Global Carbide Tools Market Report and Forecast 2024-2032

Global Carbide Tools Market Outlook

The global carbide tools market size attained a value of approximately USD 10.79 billion in 2023. The market is further projected to grow at a CAGR of 5.80% in the forecast period of 2024-2032, reaching a value of around USD 17.92 billion by 2032.

Key Trends in the Market

Carbide tools are specialised tools made from carbide, which are compounds that compose of carbon and metal, typically in the form of tungsten carbide with cobalt as a binder metal. These tools have high wear resistance, are chemically inert, exceptionally hard, and can perform in high temperatures due to which they are used extensively in machining applications for various materials.

• Rapid industrialisation and development of manufacturing sectors worldwide are the key factors driving the carbide tools market growth. The superior characteristics of carbide tools, including strength, toughness, wear resistance, and temperature tolerance, are surging their usage in industrial and manufacturing applications.

• Increasing adoption of computer numerical control (CNC) machines for faster manufacturing of various materials is also surging the demand for high precision cutting tools. Carbide tools are suited for CNC machines due to their high levels of precision, durability, and accuracy.

• Advancements in technology of carbide tools, such as new coatings and tips for enhanced properties and applications, is bolstering the carbide tools market demand. New production technologies such as 3D printing are also being increasingly used to manufacture complex carbide tools.

Market Analysis

Based on product type, the market is divided into drilling tools, milling tools, and turning tools, among others. On the basis of coating type, the market is bifurcated into coated and non-coated. By configuration, the carbide tools market segmentation is hand-based and machine-based. Based on end-user, the market is classified into automotive, construction, metal fabrication, electronics and electrical, and aerospace, among others. The regional markets for carbide tools are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the carbide tools global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• OSG Corporation

• Sandvik AB

• Kennametal Inc

• Sumitomo Electric Industries, Limited

• Guhring, Inc

• Fullerton Tool Company, Inc

• Ingersoll Cutting Tool Company

• KYOCERA SGS Precision Tools

• Elenco Carbide Tool Corp.

• Others

Market Share by Product Type

Milling tools, by product type, are anticipated to witness a rapidly growing carbide tools market share, supported by the increased rigidity, hardness, and efficiency carbide milling tools provide. Across industries milling tools are utilised for precision cutting and shaping of work pieces, including in the aerospace, automotive, and construction sectors. Carbide milling tools facilitate fast cutting speeds, aiding in speedier machining and production and as they can tolerate high temperature, there is less need for cooling off periods, thereby increasing turnaround times. The durability of carbide milling tools also extends their lifespan, resulting in lower operating costs and overall cost savings without negatively impacting production quality.

Market Share by Region

Regionally, Europe accounts for a sizable share of the global carbide tools market, fuelled by robust demand from countries such as Germany and the United Kingdom. The presence of a established manufacturing sector in the region and expansion of automotives, machinery, and aerospace industries are further driving the growth of the regional market for carbide tools. Europe also has widespread adoption of precision engineering, for which carbide tools are commonly used to achieve the required levels of precision. Meanwhile, presence of key players and stringent quality standards for industrial products are influencing the production of top quality carbide tools that are in demand at a global level.

Competitive Landscape

OSG Corporation, founded in 1938 and headquartered in Aichi, Japan, is a leading manufacturer of comprehensive cutting tools, catering to manufacturing industries and energy-related industries, among others. The company specialises in tools for threading, milling, drilling, metalworking, automotive, and aerospace, as well as industrial solutions for various sectors.

Sandvik AB, based in Stockholm, Sweden, and established in 1862, is a global engineering company which focuses on services and products for machining, metal cutting, rock drilling, mining, and rock processing. Striving for digitalisation, innovation, and sustainable engineering, Sandvik invests in comprehensive research and development, production, and sales.

Kennametal Inc is a supplier of industrial materials and tooling with headquarters in Pennsylvania in the United States. Founded in 1938, the company caters to industries such as aerospace, additive manufacturing, earthworks, transportation, energy, general engineering, and machine tools, offering products and services that solve challenges customers face.

Other market players include Sumitomo Electric Industries, Limited, Guhring, Inc, Fullerton Tool Company, Inc, Ingersoll Cutting Tool Company, KYOCERA SGS Precision Tools, and Elenco Carbide Tool Corp., among others.

Key Highlights of the Report