Portland,OR, Aug. 17, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global carbide tools market was pegged at $11.30 billion in 2020, and is expected to reach $18.37 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
Rise in consumption of consumer electronics and electrical devices, growth of the renewable energy industry, and increase in focus on product customizations for the automotive products have boosted the growth of the global carbide tools market. However, the U.S. and China trade war and fluctuations in foreign currencies hinder the market growth. On the contrary, new advancements including penetration of automation and IoT are expected to create new opportunities for the market players in the future.
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- The Covid-19 outbreak affected the demand for carbide tools due to strict lockdown measures in countries and delay in production of tools that are used in automotive and mining sectors.
- Moreover, the lockdown resulted in disruption of the supply chain and increased prices of raw materials. However, as the Covid-19 infection cases start to decrease, the carbide tool companies would reinitiate their factories at full-scale capabilities.
The report segments the global carbide tools market on the basis of product type, configuration, coated, end user industry, and region.
Based on product type, the milling tools segment held the lion’s share in 2020, accounting for around two-fifths of the market. Moreover, the segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030. The research also analyzes the segments including drilling tools, turning tools, and others.
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On the basis of end user industry, the electronics and electrical segment is expected to register the highest CAGR of 7.5% during the forecast period. However, the automotive segment dominated the market in 2020, contributing to more than two-thirds of the market.
The global carbide tools market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 5.6% during the forecast period.
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The global carbide tools market includes an in-depth analysis of the prime market players such as SGS Tool Company, Ingersoll Cutting Tool Company, Garr Tool Company, Advent Tool & Manufacturing, Inc., Best Carbide Cutting Tools, Inc., Mitsubishi Materials Corporation, PROMAX Tools, CERATIZIT S.A., Rock River Tool, Inc., and vHF Camfacture AG.
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