Cemented carbide is a revolutionary hard material used extensively across several manufacturing industries as a cutting tool material. Carbide is a non-metallic material and, hence, is able to withstand high cutting temperatures without deformation or breakage. Thus, carbide tools are capable of producing excellent surface finishes at a relatively faster machining speed compared to high-speed steel (HSS). Carbide tools are used to machine materials such as high-carbon steel or stainless steel. However, the tool is also used to machine a variety of other materials, such as cast iron. Owing to versatility and the other aforementioned merits, the demand for carbide tools is reaching new highs, thereby boosting the market value of the carbide tool market.
Market Synopsis
Tungsten carbide is the most used carbide tool and tops the chart with a considerable market share.
Carbide tools are classified into several types based on the binder material used in the carbide composite. At present, tungsten carbide is the most favored carbide, as these tools are highly resistant to abrasion and capable of withstanding high machining temperatures. Other forms of carbide, such as calcium carbide, aluminum carbide, iron carbide, and silicon carbide, also claim a considerable share of the overall market. However, the growth of titanium carbide is expected to remain dominant due to titanium's properties that make it useful in the production of extremely hard materials.
Steel-grade carbide holds an upper hand over cast-iron-grade carbide in terms of market value.
Steel is an irreplaceable metal across several end-use industries, and matching steel is a major task for any machining center. Therefore, steel-grade carbide tools are extensively used for machining steelwork parts, and the demand for the same is quite high compared to cast-iron-grade carbide tools. The market position of both types of cutting-grade carbide tools is expected to remain the same throughout the forecast period from 2018 to 2026.
The majority of carbide tools in modern machining centers are used in milling applications.
By far, milling applications demanded the most carbide tools in 2017 compared to other machining applications. Horizontal machining (HMC) and vertical machining (VMC) CNC centers are extensively used across different industries, including the highly profitable automotive industry. Turning application trails into milling applications in terms of market value Other applications such as engraving, boring, and shaping are also among the major consumers of carbide tools and are expected to grow at a considerable pace.
Dominance in the manufacturing industry contributed to Asia-Pacific being named the global carbide tool leader.
Rapid industrialization in Asia-Pacific developing countries aided the region's rise to the top of the global carbide tool market. The region is home to countries such as China, India, and South Korea, among others, that are taking huge leaps in the manufacturing and processing industries. Hence, the demand for carbide tools in this region is relatively high. Owing to the use of advanced metal machining centers, North America stood second to Asia Pacific in terms of market value and was subsequently followed by Europe.
Market Segmentation
Competitive Landscape
The research study covers some of the leading carbide tool companies, including Mitsubishi Materials Corporation, SGS Tool Company Pvt. Ltd., Advent Tool & Manufacturing, Inc., Best Carbide Cutting Tools, Inc., Ingersoll Cutting Tool Company, Garr Tool Company, Vora Industries, Rock River Tool, Inc., Carbide Tools Manufacturing, Inc., PROMAX Tools, Global Excel Tools Manufacturing Sdn., and VHF Manufacturing AG. The carbide tool market is highly fragmented, characterized by a number of international as well as local carbide tool manufacturers.
Although already fragmented, the market still has tremendous potential to attract new entrants to claim their share of profit. Maintaining the quality of tools and expanding geographic presence is at the top of the list for leading carbide toll manufacturers. Furthermore, one of the major strategies used by manufacturers to stay strong in this cutthroat competitive market is the reinventing of carbide tools in response to the rapidly evolving machining world.
Frequently Asked Questions:
The market for Carbide Tools Market is expected to reach US$ XX Bn By 2026.
The Carbide Tools Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
SGS Tool Company Pvt. Ltd., Advent Tool & Manufacturing, Inc., Best Carbide Cutting Tools, Inc., Ingersoll Cutting Tool Company, Garr Tool Company, Vora Industries, Rock River Tool, Inc., are some of the major players in the global market.
