PUBLISHER: Lucintel | PRODUCT CODE: 1418441
PUBLISHER: Lucintel | PRODUCT CODE: 1418441
Boring Tools Trends and Forecast
The future of the global boring tools market looks promising with opportunities in the transportation, general machinery, and precision engineering markets. The global boring tools market is expected to reach an estimated $5.1 billion by 2030 with a CAGR of 4.7% from 2024 to 2030. The major drivers for this market are high adaption of cnc-based boring tools and growing production of light vehicles.
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Boring Tools by Segment
The study includes a forecast for the global boring tools by type, application, and region.
List of Boring Tools Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies boring tools companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the boring tools companies profiled in this report include-
Boring Tools Market Insights
Lucintel forecasts that fine boring tools is expected to witness the highest growth over the forecast period due to need for superior finishing in the manufacturing sector.
Within this market, transportation will remain the largest segment due to usage in the automobile industry to create a variety of automotive components, including disc brakes, gearboxes, engine parts, and others..
APAC is expected to witness highest growth over the forecast period due to availability of raw materials and lower wages of the skilled workforce.
Features of the Global Boring Tools Market
Market Size Estimates: Boring tools market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Boring tools market size by type, application, and region in terms of value ($B).
Regional Analysis: Boring tools market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the boring tools market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the boring tools market.
Analysis of competitive intensity of the industry based on Porter's Five Forces model.
FAQ
Q1. What is the boring tools market size?
Answer: The global boring tools market is expected to reach an estimated $5.1 billion by 2030.
Q2. What is the growth forecast for boring tools market?
Answer: The global boring tools market is expected to grow with a CAGR of 4.7% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the boring tools market?
Answer: The major drivers for this market are high adaption of cnc-based boring tools and growing production of light vehicles.
Q4. What are the major segments for boring tools market?
Answer: The future of the boring tools market looks promising with opportunities in the transportation, general machinery, and precision engineering markets.
Q5. Who are the key boring tools market companies?
Answer: Some of the key boring tools companies are as follows.
Q6. Which boring tools market segment will be the largest in future?
Answer: Lucintel forecasts that fine boring tools is expected to witness the highest growth over the forecast period due to need for superior finishing in the manufacturing sector.
Q7. In boring tools market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to availability of raw materials and lower wages of the skilled workforce.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.