Carbide Tools Market is Projected to witness a CAGR of 7 % by 2028 (1)

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Carbide Tools Market

• April 2020

Report Id REP-GB-1775 Published On Feb
20,2019 Category Industrial Automation and
Equipment
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Carbide Tools Market Analysis
Estimated at a healthy Y-o-Y growth of 6.4,
global revenues of carbide tools market are set
to exceed US 5 billion in 2019. A new Future
Market Insights (FMI) study forecasts robust
growth prospects for the global carbide tools
market, prominently driven by fostering rate of
adoption for automotive and fabrication
applications. Drills and mills will remain the
highest selling types of carbide tools, according
to the report. FMI's analysis concludes that
mills and drills collectively account for
just-under 60 share in the total revenue
generated through carbide tools sales. Carbide
drills are however observed hold an edge over
carbide mills owing to higher adoption for
automotive applications, particularly related to
automotive engines. The latter are expected to
gain prominence in fabrication, as indicated by
the report. Moreover, notably increasing demand
for thermal deburring applications will
reportedly spur sales of carbide burrs in the
near future. Based on FMI's analysis, most of the
carbide tools that are sold have machine-based
configuration. The report highlights significant
opportunities in automatic machines or lathe
machines. Convenient handling and operation,
high-speed compatibility, and superior
proficiency will remain the key determining
factors rendering higher preference for
machine-based over hand-based configuration.
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Carbide Tools Market Analysis
Almost 90 of carbide tools are coated, which
affirm their improved performance over non-coated
counterparts. Despite a high price point
associated with the former, FMI anticipates that
the revenue of coated tools will remain dominant
over non-coated tools, as performance has become
the paramount. Adoption for woodworking
applications will sustain sales of non-coated
carbide tools. Escalating utilization of carbide
tools for job-shop applications in metal
fabrication, general automotive applications, and
high-speed cutting applications will
predominantly push sales prospects of carbide
tools, as per FMI's research. While adoption of
carbide tools for automotive and fabrication end
use applications holds more than 55 share in the
total market revenue, growing adoption by heavy
machinery manufacturers is also underpinning
significant revenue generation in carbide tools
market. Europe has been spearheading the
expansion of carbide tools market, which is
likely to receive strong support from towering
sales of EVs in the region. The report
underscores remarkable contribution of China and
India to the global market revenue. Spectacular
growth of the automotive components and metal
fabrication industries has been instrumental in
fueling the use of carbide tools within
high-potential developing Asian economies,
particularly China and India. Rapid automation of
metal fabrication applications is cited as a
predominant booster to adoption rate of carbide
tools within the aforementioned countries.
According to the report, the collective share of
China and India currently equates just-under a
fourth of the global value, likely to thrive at a
robust pace in the years to come.
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Carbide Tools Market Analysis
FMI has covered detailed market structure in the
carbide tools market report, which includes some
of the most prominent players such as KYOCERA
Corporation, YG-1 Co., Ltd., Mitsubishi Materials
Corporation, Allied Machine Engineering Corp.,
OSG Corporation, Fullerton Tool Company, Sumitomo
Electric Hartmetall GmbH, and others. The global
market for carbide tools is a highly fragmented
landscape and FMI has characterized the space by
moderate competition. Established brands such as
IMC Group and Sandvik AB have been facing
challenges related to profit margins owing to
promising entry of new market players. While
entrants are likely to maintain their focus on
economics costs during new product launches,
leading companies will continue to prioritize
expansion. FMI foresees 7 CAGR for carbide
tools market during 2018-2028. Request for
covid19 Impact Analysis https//www.futuremarketi
nsights.com/covid19/REP-GB-1775 Press Release
Source https//www.prnewswire.com/news-releases/c
arbide-tools-market-expected-to-behold-a-cagr-of-6
-9-through-2018-2028--300801998.html
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