Global Carbide Tools Market Size to worth USD 19.1 Billion by 2033: Market Insight Report

Global Carbide Tools Market Size to worth USD 19.1 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Carbide Tools Market Size is Expected to Grow from USD 12.8 Billion in 2023 to USD 19.1 Billion by 2033, at a CAGR of 4.08% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Carbide Tools Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Drilling Tools, Milling Tools, Turning Tools, and Others), By Coating Type (Coated and Non-Coated), By Configuration (Hand Based and Machine Based), By End User (Automotive, Construction, Metal Fabrication, Electronics & Electrical, Aerospace, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.           

Carbide tools are the cutting tools popularly used in precision machining owing to their exceptional hardness, durability, and resistance to wear and tear. These tools are made by combining tungsten carbide with a metallic binder, creating a material that is tough enough to handle even the most demanding machining activities. Although carbide-cutting tools have various applications, some of the more popular ones are in processes including milling, drilling, turning, and reaming. The increasing focus on the development of high-performance and innovative products by the manufacturers is driving the market demand. Further, the growing industrialization and manufacturing activities are responsible for driving the market demand for carbide tools. On the contrary, the fluctuation in the prices of raw materials including metal and stainless steel affects the final product price which can affect the market price. Thus, the raw material price volatility is expected to restrain the market.

The milling tools segment is predicted to grow at the fastest CAGR during the forecast period.

Based on the product type, the carbide tools market is classified into drilling tools, milling tools, turning tools, and others. Among these, the milling tools segment is predicted to grow at the fastest CAGR during the forecast period. Due to their great efficiency, rigidity, and hardness, milling tools play a significant role in the market. Due to its effectiveness, it is utilized in the automotive and construction sectors.

The coated segment dominated the market with the largest revenue share in 2023.

Based on the coating type, the carbide tools market is classified into coated and non-coated. Among these, the coated segment dominated the market with the largest revenue share in 2023. Compared to uncoated carbide, PVD coating extends tool life under the same cutting circumstances. Sharp-edged instruments can be coated without the substrate's edge quality being weakened or altered.

The hand based segment is expected to grow at a rapid pace during the forecast period.

Based on the configuration, the carbide tools market is classified into hand based and machine based. Among these, the hand based segment is expected to grow at a rapid pace during the forecast period. Hand-based instruments are especially preferred for small-scale, customized, or intricate work when machine-based alternatives would be less useful or efficient. The increasing use of hand based products in manufacturing, automotive, and industrial sectors is expected to drive the market.

The automotive segment is anticipated to dominate the market through the forecast period.

Based on the end user, the carbide tools market is classified into automotive, construction, metal fabrication, electronics & electrical, aerospace, and others. Among these, the automotive segment is anticipated to dominate the market through the forecast period. Carbide tools are widely used in both conventional and electric automobiles since metal fabrication is required for automotive components.

Europe is estimated to hold the largest share of the carbide tools market over the forecast period.

Europe is estimated to hold the largest share of the carbide tools market over the forecast period. The presence of leading key players and strong economic growth in the region are driving the market for carbide tools. Further, the adoption of technological advancements and well-established infrastructure sectors are responsible for propelling market growth.

Asia Pacific is predicted to grow at the highest CAGR growth in the carbide tools market over the forecast period. The increasing residential and commercial construction activities along with robust demand for infrastructure projects are driving the market growth. China’s construction and heavy machinery sectors are significantly responsible for driving the regional market demand.

Competitive Analysis

Major key players in the global carbide tools market include Carbide Tool Solutions, Ceratizit Group, Gühring KG, Hitachi Tool Engineering, Ltd., Iscar Ltd., Kennametal Inc., Kyocera Corporation, Mitsubishi Materials Corporation, OSG Corporation, Sandvik Coromant, Seco Tools, Sumitomo Electric Industries, Ltd., Tungaloy Corporation, Walter AG, ZCC Cutting Tools, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In August 2024, ARCH Cutting Tools Corp. (ARCH) acquired O-D Tool & Cutter, Inc. (O-D Tool), a manufacturer of solid carbide and high-speed steel round tools located in Mansfield, Massachusetts.

• In September 2023, Seco introduced new tool holders, PCBN inserts, round carbide inserts and extra-long solid carbide drills with enhanced versatility and tool life. These innovative products are aimed at applications ranging from general ISO turning to high-volume hard turning and deep hole drilling.

• In February 2022, Peak Toolworks announced the completion of its acquisition of Tooling Concepts Inc. in Elkhart, IN. Strengthening its presence in the mid-west with this brick-and-mortar sharpening site, while adding to Peak’s 12 locations across USA and Canada.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the carbide tools market based on the below-mentioned segments:

Global Carbide Tools Market, By Product Type

• Drilling Tools
• Milling Tools
• Turning Tools
• Others

Global Carbide Tools Market, By Coating Type

• Coated
• Non-Coated

Global Carbide Tools Market, By Configuration

• Hand Based
• Machine Based

Global Carbide Tools Market, By End User

• Automotive
• Construction
• Metal Fabrication
• Electronics & Electrical
• Aerospace
• Others

Global Talent Intelligence Software Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa