Carbide Tools Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Carbide Tools Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Carbide Tools Market

The carbide tools market size was valued at USD 11.03 billion in 2023, and the market is now projected to grow from USD 11.54 billion in 2024 to USD 18.41 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period of 2024-2032.

COVID-19 restrictions caused shutdowns in manufacturing and construction hampered the supply chain and declining carbide tools market growth. Key players experienced significant revenue deterioration in 2020 with technology advancement and research and development to re-establish revenue growth which faced numerous challenges. The aerospace industry received a 75.6% decline in passenger traffic as reported by IATA, thus minimizing tool usage from manufacturing and supply chain disruptions.

High demand for efficiency in the manufacturing sector, from automotive and industrial applications to construction segments, electronics, and aerospace sectors, also fuels the carbide tools market share. Infrastructure growth in India, China, and Brazil is also a contributing factor, as these products show high performance in drilling, milling, and turning operations. The rise in the adoption of carbide tools reduces cycle time and improves machine longevity.

Also, technological advancements, such as barrel tools and damped boring bar technology, intensify market competition as key players launch innovative products. LMT Tools India introduced RMC cutters in 2020 for 5-axis CNC machines, featuring reduced costs and lower vibration. In 2021, Walter AG unveiled the Titex D170 carbide tool with a 50% longer lifespan, enhancing machining centre performance. These innovations will drive future demand for advanced carbide cutting tools.

Comprehensive Analysis of Carbide Tools Market

The carbide tools market and machinery and equipment industry are rising at an exponential rate due to their market segmentation. This market expansion effectively provides detailed regional assessments considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by product types, by coating types, by configurations and by end-user. The product type includes, Drilling Tools, Milling Tools, Turning Tools and Others (Taps & Dies, Reamers). The coating type includes, Coated and Non-Coated. The configuration includes, Hand Based and Machine Based. The end-user includes, Automotives, Construction, Metal Fabrication, Electronics & Electrical, Aerospace and Others (Mining and Others).

Europe is expected to lead the global market due to robust economic growth, a strong infrastructure sector in Germany and the U.K., and large cutting tool manufacturers. The U.K. is set to experience rapid growth as technological advancements drive tool adoption, supported by companies such as Guhring, Garr Tools, Ceratizit and Sandvik. Demand is further fueled by automotive, construction and aerospace applications, bolstering market expansion.

The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, OSG Corporation (U.S.), Sandvik AB (Sweden), Makita Corporation (Japan), Plansee Group (Ceratizit S.A.) (Luxembourg), Kennametal Inc (U.S.), Sumitomo Electric Industries Ltd (Japan), Guhring Ltd (U.K.), Fullerton Tool Company Inc (U.S.), YG-1 Co Ltd (Japan) and Allied Machine & Engineering Corp (U.S.). These market players provide a level-playing competitive landscape.

In September 2023, Seco introduced advanced tool holders, round carbide inserts, PCBN inserts and extra-long solid carbide drills designed to improve drilling depth accuracy, versatility and tool durability.

Segmentation Table

Global Carbide Tools Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 6.0% from 2024 to 2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Product Type, Coating Type, Configuration, End User, and Region

By Product Type Drilling tools

Milling tools

Turning tools

Others (Taps & Dies, Reamers)

By Coating Type Coated

Non-Coated

By Configuration Hand Based

Machine Based

By End User Automotives

Construction

Metal Fabrication

Electronics & Electrical

Aerospace

Others (Mining and Others)

By Region North America (Product Type, Coating Type, Configuration, End User, and Country)

U.S. (By Product Type)

Canada (By Product Type)

Mexico (By Product Type)

Europe (Product Type, Coating Type, Configuration, End User, and Country)

Germany (By Product Type)

Italy (By Product Type)

France (By Product Type)

U.K. (By Product Type)

Rest of Europe

Asia Pacific (Product Type, Coating Type, Configuration, End User, and Country)

China (By Product Type)

India (By Product Type)

Japan (By Product Type)

Australia (By Product Type)

Rest of Asia Pacific

Middle East and Africa (Product Type, Coating Type, Configuration, End User, and Country)

GCC Countries (By Product Type)

South Africa (By Product Type)

Rest of the Middle East & Africa

Latin America (Product Type, Coating Type, Configuration, End User, and Country)

Brazil (By Product Type)

Argentina (By Product Type)

Rest of Latin America

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