Also known as carbide cutting tools or carbide tipped cutting tools, Carbide Tools are a type of machine tools used for shaping or machining metals or other rigid materials. There are basically two types of machine tools – High Speed Steel (HSS) and Carbide Tools. Carbide Tools are extensively used in machining applications, mainly due to high speed performance and their ability to retain cutting edge at high machining temperature and reduce cycle time.
Carbide Tools have exceptional wear resistance at cutting edge, chemical inertness, and a long working life. Although they are expensive, the time required for machining with Carbide Tools is less and they give better output and superior surface finish of component. All these make Carbide Tools a better option that other solid cutting tools and HSS.
Carbide Tools are extensively used in the metal fabrication and automotive & transportation industries. In metal fabrication, they are mainly used for making holes and surface finishing, while in the automotive sector, they are used for making concentric holes, surface finishing, and for other applications. The increasing demand for Carbide Tools from these sectors will boost the growth of the global Carbide Tools market.
The global Carbide Tools market is estimated to grow at a CAGR of 6.75% during the period from 2018 to 2026. Developments in manufacturing design and the need to improve production efficiency will increase the demand for Carbide Tools. These tools offer several advantages such reduced labour cost, superior quality of products, less material wastage, and decreased inventory cost. This will generate demand for Carbide Tools in the coming years.
However, Carbide Tools are expensive than other solid cutting tools and this may slow down the growth of the global Carbide Tools market to some extent. But, growth in the sales of electric and hybrid vehicles will give a major boost to the global market.
Countries of the Asia-Pacific region, especially China and India are likely to grow at a significant CAGR in the coming days. This can be mainly attributed to the robust growth of the end-use industries in the region, coupled with increasing awareness about automation in the metal fabrication industry. However, Europe is going to maintain its dominance in the global Carbide Tools market in the coming years as well.
The major players operating in the global Carbide Tools market are, Advent Tool & Manufacturing, Inc., Mitsubishi Materials Corporation, Best Carbide Cutting Tools, Inc., Garr Tool Company, Ingersoll Cutting Tool Company, IMC Group, OSG Corporation, Kennametal Inc., CERATIZIT S.A., KYOCERA Corporation, Sandvik AB, YG-1 Co., Ltd., Makita Corporation, Rock River Tool, Inc., SGS Tool Company, Vora Industries, Carbide Tools Manufacturing, Inc., Tunco Manufacturing Inc., Global Excel Tools Manufacturing, PROMAX Tools, and TSUNE SEIKI CO.,LTD.