According to a new market research report published by Credence Research “Carbide Tools Market (by Carbide Type: Calcium Carbide, Silicon Carbide, Tungsten Carbide, Aluminum Carbide, Iron Carbide, and Titanium Carbide; by Carbide Grade: Cast-iron Grade Carbide and Steel Grade Carbide; by Application: Turning, Milling, Drilling and Other (Engraving, Threading, Grooving, etc.)- Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the carbide tools market registered market value of US$ 5,723.49 in 2017 Mn estimated to grow with a CAGR of 6.75% during the forecast period from 2018 to 2026.
Cutting tools have always played a vital role in industrial manufacturing and processing sector as selection of proper cutting tool regulates the quality of final output. The global production of machine tools market reached a market value of approximately US$ 81 Bn in 2017 and expected to grow even further in coming years. With consistently growing demand for enhanced cutting tools, tool manufacturers have engaged themselves in reinventing new breed of tools to meet the high expectation of modern machining industry. Carbide emerged as a powerful tool in machining industry from past few decades. Carbide tool has excellent strength and toughness which allows the tool to machine metals with precision with longer service life. Consequently, carbide tools are extensively preferred over its alternatives such as high-speed steel (HSS) and thus encouraging the market growth in coming years.
Based on binder material, carbide tools are classified into six different types including Calcium Carbide, Silicon Carbide, Tungsten Carbide, Aluminum Carbide, Iron Carbide, and Titanium Carbide. All the aforementioned carbide tools are extensively used for different application according to the material to be machines. Besides, carbide tools are further classified according to the grades into cast-iron grade carbide and steel grade carbide. As the name suggests cast-iron grade carbides are used to machines cast iron material and steel grade for machining different compositions of steel. Carbide tools are used across several machining application including turning and other lathe operations, milling, drilling & boring and several other machining methods. Versatility, cost-effectiveness, and reliability are the prime features allowed the carbide tools to become irreplaceable and hence the market for carbide tool expected to register serious growth in years to come.
The research analysis covers exhaustive analysis of leading shipping containers vendors 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 camfacture AG. Carbide tool manufacturers are well versed with the changing machining industry and hence dedicated themselves to develop new class of carbide tools. Manufacturing of high standard carbide inserts especially for CNC machine tool for precession machining is the key for manufacturers in order to develop their brand value. The aforementioned companies have to face fierce competition amongst each other and other local players to stay forth in market. With exponential growth in manufacturing industry, carbide tool market holds tremendous potential for the leading as well as local manufacturers to claim their share of market.
The complete report is available at https://www.credenceresearch.com/report/carbide-tools-market