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Carbide Tools Market Size

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

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Carbide Tools Market Size

The global carbide tools market was valued at USD 12.9 billion in 2023 and is estimated to grow at a CAGR of over 3.9% from 2024 to 2032. As the manufacturing landscape increasingly embraces automation and robotics, the demand for high-precision carbide tools, adept at thriving in high-speed automated settings, is surging.

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This demand is especially evident in CNC machining and robotic assembly lines. A notable trend is the advancement of coatings such as diamond-like carbon (DLC), titanium nitride (TiN), titanium carbonitride (TiCN), and aluminum titanium nitride (AlTiN). These innovative coatings bolster the wear resistance of carbide tools while simultaneously boosting their thermal stability and resistance to oxidation.

Carbide Tools Market Report Attributes
Report Attribute	Details
Base Year:	2023
Carbide Tools Market Size in 2023:	USD 12.9 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	3.9%
2024 – 2032 Value Projection:	USD 17.3 Billion
Historical Data for:	2021-2023
No. of Pages:	220
Tables, Charts & Figures:	180
Segments covered:	Product Type, Coating Type, Application, End-Use and Region
Growth Drivers:	Increasing demand for high-precision machining Rising industrialization and manufacturing activities
Pitfalls & Challenges:	High initial cost

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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, 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, and ZCC Cutting Tools.