Market Research Report
Carbide Cutting Tool Market with COVID-19 Impact Analysis, By Product Type, By Configuration, By Coating, By End-User and By Region - Size, Share, & Forecast from 2021-2027
|Carbide Cutting Tool Market with COVID-19 Impact Analysis, By Product Type, By Configuration, By Coating, By End-User and By Region - Size, Share, & Forecast from 2021-2027|
Published: January 1, 2022
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Content info: 277 Pages
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The global carbide cutting tool market was valued at USD 11,808.6 Million in 2020, growing with 5.3% CAGR during the forecast period, 2021-2027.
Natural elements such as boron, silicon, metal, and steel are most commonly combined with carbide (chemical compound). A carbide-based tool holder or machine tool offers a high level of durability, allowing it to last longer while maintaining its sharpness. A carbide cutting tool is a steel metal surface and body brazed with carbide tips. Compared to normal cutting devices, cutting devices are more wear-resistant and have a longer shelf life.
The growth of the carbide cutting tool market is mainly due to the increasing use of carbide devices in industrial applications. Another key trend of the market is the increase in automation in various end-use industries. It is predicted that the carbide cutting tool market will grow due to manufacturers' growing demand for advanced and modern machining techniques. Another driver is the availability of carbide cutting devices on e-commerce sites at competitive prices. As a result of the increased use of e-commerce platforms, manufacturers of carbide cutting devices can expand their geographical reach, which ultimately results in a positive impact on the growth.
Further, various countries and regions have been infected with the novel coronavirus, causing a huge impact on people and communities alike. The outbreak began as a health crisis but has since become a major threat to international trade, economy, and finance. The COVID-19 pandemic has caused many devices in the carbide industry to cease production due to lockdowns in key global countries. Additionally, as the vaccine for COVID-19 has been introduced in the industry, the number of cases of COVID-19 is expected to decrease in the near term. As a result, carbide tool makers are expected to re-start their production at full capacity by the start of 2022, which will facilitate the recovery of the industry.
The carbide cutting tool industry is segmented based on Product Type, Configuration, deployment end-user, and region.
In terms of the product type, the global carbide cutting tool industry is divided into Drilling Tools, Turning Tools, Milling Tools, and Others. Among these, into Milling tools segment accounted for the highest market share in 2020. Growth is primarily due to increasing machining applications, this material is extensively used because of its numerous significant features such as high speed, long-lasting cutting edge, short cycle time, and superior wear resistance at the cutting edge.
Depending upon the configuration type, the global carbide cutting tool industry is segmented into handheld configuration and machine-based configuration. Among these machine-based configurations, the segment has the highest market share in 2020, this is primarily due to rising demand for managing the various end-user businesses by the leading automotive, electrical aerospace, and defense companies around the globe.
Further, in terms of end-user, the global carbide cutting tool industry is classified as Automotive, Marine & Defense Electronics & Electrical, Aerospace, Construction & Mining, and Others. Among these automotive end, the user segment has the highest market share in 2020, this is primarily due to increasing global demand for various products in automotive applications. For instance, an example of this occurred in June 2021, when Ingersoll Cutting Tools improved indexable deep hole drilling heads by extending the range of diameters and reducing wear. New chip breakers are also included in the drilling tool, which increases tool lifespan.
The global carbide cutting tool industry is majorly fragmented with the presence of many companies competing for grabbing market share in the industry. Key players operating in this industry include Ingersoll Cutting Tool Company, Advent Tool & Manufacturing, Inc., SGS Tool Company, Mitsubishi Materials Corporation Garr Tool Company, Best Carbide Cutting Tools, Inc., PROMAX Tools, Rock River Tool, Inc CERATIZIT S.A., and VHF Camfacture AG.
The carbide tools industry is likely to benefit significantly from mergers and acquisitions of regional players by major global players. In addition to capturing new physical places, such business methods also create new business opportunities in emerging markets. A company called Mitsubishi Material Corporation (MCC) purchased a copper mine from Mantos Copper Holding SpA in February 2020. This mine produces copper concentrate with extremely low levels of impurities and deleterious materials. A copper concentrate was acquired for MCC's copper smelters through this acquisition.
The scope of this report covers the market by its major segments, which include as follows:
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