Asia Pacific Carbide Tools Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Tool Type, Configuration, and End-User

Automotive and Transportation Segment to Dominate APAC Carbide Tools Market during 2020-2028

According to this research study titled “APAC Carbide Tools Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Tool Type, Configuration, and End-User,” the market is expected to reach US$ 6,054.48 million by 2028 from US$ 4,205.41 million in 2021. The market is estimated to grow at a CAGR of 5.3 % from 2021 to 2028. The report provides trends prevailing in the APAC carbide tools market along with the drivers and restraints pertaining to the market growth. Surging demand for enhanced carbide cutting tools and growing demand in various industries are the major factor driving the growth of the APAC carbide tools market. However, accessibility of better and low-cost alternatives hinders the growth of APAC carbide tools market.

In case of COVID-19, APAC is highly affected specially India. China and India are the most prominent manufacturing hub in the region and have an enhanced focus on industrialization. The growth of the manufacturing industry has been hampered due to lockdown but soon expected to recover the development by enhancing the production capabilities in the second half of the year 2021. The demand for advanced electronics such as a healthcare machines has risen significantly. Also, companies in the Asian region have restructured their capabilities by adopting various strategies such as automation, partnership, and acquisition. The lockdown has been having a severe impact on the automotive sector across the region. China is responsible for more than 80% of the global auto supply chain. Hubei, for example, is one of China's four main car production centers, with over 100 automotive suppliers. Hubei's automotive plants were closed until March 11 and are now slowly reopening. However, China has been able to stabilize its spread of COVID-19, and industries are up and running. This embarks a positive sign towards the stabilization of the carbide tools market.

The APAC carbide tools market is segmented into tool type, configuration, end-user, and country. Based on tool type, the market is further segmented into end mills, tipped bores, burrs, drills, cutters, and other tools. The end mills segment dominated the market in 2020 and drills segment is expected to be fastest growing during forecast period. In terms of configuration, the market is categorized into hand-based and machine-based. The machine-based segment dominated the market in 2020 and is also expected to be fastest growing during forecast period. Based on end-user, the market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and other end-users. The automotive and transportation segment dominated the market in 2020 and heavy machinery segment is expected to be fastest growing during forecast period.

CERATIZIT S.A.; DIMAR GROUP; KYOCERA Precision Tools; Makita Corporation; MITSUBISHI MATERIALS Corporation; Sandvik Coromant; Xinrui Industry Co., Ltd.; and YG-1 Co., Ltd. are among the leading companies in the APAC carbide tools market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, YG-1 expands "K-2 4Flute Multiple Helix Carbide End Mills Line" optimized for steel, stainless steel and cast-iron machining.

The report segments the APAC Carbide Tools Market as follows:

APAC Carbide Tools Market - By Tool Type

• End Mills
• Tipped Bores
• Burrs
• Drills
• Cutters
• Other Tools

APAC Carbide Tools Market - By Configuration

• Hand-Based
• Machine-Based

APAC Carbide Tools Market - By End-User

• Automotive and Transportation
• Metal Fabrication
• Construction
• Oil and Gas
• Heavy Machinery
• Other End-user

APAC Carbide Tools Market - By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC