Global Tool Reconditioning & Regrinding & Sharpening Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tool Reconditioning & Regrinding & Sharpening Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Tool Reconditioning and Regrinding and Sharpening Services is the process of repairing or restoring worn, damaged or old tools to their original condition. This service helps improve tool performance and longevity. It also improves the accuracy and precision of the tool.

Market Overview:

The latest research study on the global Tool Reconditioning & Regrinding & Sharpening Services market finds that the global Tool Reconditioning & Regrinding & Sharpening Services market reached a value of USD 174.98 million in 2022. It’s expected that the market will achieve USD 223.95 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.

Drivers

Growing demand for various metal cutting equipment in various industries such as aerospace, defense, automotive, and industrial machinery with the development of the manufacturing industry has led to the growth of the tool market. For example, the machine tool includes a range of tools for drills, reamers, reamers, taps, dies and knurlers. Among them, a series of cutting tools such as carbide tools, end mills, and carbide drills have been widely used in CNC machine tools. The processing of CNC machine tools can accurately estimate the processing time in advance, standardize and modernize the tools and fixtures used, and easily realize the standardization of processing information. As industries strive to maintain higher product quality, safety and stability, ultra-precision machining is becoming more and more popular in all industries, and CNC machine tools are becoming more and more popular. Therefore, as the market size of CNC machine tools continues to expand, the market for various tools also continues to expand.

The Tool Reconditioning and Regrinding and Sharpening Services industry company provides a range of repair services to manufacturing companies' machine tool equipment. Tool is one of the important components in machining machine tools. Relevant studies have shown that the main cause of tool damage during high-speed cutting is the wear and tear caused by mechanical friction, adhesion, chemical wear, chipping, crushing and plastic deformation under the action of cutting force and cutting temperature. After the tool is worn, the machining accuracy of the workpiece will be reduced, the surface roughness will increase, and the cutting force will increase, the cutting temperature will increase, and even vibration will occur, making it impossible to continue normal cutting. Therefore, tool wear directly affects machining efficiency, quality and cost. The Tool Reconditioning and Regrinding and Sharpening Services industry is a companion industry to the tool industry, so as the demand for tools in the manufacturing industry continues to increase, so does the demand for Tool Reconditioning and Regrinding and Sharpening Services from manufacturing companies. Overall, the growing size of the tools market is one of the driving factors driving the industry.

Tool Reconditioning and Regrinding and Sharpening Services is the process of repairing or restoring worn, damaged or old tools to their original condition. This service helps improve tool performance and longevity. It also improves the accuracy and precision of the tool. The main purpose of this service is to ensure the quality of the tool. For manufacturing companies, it helps increase productivity, reduce costs and generate higher revenue.

For example, regrinding and recoating of carbide and high-speed steel tools are common processes today. Tool regrinding or recoating can be done at a fraction of the cost of new tool manufacturing but can extend tool life. Therefore, the regrinding process is typical for special tools or expensive tools. Tools that can be reground or recoated include drills, milling cutters, hobs, and forming tools.

Tool restoration is gaining popularity as companies try to balance cost savings with increased worker productivity and project completion rates. Processes such as machine tool dressing, tool regrinding and end mill regrinding are all viable options to consider for medium to large facilities. Extending tool life with Tool Reconditioning and Regrinding and Sharpening Services helps manufacturing companies improve efficiency and productivity. In addition, repair tools also help manufacturing companies avoid potential failures and increased maintenance costs associated with running old, worn products. In general, industry companies can help client companies reduce costs and increase productivity, which is one of the important opportunities to advance the industry.

Region Overview:

From 2022-2027, United States is estimated to witness robust growth prospects.

Company Overview:

W.W. Grainger Inc is one of the major players operating in the Tool Reconditioning & Regrinding & Sharpening Services market, holding a share of 8.21% in 2022.

W.W. Grainger Inc provides customers with products such as motors, lighting, material handling, fasteners, plumbing, tools and safety supplies, as well as inventory management services and technical support. Services provided include Grainger KeepStock Inventory Management, Energy Services, Facility Services.

Kennametal Inc. delivers productivity to customers through materials science, tooling and wear solutions. Industries served include customers in the aerospace, earthmoving, energy, general engineering and transportation sectors.

Segmentation Overview:

By type, Reconditioning segment accounted for the largest share of market in 2021.

Application Overview:

By application, the End Mills segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Tool Reconditioning & Regrinding & Sharpening Services market covered in Chapter 3:

Sumitomo Electric Carbide
RTS Cutting Tools
Conical Tool Company
Core Cutter LLC
FRAISA USA Inc
Kennametal Inc.
Liebherr
SECO Tools
W.W. Grainger Inc
Guhring Inc.
Hartland Cutting Tools Inc
AFC Industries

In Chapter 4 and Chapter 14.2, on the basis of types, the Tool Reconditioning & Regrinding & Sharpening Services market from 2018 to 2029 is primarily split into:

Reconditioning
Regrinding
Sharpening

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tool Reconditioning & Regrinding & Sharpening Services market from 2018 to 2029 covers:

Drills
Taps
End Mills
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)