Sales in the global carbide tools market are slated to top US$ 7.0 Bn in 2022. Expanding at a healthy 7.2% CAGR, the market size is projected to total US$ 10.7 Bn by 2029.
Estimated at a healthy Y-o-Y growth of 6.4%, global revenues of carbide tools market are set to exceed US$ 7 billion in 2022. A new Future Market Insights (FMI) study forecasts robust growth prospects for the global carbide tools market, prominently driven by fostering rate of adoption for automotive and fabrication applications. Drills and mills will remain the highest selling types of carbide tools, according to the report.
FMI’s analysis concludes that mills and drills collectively account for just-under 60% share in the total revenue generated through carbide tools sales. Carbide drills are however observed hold an edge over carbide mills owing to higher adoption for automotive applications, particularly related to automotive engines.
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The latter are expected to gain prominence in fabrication, as indicated by the report. Moreover, notably increasing demand for thermal deburring applications will reportedly spur sales of carbide burrs in the near future.
Based on FMI’s analysis, most of the carbide tools that are sold have machine-based configuration. The report highlights significant opportunities in automatic machines or lathe machines. Convenient handling and operation, high-speed compatibility, and superior proficiency will remain the key determining factors rendering higher preference for machine-based over hand-based configuration.
Almost 90% of carbide tools are coated, which affirm their improved performance over non-coated counterparts. Despite a high price point associated with the former, FMI anticipates that the revenue of coated tools will remain dominant over non-coated tools, as performance has become the paramount. Adoption for woodworking applications will sustain sales of non-coated carbide tools.
Escalating utilization of carbide tools for job-shop applications in metal fabrication, general automotive applications, and high-speed cutting applications will predominantly push sales prospects of carbide tools, as per FMI’s research.
While adoption of carbide tools for automotive and fabrication end use applications holds more than 55% share in the total market revenue, growing adoption by heavy machinery manufacturers is also underpinning significant revenue generation in carbide tools market.
Europe has been spearheading the expansion of carbide tools market, which is likely to receive strong support from towering sales of EVs in the region. The report underscores remarkable contribution of China and India to the global market revenue.
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Spectacular growth of the automotive components and metal fabrication industries has been instrumental in fueling the use of carbide tools within high-potential developing Asian economies, particularly China and India. Rapid automation of metal fabrication applications is cited as a predominant booster to adoption rate of carbide tools within the aforementioned countries.
According to the report, the collective share of China and India currently equates just-under a fourth of the global value, likely to thrive at a robust pace in the years to come.
FMI has covered detailed market structure in the carbide tools market report, which includes some of the most prominent players such as KYOCERA Corporation, YG-1 Co., Ltd., Mitsubishi Materials Corporation, Allied Machine & Engineering Corp., OSG Corporation, Fullerton Tool Company, Sumitomo Electric Hartmetall GmbH, and others.
The global market for carbide tools is a highly fragmented landscape and FMI has characterized the space by moderate competition. Established brands such as IMC Group and Sandvik AB have been facing challenges related to profit margins owing to promising entry of new market players. While entrants are likely to maintain their focus on economics costs during new product launches, leading companies will continue to prioritize expansion.