The Carbide Tools Market size was estimated at USD 11.25 billion in 2023 and is expected to reach USD 17.68 billion by 2031 at a CAGR of 5.81% during the forecast period of 2024-2031.
These devices are sometimes referred to as cutting tools with carbide tips or as cemented carbide. For the past few decades, the most frequently used tools in the industrial industry have been carbide-cutting tools or inserts. It is produced using tungsten and carbide powder. These materials have three times the hardness of steel, are heat resistant, move quickly, require less time to recycle, and cost less. The global market is expanding as a result of an increase in demand for these items from a variety of industries, including metal fabrication, automotive, construction, furniture, and industrial machinery. In heavy-duty equipment like drilling machines, CNC machines, lathe machines, and milling machines, these tools are used as Cutting Tools.
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Due to the introduction of innovative wear-resistant grades and the expansion of tipped tools in a variety of diameter ranges by major key players, the worldwide market is predicted to increase considerably over the forecast period. It is projected that these new product lines for already-existing product lines would increase demand for these instruments and propel market expansion. An increase in residential and commercial building activities leads to an increase in public infrastructure investments worldwide, which in turn enhances the demand for drill bits and propels the market's expansion.
MARKET DYNAMICS
DRIVERS
Increasing demand for high productivity in industry and manufacturing
Carbide-cutting tools are in high demand because they are crucial for precise machining and manufacturing, which is driven by the expansion of sectors including automotive, aerospace, industrial, and construction. When compared to traditional cutting tools, carbide tools are more productive and have a longer tool life, which appeals to producers looking to increase output. Critical components in the aerospace and defense industries need to be precisely machined, and carbide tools are chosen because they can maintain tight tolerances.
RESTRAIN
Environmental Issues Carbide is a non-renewable material, and the manufacturing and disposal of carbide tools require energy-intensive procedures. Environmental laws could affect the sector.
Supply Chain Issues Production delays and price hikes may result from supply chain disruptions like shortages of cobalt or tungsten carbide, which are essential raw materials for carbide tools.
OPPORTUNITY
Developing nations For suppliers of carbide tools, moving to developing nations with developing manufacturing industries, like Asia-Pacific, might create new business prospects.
Sustainability initiatives that provide recycling programs and ecologically friendly methods for manufacturing carbide tools can support sustainability objectives and draw in consumers who care about the environment.
Monitoring, upkeep, and general tool efficiency may all be improved by Integration with Industry 4.0 Technology like IoT Sensors and Data Analytics.
CHALLENGES
Technology advances may be both a driver and a hindrance for manufacturers since they must keep up with the most recent developments to remain competitive.
Informational property in the industry might be difficult to safeguard intellectual property and stop the unlawful copying of cutting-edge tool designs and coatings.
IMPACT OF RUSSIAN RUSSIAN-UKRAINE WAR
Ukraine is a big producer of tungsten and cobalt, two raw minerals required to make carbide tools. These vital supplies might be disrupted by the war, resulting in Shortages and higher prices. The disagreement may obstruct the transit of raw materials and finished carbide tools by disrupting shipping lanes, railroads, and other transportation routes. To lessen reliance on countries impacted by the war, businesses in the carbide-tools market may try to diversify their supply chains by procuring materials from different places. Some sectors could think about moving manufacturing back home, to lessen their dependency on foreign suppliers and to avoid supply chain risks brought on by geopolitical unrest.
IMPACT OF ONGOING RECESSION
There is frequently a reduction in manufacturing and industrial activity during a recession, which lowers the demand for carbide tools. Cutting back on output or delaying new expenditures on machinery and equipment are two ways that manufacturers might reduce their demand for cutting tools. Reduced demand may make it more difficult for makers of carbide tools to compete. Companies may decrease their prices to preserve market share, but doing so might hurt profitability by eroding profit margins. To counteract reductions in domestic income, certain carbide tool makers may look into export prospects in areas with more stable or expanding economies. The market for carbide tools can benefit from government stimulus plans or infrastructure expenditure programs that are aimed at boosting economic development, especially if they focus on the industrial and construction sectors.
By Product type
Drilling Tools
Milling Tools
Turning Tools
Others (Taps & Dies, Reamers)
By Coating Type
Coated
Non-coated
By Configuration
Hand Based
Machine Based
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
Europe is poised to command a significant market share globally, driven by robust economic growth in countries such as Germany and the United Kingdom. The presence of a well-developed infrastructure industry and major manufacturers of cutting tools in the European region has been a positive catalyst for market expansion. The Asia Pacific region is expected to experience substantial growth, primarily attributed to the increasing number of manufacturers in the automotive and construction machinery sectors. This surge in manufacturing activities propels market growth. Additionally, the escalating urbanization and industrialization in emerging economies like India, Indonesia, and Vietnam contribute to heightened demand for round tools, drill bits for CNC machines, and lathe machines, fostering market growth in the region.
North America demonstrates steady growth, bolstered by a surge in product launches aimed at enhancing the supply chain efficiency of these products. The automotive industry's growth in the region further stimulates demand for round tools and milling tools, driving market expansion. The presence of major players such as Kennametal Inc., Greenfield Inc., SG Corporation, and Fullerton Tool Company Inc. in the U.S. further bolsters the supply chain, amplifying market growth. Latin America is poised for moderate growth, primarily driven by increasing industrialization across sectors like carpentry, automotive, construction, and metal fabrication. The region's rising urbanization, particularly in countries like Brazil, Argentina, and Costa Rica, has led to an upswing in automotive vehicle sales, contributing positively to market growth. This heightened demand extends to carbide-tipped tools, positioning Latin America as a region with a growing market for such tools.
The major key players are OSG Corporation, Sandvik AB, Makita Corporation, Plansee Group, Kennametal Inc., Sumitomo Electric Industries Ltd., Guhring Ltd., Fullerton Tool Company Inc., YG-1 Co Ltd, Allied Machine & Engineering Corp, others.
OSG Corporation-Company Financial Analysis
RECENT DEVELOPMENT
Tooling Concepts Inc: In February 2022, a provider of milling and cutting equipment with headquarters in the, was purchased by Peak Tool Works. The purchase was designed to strengthen the company's geographic footprint in Midwestern U.S. states including Indiana, Michigan, and Minnesota.
Chuzhou Yongpu: In July 2021, a 67% Stake in the Chinese company Chuzhou Yongpu Carbide tipped Tools Co Ltd, which sells cutting tools and carbide cutting tools, was signed by Sandvik AB. The purchase was done to broaden the geographic scope of the carbide tool product offering.
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.25 Bn |
| Market Size by 2031 | US$ 17.68 Bn |
| CAGR | CAGR of 5.81% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product type (Drilling Tools, Milling Tools, Turning Tools, Others) • By Coating Type (Coated, Non-coated) • By Configuration (Hand Based, Machine Based), By Regions and Global Forecast 2023-2030 |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | OSG Corporation, Sandvik AB, Makita Corporation, Plansee Group, Kennametal Inc., Sumitomo Electric Industries Ltd., Guhring Ltd.Fullerton Tool Company Inc.YG-1 Co Ltd, Allied Machine & Engineering Corp |
| Key Drivers | • Increasing demand for high productivity in industry and manufacturing Carbide-cutting tools are in high demand because they are crucial for precise machining and manufacturing, which is driven by the expansion of sectors including automotive, aerospace, industrial, and construction. When compared to traditional cutting tools, carbide tools are more productive and have a longer tool life, which appeals to producers looking to increase output. Critical components in the aerospace and defense industries need to be precisely machined, and carbide tools are chosen because they can maintain tight tolerances. |
| Market Restrain | • Environmental Issues Carbide is a non-renewable material, and the manufacturing and disposal of carbide tools require energy-intensive procedures. Environmental laws could have an effect on the sector. • Supply Chain Issues Production delays and price hikes may result from supply chain disruptions like shortages of cobalt or tungsten carbide, which are essential raw materials for carbide tools. |
The Carbide Tools Market is expected to grow at 5.6% CAGR from 2023 to 2030.
According to our analysis, the Carbide Tools Market is anticipated to reach USD 10.64 billion By 2030.
The market's expansion is being constrained by a high initial investment and fluctuating raw material prices.
The leading participants in the OSG Corporation, Sandvik AB, Makita Corporation, Plansee Group, Kennametal Inc., and Sumitomo Electric Industries Ltd.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Carbide Tools Market, by Product Type
8.1 Drilling Tools
8.2 Milling Tools
8.3 Turning Tools
8.4 Others (Taps & Dies, Reamers)
9. Carbide Tools Market, By Coating Type
9.1 Coated
9.2 Non-coated
10. Carbide Tools Market, By Configuration
10.1 Hand Based
10.2 Machine Based
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Carbide Tools Market by Country
11.2.2North America Carbide Tools Market by Product Type
11.2.3 North America Carbide Tools Market By Coating Type
11.2.4 North America Carbide Tools Market By Configuration
11.2.5 USA
11.2.5.1 USA Carbide Tools Market by Product Type
11.2.5.2 USA Carbide Tools Market By Coating Type
11.2.5.3 USA Carbide Tools Market By Configuration
11.2.6 Canada
11.2.6.1 Canada Carbide Tools Market by Product Type
11.2.6.2 Canada Carbide Tools Market By Coating Type
11.2.6.3 Canada Carbide Tools Market By Configuration
11.2.7 Mexico
11.2.7.1 Mexico Carbide Tools Market by Product Type
11.2.7.2 Mexico Carbide Tools Market By Coating Type
11.2.7.3 Mexico Carbide Tools Market By Configuration
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Carbide Tools Market by Country
11.3.1.2 Eastern Europe Carbide Tools Market by Product Type
11.3.1.3 Eastern Europe Carbide Tools Market By Coating Type
11.3.1.4 Eastern Europe Carbide Tools Market By Configuration
11.3.1.5 Poland
11.3.1.5.1 Poland Carbide Tools Market by Product Type
11.3.1.5.2 Poland Carbide Tools Market By Coating Type
11.3.1.5.3 Poland Carbide Tools Market By Configuration
11.3.1.6 Romania
11.3.1.6.1 Romania Carbide Tools Market by Product Type
11.3.1.6.2 Romania Carbide Tools Market By Coating Type
11.3.1.6.4 Romania Carbide Tools Market By Configuration
11.3.1.7 turkey
11.3.1.7.1 Turkey Carbide Tools Market by Product Type
11.3.1.7.2 Turkey Carbide Tools Market By Coating Type
11.3.1.7.3 Turkey Carbide Tools Market By Configuration
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Carbide Tools Market by Product Type
11.3.1.8.2 Rest of Eastern Europe Carbide Tools Market By Coating Type
11.3.1.8.3 Rest of Eastern Europe Carbide Tools Market By Configuration
11.3.2 Western Europe
11.3.2.1 Western Europe Carbide Tools Market by Product Type
11.3.2.2 Western Europe Carbide Tools Market By Coating Type
11.3.2.3 Western Europe Carbide Tools Market By Configuration
11.3.2.4 Germany
11.3.2.4.1 Germany Carbide Tools Market by Product Type
11.3.2.4.2 Germany Carbide Tools Market By Coating Type
11.3.2.4.3 Germany Carbide Tools Market By Configuration
11.3.2.5 France
11.3.2.5.1 France Carbide Tools Market by Product Type
11.3.2.5.2 France Carbide Tools Market By Coating Type
11.3.2.5.3 France Carbide Tools Market By Configuration
11.3.2.6 UK
11.3.2.6.1 UK Carbide Tools Market by Product Type
11.3.2.6.2 UK Carbide Tools Market By Coating Type
11.3.2.6.3 UK Carbide Tools Market By Configuration
11.3.2.7 Italy
11.3.2.7.1 Italy Carbide Tools Market by Product Type
11.3.2.7.2 Italy Carbide Tools Market By Coating Type
11.3.2.7.3 Italy Carbide Tools Market By Configuration
11.3.2.8 Spain
11.3.2.8.1 Spain Carbide Tools Market by Product Type
11.3.2.8.2 Spain Carbide Tools Market By Coating Type
11.3.2.8.3 Spain Carbide Tools Market By Configuration
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Carbide Tools Market by Product Type
11.3.2.9.2 Netherlands Carbide Tools Market By Coating Type
11.3.2.9.3 Netherlands Carbide Tools Market By Configuration
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Carbide Tools Market by Product Type
11.3.2.10.2 Switzerland Carbide Tools Market By Coating Type
11.3.2.10.3 Switzerland Carbide Tools Market By Configuration
11.3.2.11.1 Austria
11.3.2.11.2 Austria Carbide Tools Market by Product Type
11.3.2.11.3 Austria Carbide Tools Market By Coating Type
11.3.2.11.4 Austria Carbide Tools Market By Configuration
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Carbide Tools Market by Product Type
11.3.2.12.2 Rest of Western Europe Carbide Tools Market By Coating Type
11.3.2.12.3 Rest of Western Europe Carbide Tools Market By Configuration
11.4 Asia-Pacific
11.4.1 Asia-Pacific Carbide Tools Market by Country
11.4.2 Asia-Pacific Carbide Tools Market by Product Type
11.4.3 Asia-Pacific Carbide Tools Market By Coating Type
11.4.4 Asia-Pacific Carbide Tools Market By Configuration
11.4.5 China
11.4.5.1 China Carbide Tools Market by Product Type
11.4.5.2 China Carbide Tools Market By Coating Type
11.4.5.3 China Carbide Tools Market Application
11.4.6 India
11.4.6.1 India Carbide Tools Market by Product Type
11.4.6.2 India Carbide Tools Market By Coating Type
11.4.6.3 India Carbide Tools Market By Configuration
11.4.7 japan
11.4.7.1 Japan Carbide Tools Market by Product Type
11.4.7.2 Japan Carbide Tools Market By Coating Type
11.4.7.3 Japan Carbide Tools Market By Configuration
11.4.8 South Korea
11.4.8.1 South Korea Carbide Tools Market by Product Type
11.4.8.2 South Korea Carbide Tools Market By Coating Type
11.4.8.3 South Korea Carbide Tools Market By Configuration
11.4.9 Vietnam
11.4.9.1 Vietnam Carbide Tools Market by Product Type
11.4.9.2 Vietnam Carbide Tools Market By Coating Type
11.4.9.3 Vietnam Carbide Tools Market By Configuration
11.4.10 Singapore
11.4.10.1 Singapore Carbide Tools Market by Product Type
11.4.10.2 Singapore Carbide Tools Market By Coating Type
11.4.10.3 Singapore Carbide Tools Market By Configuration
11.4.11 Australia
11.4.11.1 Australia Carbide Tools Market by Product Type
11.4.11.2 Australia Carbide Tools Market By Coating Type
11.4.11.3 Australia Carbide Tools Market By Configuration
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Carbide Tools Market by Product Type
11.4.12.2 Rest of Asia-Pacific Carbide Tools Market By Coating Type
11.4.12.3 Rest of Asia-Pacific Carbide Tools Market By Configuration
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Carbide Tools Market by Country
11.5.1.2 Middle East Carbide Tools Market by Product Type
11.5.1.3 Middle East Carbide Tools Market By Coating Type
11.5.1.4 Middle East Carbide Tools Market By Configuration
11.5.1.5 UAE
11.5.1.5.1 UAE Carbide Tools Market by Product Type
11.5.1.5.2 UAE Carbide Tools Market By Coating Type
11.5.1.5.3 UAE Carbide Tools Market By Configuration
11.5.1.6 Egypt
11.5.1.6.1 Egypt Carbide Tools Market by Product Type
11.5.1.6.2 Egypt Carbide Tools Market By Coating Type
11.5.1.6.3 Egypt Carbide Tools Market By Configuration
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Carbide Tools Market by Product Type
11.5.1.7.2 Saudi Arabia Carbide Tools Market By Coating Type
11.5.1.7.3 Saudi Arabia Carbide Tools Market By Configuration
11.5.1.8 Qatar
11.5.1.8.1 Qatar Carbide Tools Market by Product Type
11.5.1.8.2 Qatar Carbide Tools Market By Coating Type
11.5.1.8.3 Qatar Carbide Tools Market By Configuration
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Carbide Tools Market by Product Type
11.5.1.9.2 Rest of Middle East Carbide Tools Market By Coating Type
11.5.1.9.3 Rest of Middle East Carbide Tools Market By Configuration
11.5.2 Africa
11.5.2.1 Africa Carbide Tools Market by Country
11.5.2.2 Africa Carbide Tools Market by Product Type
11.5.2.3 Africa Carbide Tools Market By Coating Type
11.5.2.4 Africa Carbide Tools Market By Configuration
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Carbide Tools Market by Product Type
11.5.2.5.2 Nigeria Carbide Tools Market By Coating Type
11.5.2.5.3 Nigeria Carbide Tools Market By Configuration
11.5.2.6 South Africa
11.5.2.6.1 South Africa Carbide Tools Market by Product Type
11.5.2.6.2 South Africa Carbide Tools Market By Coating Type
11.5.2.6.3 South Africa Carbide Tools Market By Configuration
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Carbide Tools Market by Product Type
11.5.2.7.2 Rest of Africa Carbide Tools Market By Coating Type
11.5.2.7.3 Rest of Africa Carbide Tools Market By Configuration
11.6 Latin America
11.6.1 Latin America Carbide Tools Market by Country
11.6.2 Latin America Carbide Tools Market by Product Type
11.6.3 Latin America Carbide Tools Market By Coating Type
11.6.4 Latin America Carbide Tools Market By Configuration
11.6.5 brazil
11.6.5.1 Brazil Carbide Tools Market by Product Type
11.6.5.2 Brazil Carbide Tools Market By Coating Type
11.6.5.3 Brazil Carbide Tools Market By Configuration
11.6.6 Argentina
11.6.6.1 Argentina Carbide Tools Market by Product Type
11.6.6.2 Argentina Carbide Tools Market By Coating Type
11.6.6.3 Argentina Carbide Tools Market By Configuration
11.6.7 Colombia
11.6.7.1 Colombia Carbide Tools Market by Product Type
11.6.7.2 Colombia Carbide Tools Market By Coating Type
11.6.7.3 Colombia Carbide Tools Market By Configuration
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Carbide Tools Market by Product Type
11.6.8.2 Rest of Latin America Carbide Tools Market By Coating Type
11.6.8.3 Rest of Latin America Carbide Tools Market By Configuration
12. Company profile
12.1 OSG Corporation
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product Type/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Sandvik AB
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product Type/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Makita Corporation
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product Type/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Plansee Group
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product Type/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Kennametal Inc.
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product Type/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Sumitomo Electric Industries Ltd.
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product Type/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Guhring Ltd.
12.7.2 Financials
12.7.3 Product Type/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Fullerton Tool Company Inc.
12.7.1 Company Overview
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product Type/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 YG-1 Co Ltd
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product Type/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Allied Machine & Engineering Corp
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product Type/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Application News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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