End Mills Segment to Dominate North America Carbide Tools Market during 2020-2028
According to this research study titled “North America 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$ 3,735.43 million by 2028 from US$ 2,762.22 million in 2021. The market is estimated to grow at a CAGR of 4.4 % from 2021 to 2028.The report provides trends prevailing in the North America carbide tools market along with the drivers and restraints pertaining to the market growth. Growing production in automotive sector and better performance of carbide tools than their counterparts are the major factor driving the growth of the North America carbide tools market. However, presence of better and low-cost alternatives hinders the growth of North America carbide tools market.
In case of COVID-19, North America is highly affected specially the US. The constant demand for carbide tools has witnessed a slight decrease in the production in the year 2020, owing to lockdown imposed by the government and low demand from automotive and transportation industries. This has hindered the growth of the carbide tools market last year, as is likely to continue slightly during 2021. The COVID-19 has already impacted the sales of electronics equipment and industrial machinery in the first quarter of 2020 and is expected to have a negative impact on the market growth throughout the year, as now the companies are functional with limited workforce and trying to come up with the losses, they faced in the year 2020. The significant requirement for the industrial machinery is majorly noticed from giant manufacturing countries such as the US, which is heavily impacted by the spread of coronavirus, thereby hampering the demand for industrial machinery. Furthermore, the majority of the manufacturing plants has shut down, municipalities are functioning slowly as compared to the past, and the automotive industry is at a halt, which is negatively impacting the carbide tools market in the region. All these factors impacted the market growth of carbide tools market in North America in a negative manner.
The North America 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, GARR TOOL, Ingersoll Cutting Tool Company, KYOCERA Precision Tools, Makita Corporation, MITSUBISHI MATERIALS Corporation, and Sandvik Coromant are among the leading companies in the North America 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 2021, Ingersoll Cutting Tools Company expands high speed and feed product lines.
The report segments the North America Carbide Tools Market as follows:
North America Carbide Tools Market - By Tool Type
North America Carbide Tools Market - By Configuration
North America Carbide Tools Market - By End-User
North America Carbide Tools Market - By Country
In case of COVID-19, North America is highly affected specially the US. The constant demand for carbide tools has witnessed a slight decrease in the production in the year 2020, owing to lockdown imposed by the government and low demand from automotive and transportation industries. This has hindered the growth of the carbide tools market last year, as is likely to continue slightly during 2021. The COVID-19 has already impacted the sales of electronics equipment and industrial machinery in the first quarter of 2020 and is expected to have a negative impact on the market growth throughout the year, as now the companies are functional with limited workforce and trying to come up with the losses, they faced in the year 2020. The significant requirement for the industrial machinery is majorly noticed from giant manufacturing countries such as the US, which is heavily impacted by the spread of coronavirus, thereby hampering the demand for industrial machinery. Furthermore, the majority of the manufacturing plants has shut down, municipalities are functioning slowly as compared to the past, and the automotive industry is at a halt, which is negatively impacting the carbide tools market in the region. All these factors impacted the market growth of carbide tools market in North America in a negative manner.
The North America 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, GARR TOOL, Ingersoll Cutting Tool Company, KYOCERA Precision Tools, Makita Corporation, MITSUBISHI MATERIALS Corporation, and Sandvik Coromant are among the leading companies in the North America 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 2021, Ingersoll Cutting Tools Company expands high speed and feed product lines.
The report segments the North America Carbide Tools Market as follows:
North America Carbide Tools Market - By Tool Type
- End Mills
- Tipped Bores
- Burrs
- Drills
- Cutters
- Other Tools
North America Carbide Tools Market - By Configuration
- Hand-Based
- Machine-Based
North America Carbide Tools Market - By End-User
- Automotive and Transportation
- Metal Fabrication
- Construction
- Oil and Gas
- Heavy Machinery
- Other End-user
North America Carbide Tools Market - By Country
- US
- Canada
- Mexico
Table of Contents
1. Introduction
3. Research Methodology
4. North America Carbide Tools Market Landscape
5. North America Carbide Tools Market - Key Industry Dynamics
6. Carbide Tools Market - North America Analysis
7. North America Carbide Tools Market Analysis- By Tool Type
8. North America Carbide Tools Market Analysis- By Configuration
9. North America Carbide Tools Market Analysis - By End-User
10. North America Carbide Tools Market - Country Analysis
11. North America Carbide Tools Market- COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- CERATIZIT S.A.
- DIMAR GROUP
- GARR TOOL
- Ingersoll Cutting Tool Company
- KYOCERA Precision Tools
- Makita Corporation
- MITSUBISHI MATERIALS Corporation
- Sandvik Coromant
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 105 |
| Published | June 2021 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 2762.22 Million |
| Forecasted Market Value ( USD | $ 3735.43 Million |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | North America |
