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Global Carbide Tools Market Size, Trends, Growth, Price, Forecast: By Product Type: Drilling Tools, Milling Tools, Turning Tools, Others; By Coating Type: Coated, Non-coated; By Configuration: Hand-based, Machine-based; By End Use: Automotive, Construction, Metal Fabrication, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Carbide Tools Market Outlook
The global carbide tools market size attained a value of approximately USD 10.2 billion in 2022. The market is further projected to grow at a CAGR of 5.80% in the forecast period of 2023-2028, reaching a value of around USD 14.3 billion by 2028.
Key Trends in the Market
Carbide tools are specialised tools made from carbide, which are compounds that compose of carbon and metal, typically in the form of tungsten carbide with cobalt as a binder metal. These tools have high wear resistance, are chemically inert, exceptionally hard, and can perform in high temperatures due to which they are used extensively in machining applications for various materials.
- Rapid industrialisation and development of manufacturing sectors worldwide are the key factors driving the carbide tools market growth. The superior characteristics of carbide tools, including strength, toughness, wear resistance, and temperature tolerance, are surging their usage in industrial and manufacturing applications.
- Increasing adoption of computer numerical control (CNC) machines for faster manufacturing of various materials is also surging the demand for high precision cutting tools. Carbide tools are suited for CNC machines due to their high levels of precision, durability, and accuracy.
- Advancements in technology of carbide tools, such as new coatings and tips for enhanced properties and applications, is bolstering the carbide tools market demand. New production technologies such as 3D printing are also being increasingly used to manufacture complex carbide tools.
Market Analysis
Based on product type, the market is divided into drilling tools, milling tools, and turning tools, among others. On the basis of coating type, the market is bifurcated into coated and non-coated. By configuration, the carbide tools market segmentation is hand-based and machine-based. Based on end-user, the market is classified into automotive, construction, metal fabrication, electronics and electrical, and aerospace, among others. The regional markets for carbide tools are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the carbide tools global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- OSG Corporation
- Sandvik AB
- Kennametal Inc
- Sumitomo Electric Industries, Limited
- Guhring, Inc
- Fullerton Tool Company, Inc
- Ingersoll Cutting Tool Company
- KYOCERA SGS Precision Tools
- Elenco Carbide Tool Corp.
- Others
Market Share by Product Type
Milling tools, by product type, are anticipated to witness a rapidly growing carbide tools market share, supported by the increased rigidity, hardness, and efficiency carbide milling tools provide. Across industries milling tools are utilised for precision cutting and shaping of work pieces, including in the aerospace, automotive, and construction sectors. Carbide milling tools facilitate fast cutting speeds, aiding in speedier machining and production and as they can tolerate high temperature, there is less need for cooling off periods, thereby increasing turnaround times. The durability of carbide milling tools also extends their lifespan, resulting in lower operating costs and overall cost savings without negatively impacting production quality.
Market Share by Region
Regionally, Europe accounts for a sizable share of the global carbide tools market, fuelled by robust demand from countries such as Germany and the United Kingdom. The presence of a established manufacturing sector in the region and expansion of automotives, machinery, and aerospace industries are further driving the growth of the regional market for carbide tools. Europe also has widespread adoption of precision engineering, for which carbide tools are commonly used to achieve the required levels of precision. Meanwhile, presence of key players and stringent quality standards for industrial products are influencing the production of top quality carbide tools that are in demand at a global level.
Competitive Landscape
OSG Corporation, founded in 1938 and headquartered in Aichi, Japan, is a leading manufacturer of comprehensive cutting tools, catering to manufacturing industries and energy-related industries, among others. The company specialises in tools for threading, milling, drilling, metalworking, automotive, and aerospace, as well as industrial solutions for various sectors.
Sandvik AB, based in Stockholm, Sweden, and established in 1862, is a global engineering company which focuses on services and products for machining, metal cutting, rock drilling, mining, and rock processing. Striving for digitalisation, innovation, and sustainable engineering, Sandvik invests in comprehensive research and development, production, and sales.
Kennametal Inc is a supplier of industrial materials and tooling with headquarters in Pennsylvania in the United States. Founded in 1938, the company caters to industries such as aerospace, additive manufacturing, earthworks, transportation, energy, general engineering, and machine tools, offering products and services that solve challenges customers face.
Other market players include Sumitomo Electric Industries, Limited, Guhring, Inc, Fullerton Tool Company, Inc, Ingersoll Cutting Tool Company, KYOCERA SGS Precision Tools, and Elenco Carbide Tool Corp., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Coating Type |
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| Breakup by Configuration |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Carbide Tools Market Analysis
8.1 Key Industry Highlights
8.2 Global Carbide Tools Historical Market (2018-2022)
8.3 Global Carbide Tools Market Forecast (2023-2028)
8.4 Global Carbide Tools Market by Product Type
8.4.1 Drilling Tools
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Milling Tools
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Turning Tools
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Carbide Tools Market by Coating Type
8.5.1 Coated
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Non-coated
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Carbide Tools Market by Configuration
8.6.1 Hand-based
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Machine-based
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Carbide Tools Market by End Use
8.7.1 Automotive
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Construction
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Metal Fabrication
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Electronics and Electrical
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Aerospace
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Others
8.8 Global Carbide Tools Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Carbide Tools Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Carbide Tools Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Carbide Tools Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Carbide Tools Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Carbide Tools Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 OSG Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Sandvik AB
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Kennametal Inc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Sumitomo Electric Industries, Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Guhring, Inc
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Fullerton Tool Company, Inc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Ingersoll Cutting Tool Company
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 KYOCERA SGS Precision Tools
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Elenco Carbide Tool Corp.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Carbide Tools Market: Key Industry Highlights, 2018 and 2028
2. Global Carbide Tools Historical Market: Breakup by Product Type (USD Million), 2018-2022
3. Global Carbide Tools Market Forecast: Breakup by Product Type (USD Million), 2023-2028
4. Global Carbide Tools Historical Market: Breakup by Coating Type (USD Million), 2018-2022
5. Global Carbide Tools Market Forecast: Breakup by Coating Type (USD Million), 2023-2028
6. Global Carbide Tools Historical Market: Breakup by Configuration (USD Million), 2018-2022
7. Global Carbide Tools Market Forecast: Breakup by Configuration (USD Million), 2023-2028
8. Global Carbide Tools Historical Market: Breakup by End Use (USD Million), 2018-2022
9. Global Carbide Tools Market Forecast: Breakup by End Use (USD Million), 2023-2028
10. Global Carbide Tools Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Carbide Tools Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Carbide Tools Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Carbide Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Carbide Tools Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Carbide Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Carbide Tools Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Carbide Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Carbide Tools Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Carbide Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Carbide Tools Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Carbide Tools Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Carbide Tools Market Structure
Key Questions Answered in the Report
In 2022, the market reached an approximate value of USD 10.2 billion.
The market is expected to grow at a CAGR of 5.80% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching a value of around USD 14.3 billion by 2028.
The major drivers of the market include increasing industrialisation, expansion of manufacturing facilities, growing demand for construction, and rising need for high quality cutting tools.
The key carbide tools market trends include rising shift towards CNC machining, technological advancements in carbide tools, increasing focus on sustainability, and expansion of sales channels.
The various product types of carbide tools in the market are drilling tools, milling tools, and turning tools, among others.
The significant end-users in the market for carbide tools are automotive, construction, metal fabrication, electronics and electrical, and aerospace, among others.
The major players in the market, according to the report, are OSG Corporation, Sandvik AB, Kennametal Inc, Sumitomo Electric Industries, Limited, Guhring, Inc, Fullerton Tool Company, Inc, Ingersoll Cutting Tool Company, KYOCERA SGS Precision Tools, and Elenco Carbide Tool Corp., among others.
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