New FMI Report Explores Impact of COVID-19 Outbreak on Carbide Tools Market
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.
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.
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.
About Us
Future Market Insights
(FMI) is a leading market intelligence and consulting firm. We deliver
syndicated research reports, custom research reports and consulting services
which are personalized in nature. FMI delivers a complete packaged solution,
which combines current market intelligence, statistical anecdotes, technology
inputs, valuable growth insights and an aerial view of the competitive
framework and future market trends.
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616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): +44(0)20-7692-8790
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