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Carbide Tools Market Trends

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

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Carbide Tools Market Trends

There's a rising demand for customized carbide tools, specifically tailored to meet the unique needs of various industries. Manufacturers are on the lookout for tools that cater to specialized applications, be it intricate mold-making or working with specialized materials like ceramics, composites, and titanium alloys. Notably, the automotive sector stands out as a primary consumer of carbide tools. This demand is further amplified by the burgeoning electric vehicle (EV) market and a pronounced shift towards lightweight materials, including aluminum and carbon fiber composites.

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.