The global carbide tools market is expected to grow strongly, reaching USD 10.1 billion by 2028. As per the report titled “Carbide Tools Market Size, Share & COVID-19 Impact Analysis, By Product (Drilling Tools, Miling Tools, Turing Tools, and Others), By Configuration (Hand-Based and Machine-Based), By Coating (Coated and Noncoated), By End Use Industry (Automotive, Electronics & Electrical, Aerospace, Marine & Defense, Plastics, Construction & Mining, and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 6.8 billion and USD 10.1 billion in 2028. The market is expected to exhibit a CAGR of 6.90% during the forecast period.
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30% of Chile's Mantoverde Copper Mine was Purchased by Mitsubishi Materials Corporation
In February 2021, Mitsubishi Materials Corporation purchased 30% of the Chilean Mantoverde Copper Mine, Delas cutting tools, and tools with carbide tips. The purchase cost somewhere around USD 275 million. The acquisition improved the company's product line for automotive and construction industries.
Product Technological Development to Drive Market Expansion
Major players are now concentrating on introducing new technological advancements like barrel tools and damped boring bar technology to increase market competition. Key players are also concentrating on launching a new line of cutting tools made of technologically cutting-edge carbide. For instance, LMT Tools India Pvt Ltd introduced novel RMC cutters for 5-axis CNC machines in April 2020. The new, cutting-edge RMC cutters have attributes like lower operating expenses and higher output. Compared to other traditional tools, it operates with less vibration. Future technological developments in these products are anticipated to increase demand for them.
Market Expansion will be Hampered During the Pandemic by Halted Manufacturing Sectors
The COVID-19 outbreak led to the implementation of a partial or total lockdown, leading to numerous manufacturing processes' failure. Additionally, the supply chain disruption, manufacturing facility closures, and stopped construction-related activities negatively impacted the market's expansion. For instance, the net sales of the American-based OSG Corporation decreased by 17.8% between 2019 and 2020. The major players noticed a marked decline in revenue made in 2020. Lockdown was implemented worldwide in response to governmental restrictions, which reduced demand for such tools in the transportation and automotive industries and restrained market expansion.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the carbide tools market plan acquisitions to improve their brand recognition globally. For instance, in November 2020, Mastercam and GARR TOOL partnered to provide customers with a full tool library natively within the Mastercam platform. Given the dependence of the manufacturing process on quick and simple access to data, the partnership will be of enormous value to current and future customers.
Notable Industry Development
- July 2021: Sandvik AB signed a contract and bought a 67% stake in the Chinese company Chuzhou Yongpu Carbide tipped Tools Co Ltd, which sells cutting and carbide cutting tools. The purchase was made to broaden the geographic scope of the product portfolio of carbide tools.
List of Key Players Profiled in the Report
- KYOCERA Corporation
- Sandvik AB
- YG-1 Co., Ltd.
- Makita Corporation
- CERATIZIT S.A.
- Mitsubishi Materials Corporation
- Guhring Limited
- Allied Machine & Engineering Corp.
- IMC Group
- OSG Corporation
- Kennametal Inc.
- Elementos de Mecanismos, S.A. de C.V. (Elmec)
- Fullerton Tool Company
- Sumitomo Electric Hartmetall GmbH
- Xinrui Industry Co., Ltd.
- Sorma S.p.A.
- Fratelli Vergnano Srl
- TDC Cutting Tools Inc.
- TSUNE SEIKI CO., LTD.
- Cutoutil Hardware Tools Co., Ltd.
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Further Report Findings
- The market in North America is expected to gain a huge portion of the global carbide tools market share in the coming years because of the thriving infrastructure industry. Furthermore, the business of carbide tools is anticipated to grow due to the presence of several significant manufacturers.
- Leading companies' ongoing development of many new products in the U.K. is expected to boost sales.
In Asia Pacific, the growth in this region is primarily driven by rapid industrialization in developing nations like South Korea, China, and India. An increase in automotive and construction manufacturers is also driving the demand for carbide tools.
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