Robust Technological Innovations and Growing Automation in Machine Cutting Tools Paving Way for Growth of Global Carbide Tools Market

The report on the Carbide Tools market covers comprehensive information about market trends, volume (Thousand Units) and value (US$ Mn) projections, recent developments, dynamics (drivers, restraints, trends & opportunities) and competition landscape pertaining to the global Carbide Tools market for the study period 2018 to 2028.

The global Carbide Tools market is projected to reach US$ 10,726.3 Mn by the end of the forecast period while growing at a value CAGR of 7.0%. Moreover, according to Future Market Insight’s volume analysis, the global Carbide Tools Market is estimated to have reached 187,652.6 thousand units by 2018 end and is anticipated to reach 365,280.9 thousand units by 2028 while exhibiting a CAGR of 6.9% during the forecast period.

Cutting Tools, and Drilling and Milling Tools Hold Prominent Shares in Global Carbide Tools Market

Among end user segments, metal fabrication and automotive & transportation are significant contributors to the global Carbide Tools market. In metal fabrication, Carbide Tools are frequently used for job shop applications, such as hole making, surface finishing, among others. Within the automotive sector, drills, reamers, countersinks and mills tools are used for general applications, such as making of co-centric holes, providing surface finishing and for other purposes. For all types of Carbide Tools, manufacturers are focused on creating coolant circulations inside Carbide Tools to improve the operational efficiency of tools.

Coated Carbide Tools Are Gaining Popularity Among All End Use Sectors

Most Carbide Tools are available in the form of coated type as coating enhances the cutting output or cutting efficiency of Carbide Tools. Moreover, the coated segment is expected to grow at addressable CAGR during the forecast period due to the substantial growth being witnessed in automation in the manufacturing sector. Non-coated type Carbide Tools are used mainly for wood working purposes.

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Growing Incorporation of Automation to Boost Demand for Machine Based Segment in the Coming Decades

Mostly Carbide Tools are used with high-speed cutting machines, such as CNC machines, and thus, the machine based segment is expected to account for a significant share in the global Carbide Tools market. However, the hand based segment is projected to create absolute $ opportunity worth US$ 132.0 Mn between 2018 and 2028.

Automotive & Transportation Is an Important End User in the Global Carbide Tools Market

By end user, the Carbide Tools market is segmented into metal fabrication, automotive & transportation, heavy machinery, construction, furniture & carpentry, oil & gas and other manufacturing. Under these segments, the automotive & transportation segment is projected to stay attractive throughout the forecast period. The automotive & transportation segment is further categorized into automotive, railway, aerospace and marine. The automotive sector is expected to have held dominant value share in the global Carbide Tools market while railway, aerospace and marine sectors accounted for 50% share in 2018 in the global market. In oil & gas, mainly long shank types tools are used and in aerospace and marine, these tools are used to fabrication or manufacturing purposes.

India and China Are Most Lucrative Countries in the Carbide Tools Market

By region, the Carbide Tools market is segmented into North America, Latin America, Western Europe, Eastern Europe, South East Asia & Pacific, Middle East & Africa, Japan, China and India. India and China are expected to grow at a significant CAGR in the global Carbide Tools market owing to the robust growth being witnessed in end-use industries as well as growing awareness about automation within the metal fabrication industry. In terms of value share, Western Europe is projected to dominate throughout the forecast period and is projected to create absolute $ opportunity worth US$ 1,724.3 Mn between 2018 and 2028. Furthermore, growth in sales of electric vehicles and hybrid vehicles is also projected to fillip the demand for Carbide Tools across the globe.

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Manufacturing Strategy to Pave Way for Growth of Carbide Tools Market

High popularity of Carbide Tools, specifically in industrial applications, will encourage the demand for Carbide Tools during the forecast period. More importantly, growth in demand for high speed cutting tools has also been adding to the growth in revenue of Carbide Tools. Emerging players are strengthening their position in the market by offering cost-effective Carbide Tools, which in turn, is affecting the profit margin of established players, such as Sandvik AB and IMC Group, among others.