Carbide Tools Market Top Industry Expansion Strategies At a CAGR of 4.9% 2030

Carbide Tools Market Expected to Reach $18,375.5 Million by 2030

PORTLAND, OR, UNITES STATES, March 29, 2023 /EINPresswire.com/ — Carbide cutting tools are an important component of industrial equipment. They are a type of metal cutting tool used on heavy-duty machines including CNC lathes, turret lathes, and engine lathes. Special carbide tips are brazed onto steel metal surfaces and bodies of carbide cutting tools. When compared to standard cutting tools, cutting carbide tools are more wear resistant and have a longer shelf life.

Rise in use of carbide tools in industrial applications is one of the main reasons for development of the carbide cutting tool market. In addition, another important market trend is increasing automation levels across various end-use industries. Moreover, important element that boost the industry is e-commerce platforms that provide carbide cutting equipment at low prices. Emergence of e-commerce platforms aids producers of carbide cutting tools in increasing their geographical presence, leading in overall carbide tools market growth.

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According AMR, the global carbide tools market size was valued at $11,300.0 million in 2020, and is projected to reach $18,375.5 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.

Top Players:
Key companies profiled in the carbide tools market report include Ingersoll Cutting Tool Company, SGS Tool Company, Advent Tool & Manufacturing, Inc., Garr Tool Company, Mitsubishi Materials Corporation, Best Carbide Cutting Tools, Inc., CERATIZIT S.A., PROMAX Tools, Rock River Tool, Inc., and VHF Camfacture AG.

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Key Segments –

By Product Type –
• Drilling tools
• Milling tools
• Turning tools
• Others

By Configuration –
• Hand-Based
• Machine-Based

Key Findings Of The Study:

• The report provides an extensive analysis of the current and emerging carbide tools market trends and dynamics.
• Depending on product type, the milling tools segment dominated the market, in terms of revenue in 2020.
• By end user, the automotive segment registered highest revenue in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The report provides an extensive analysis of the current trends and emerging carbide tools market opportunities.
• In-depth carbide tools market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.

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David Correa
Allied Analytics LLP
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