The Global Market Trends of Tungsten Carbide Cutting Tools
The global tungsten carbide tools market size was valued at USD 10.39 billion in 2021. The market is expected to grow from USD 10.65 billion in 2022 to USD 15.47 billion in 2029, at a CAGR of 5.5% during the forecast period.
Carbide tools or to say carbide inserts have been the most widely used cutting tools in manufacturing for the past few decades. It is made of tungsten carbide powder and cobalt powder. These materials are harder than steel (three times harder), heat resistant, fast, have short cycling times.
Increasing demand for these carbide cutting tools across various industries such as metal fabrication, automotive, construction, furniture, and industrial machinery is driving the growth of the global market. These tools are carbide cutting tool used on heavy machines such as drill presses, lathes and milling machines.
The global market is expected to witness significant growth over the forecast period owing to the introduction of new wear-resistant grades and widening range of pointed tools in various diameters. Such product developments in existing product lines are expected to increase the demand for these carbide cutting tools and drive market growth. Increase in residential and commercial construction activities, which in turn increases investment in public infrastructure globally, which in turn fuels demand, thereby driving market growth.
These factors drive the growth of the global market. Moreover, the rapid development of infrastructure in developing countries such as China, India, Brazil, etc. is also driving the demand for these products.
Rising demand for these products in key manufacturing industries such as automotive, construction, electronics, and aerospace due to advantages such as high efficiency, hardness, and increased productivity is driving the growth of the global market. Increase in infrastructure-related activities in developing countries such as India, China, Brazil, etc. is expected to increase the demand for such products and drive market growth.These products are widely used in drilling, milling and turning tools. The accelerated industrialization and urbanization process in developed countries such as France, Germany, and the United States has driven the demand for automobiles and automobiles. This factor is expected to drive the market growth.
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