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Carbide Tools Market Share

Report ID: GMI12243
Published Date: Nov 2024
Report Format: PDF

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Carbide Tools Market Share

The global market for carbide tools showcases a competitive landscape teeming with a mix of players, from multinational giants to regional manufacturers and specialized niche companies. Predominantly fragmented, the market sees major players like Kennametal Inc., Sandvik Coromant, Mitsubishi Materials Corporation, Tungaloy Corporation, Sumitomo Electric Industries, Ltd. These companies command significant market shares, bolstered by their vast product portfolios and robust brand recognition. The surge of e-commerce has broadened online sales channels, allowing brands to tap into wider audiences and boost customer engagement via digital marketing.

Carbide Tools Market Companies

Major players operating in the carbide tools industry are:

Carbide Tool Solutions
Ceratizit Group
Gühring KG
Hitachi Tool Engineering, Ltd.
Iscar Ltd.
Kennametal Inc.
Kyocera Corporation
Mitsubishi Materials Corporation
OSG Corporation
Sandvik Coromant
Seco Tools
Sumitomo Electric Industries, Ltd.
Tungaloy Corporation
Walter AG
ZCC Cutting Tools

Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for carbide tools was reached USD 12.9 billion in 2023 and is estimated to grow at a 3.9% CAGR from 2024 to 2032, driven by the increasing adoption of automation and robotics in manufacturing.

The carbide inserts segment was worth around USD 5.6 billion in 2023 and is expected to grow at a CAGR of over 4% from 2024 to 2032, due to their exceptional hardness, wear resistance, and high-temperature endurance, which enhance cutting tool performance.

The turning segment held around 44% of the market share in 2023 and is anticipated to grow at a CAGR of 4.1% through 2032, as industries like aerospace, automotive, and medical device manufacturing demand high-precision machining.

The U.S. carbide tools market dominated with a 78% share in 2023 and is expected to grow as key industries such as aerospace, automotive, and medical devices increasingly demand customized carbide tools.

Major players in the carbide tools industry include Carbide Tool Solutions, Ceratizit Group, G