misleading advertising claims. carbide tools market considerations must take certain factors into account to ensure compliance with consumer protection laws. Intellectual property laws are designed to protect the valuable ideas and patents that businesses possess. The carbide tools market may lose its competitive edge and become less competitive with other market competitors if intellectual property rights are not sufficiently secured.
List of Table
List of Figures