“Robust technological innovations and growing automation in machine cutting tools are paving the way for the growth of the global carbide tools market”.
The global Carbide Tools market is expected to reach US$ 10,726.3 Mn by 2023, growing with a high CAGR during the forecast period. The market is witnessing growth due to the growing development in manufacturing design and the necessity to accomplish production value. This is further setting the base for manufacturers’ search for superior end products, thus growing the demand for carbide tools across the globe.
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Carbide tools, also known as carbide-tipped cutting tools, are widely used as a metal cutting tool. A carbide tool is highly significant and is being widely used in machining applications due to features like high speed, the ability to retain a cutting edge at high machining temperatures, reduction in cycle time, exceptional wear resistance at cutting edge, long working life, etc. Carbide tools consist of a composition of carbide cement and binder metal. The process of combining the carbide particles with the binder is known as sintering.
· In 2019, Arch Global Precision, a Machine industry company has acquired Competitive Carbide Inc. (CCI) located in Mentor, Ohio. CCI is a manufacturer of customized solid carbide drills, end mills, reamers, indexable tools, and custom inserts. Additionally, CCI manufactures PCD-tipped tools and inserts, making it a new offering for the Arch Cutting Tools segment. This acquisition will help the Arch global Precision Company to expand their offering of custom indexable tooling and coolant through carbide drills, along with adding a significant experience in PCD tooling capabilities.
The carbide tools market is witnessing growth across the globe due to the developments taking place in manufacturing design. Other key factors that are accelerating the market growth include product efficiency and exceptional quality of end products. Product efficiency gives an edge in mass production in the manufacturing industry. The superior quality end product makes carbide tools more preferable than other tools.
Carbide tools have features like less material wastage, decreased labor cost, superior quality, and reduced inventory cost. These features attract manufacturers to invest in carbide tools. Moreover, with growing industrial automation, the market is further experiencing growth during the forecast period. The key manufacturers are focusing on high performance a carbide tool, which further attracts the customers that increase the demand of the carbide tools. However, the high cost associated with carbide tools can hinder the growth of the market.
The key players operating in the carbide tools market includes KYOCERA Corporation, Sandvik AB, Allied Machine & Engineering Corp., YG-1 Co., Ltd., IMC Group, OSG Corporation, CERATIZIT S.A., Kennametal Inc., Elementos de Mecanismos, S.A. de C.V. (Elmec), Fullerton Tool Company, Makita Corporation, Mitsubishi Materials Corporation, Guhring Limited, Sumitomo Electric Hartmetall GmbH, and others.
The high popularity of carbide tools, primarily in industrial applications, will further increase the demand for carbide tools during the forecast period. More importantly, the growth in demand for high speed cutting tools has been adding to the growth in revenue from 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 the established players such as Sandvik AB and IMC Group, among others. Moreover, the key manufactures are focusing on optimal cutting geometries, as well as high performance covering, which is becoming attractive among consumers. This is further fostering the growth of the market.
Key Questions Answered:
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
· Who are the key market players and their key competitors?
· Who are the key market players at different stages of the value chain?
· What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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