COVID-19 is transforming the growth of a number of industries with the immediate impact being varied. While few industries have seen a significant drop many others continue to show growth opportunities. Carbide cutting tools are an integral part of industrial tools. They are essentially a form of cutting tools mainly utilized as metal cutting tools for a number of materials on heavy-duty machines such as engine lathes, chuckers, turret lathes, and CNC lathes. These tools possess special carbide tips that are brazed onto steel metal surfaces and bodies. Cutting carbide tools are more resistant to wear and tear having a longer shelf life when compared to normal cutting tools.
Global carbide cutting tool market drivers:
- E-commerce platforms providing carbide cutting tools at competitive rates is a key factor that drives the market. E-commerce platforms help in the expansion of the geographical presence of manufacturers of carbide cutting tools. This inevitably contributes to the overall growth in the cutting tool market.
- The increasing use of carbide tools in industrial applications is a prime reason for the growth of the market. Increasing levels of automation across various end-use industries is yet another key trend of the market.
- Increasing demand for enhanced cutting tools by manufacturers for the development of advanced and modern machining is going to serve as fuel for the growth of the carbide cutting tool market.
How does the future look?
The global metal cutting tools market size is expected to fain market growth in the period 2020 to 2025 with a CAGR of 4.6% in the forecast period. It is expected to reach USD 27790 million by 2025 from USD 23220 million in 2019. Drills and mills are emerging in the carbide tools market. However, carbide drills are likely to hold an edge over carbide mills. While the former continues to gain ground in automotive applications, the latter is likely to be adopted in applications used for fabrication.
The consumption of carbide burs is a key booster to high applicability in thermal deburring applications. Tipped reamers are also preferred types of carbide tools in the global market. A number of opportunities for carbide tool manufacturers lie in automatic machines and lathe machines. The increasing preference of end-users for machine-based configuration of carbide cutting tools is more likely to be preferred over tools with hand-based configuration. This is because of the convenient operation and handling demands, high-speed compatibility, and proficiency.
Suncoast Precision Tools is one of the leading carbide cutting tools manufacturers offering an unrivaled selection of industrial tools and equipment and is a leading distributor of parts to meet the specifications of any job. They specialize in a number of hard to find sizes and stocks ensuring that every requirement is met. Both in-store and online, they keep a high inventory of the most in-demand products and brands offering quick and easy service whenever required. They are the right choice for your own business or supplier as they offer quality service, valuing customer satisfaction above all else.