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Boring Bars Market Trends

Report ID: GMI12187
Published Date: Nov 2024
Report Format: PDF

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Boring Bars Market Trends

The boring bars industry is evolving with two key trends, one is smart machining and the other one is sustainability. Manufacturers are embracing smart technologies, using sensors and IoT to monitor machining in real-time. This shift improves precision, reduces waste, and boosts productivity. As a result, boring bars with smart features are becoming more popular. Sustainability is also driving change in the market.

As industries aim to reduce their environmental impact, there's growing demand for tools that minimize waste and energy use. Manufacturers are responding by developing boring bars that are both efficient and recyclable. They're also exploring new production methods, like 3D printing, to reduce material waste. These green initiatives are reshaping the market, pushing for innovation while meeting the need for high-performance tools.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for boring bars was reached USD 1.9 billion in 2023 and is estimated to grow at a 5.4% CAGR from 2024 to 2032, driven by advancements in tool materials.

The standard boring bars segment recorded USD 1.2 billion in 2023 and is expected to reach USD 2.0 billion by 2032, due to their versatility and cost-effectiveness in general-purpose machining.

The offline distribution channel held a 61.2% market share in 2023 and is expected to grow at a 5.6% CAGR up to 2032, as it allows customers to inspect products in person and receive personalized advice.

The U.S. boring bars market recorded a 79.1% revenue share in 2023 and is expected to reach USD 2.5 billion by 2032, driven by a robust manufacturing sector and the adoption of advanced materials.

Key players in the industry include Allied Machine & Engineering Corporation, BIG KAISER Precision Tooling Inc., Ceratizit S.A., Dormer Pramet S.r.o., Guhring KG, Ingersoll Machine Tools Inc., ISCAR Ltd., Kennametal Inc., Kyocera Corporation, Mitsubishi Materials Corporation, Sandvik AB, Seco Tools AB, Sumitomo Electric Industries, Ltd., Tungaloy Corporation, and Walter AG.