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

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

  • June 2021
  • 105 pages
  • ID: 6103253
  • Format: PDF
  • The Insight Partners
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The North America carbide tools market is expected to grow from US$ 2,762.22 million in 2021 to US$ 3,735.43 million by 2028; it is estimated to grow at a CAGR of 4.4 % from 2021 to 2028. The better performance of carbide tools than their counterparts fuels the market growth. Carbide tools retain their cutting-edge hardness at high machining temperatures generated by high cutting speeds and feeds that reduce machining cycle time. These tools confer improved surface finish and hold size with better quality for prolonged periods. Along with this, carbide tools last longer due to the carbide chip forming surface resists wear as the chip flows over the tools. This reduces the need for costly changes with increased scrap and rework. Further, carbide tools are used when machining highly abrasive materials. The carbide is also known as tungsten carbide as it comprises half part tungsten and half part carbide. The substance features stiffness thrice that of steel and is commonly used on other types of wood-cutting tools as well. Carbide-tipped wood cutting tools higher cutting speed than standard steel-based woodworking tools. Thus, the better performance capabilities of carbide tools than their counterparts are propelling the growth of the North America carbide tools market.
Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak.The production of carbide tools decreased slightly in 2020 due to lockdown imposed by the government and low demand from the automotive and transportation industries, which hindered the growth of the North America carbide tools market in 2020 and it is likely to continue during 2021.

The pandemic 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 companies are functional with limited workforce and trying to come up with the losses, which they faced in 2020.The significant requirement for the industrial machinery is majorly noticed from giant manufacturing countries, such as the US.

The demand for industrial machinery is heavily impacted by the outbreak.Furthermore, the majority of the manufacturing plants are shut, municipalities are functioning slowly as compared to the past, and the automotive industry is at a halt.

All these factors are hindering the carbide tools market in the region.
Based on tool type, the end mills segment led the North America carbide tools market in 2020.The carbide end mills are heat resistant and are used in high-speed applications to cut the hardest materials, such as cast iron, alloys, plastics, and non-ferrous metals.

End mills cut rotationally in a horizontal and lateral (side to side) direction.Moreover, carbide end mills are used to cut machine parts, wood engravings, jewelry designs, and plastic cutting, among others.

The end mills usually perform operations including profiling, slotting, contouring, reaming, and counter boring.The carbide end mills are highly used in manufacturing industries due to its high performance and long-lasting property.

A few advantages of end mills such as heat resistant, customizable, less expensive, and high performance propel their demand, which drives the growth of the North America carbide tools market.
The overall North America carbide tools market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America carbide tools market.

The process also serves the purpose of obtaining an overview and forecast for the North America carbide tools market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America carbide tools market. 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 players operating in the market.

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