COVID-19 pandemic has turned out to be a major growth determinant in the industrial automation sector. With the integration of digital infrastructure to monitor and control public health, industrial automation has taken a new shape. This crisis has enhanced the value of IT and digital transformation across different sectors and industries.
In the current situation of restricted movement and reduced workforce, new technologies have been developed to provide end-to-end automation in different sectors such as food processing. Automated systems are hired by the companies to ensure continued supply and manufacturing of products with the least manual interference.
The digital transformation during the COVID-19 pandemic has enhanced our dependency on advanced technologies such as Augmented Reality, Virtual Reality, and the Industrial Internet of Things. The unfulfilled financial targets are compelling the organizations to adopt automation and advanced technologies to stay ahead in the market competition. Businesses are utilizing this opportunity by identifying daily operational needs and inculcating automation in it to create a digital infrastructure for the long term.
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Carbide Drills Market: Overview
Machine cutting tools plays a key role in industrial processing and manufacturing activities. Machine drills are basically employed for shaping or machining metals or rigid materials in order to provide a unique form by means of grinding, boring, cutting, etc. Carbide drills are one of the same key tools used for such operations as an end cutting tool to produce hole by rapidly removing material based on requirements.
Carbide drills are very hard in nature and also it improves output, lowers the labor cost, enhanced surface finish of component and add quality in the overall final finished product. The key raw material for carbide drills are binder metal and carbide cement. The major advantage of carbide drill over high speed steel and cobalt is maintaining a sharp cutting edge for a longer duration. In addition to that, the carbide drills run at higher speed rates as they absorb heat more efficiently.
Carbide Drills Market: Dynamics
The increasing development in manufacturing design, ongoing technological advancement, and demand in global automotive production are some of the key driving factors for the carbide drills market. Additionally, retooling and investment into manufacturing facilities is driving further machine tool spending across the supply chain.
Importantly, aging production infrastructure and a push towards modernization within many of the developed industrialized countries is providing the basis for the expected future growth. However there are some factors which can hamper the market growth such as, new carbide drills, Increasing prevalence of hard materials. Recent challenges and headwinds need to be further analyzed to encourage the demand for cutting tools.
Carbide drills gaining traction in the market owing to increasing trend towards cost-effective manufacturing and rapid production is leading to favorable growth for this technology. There has been an increase in its popularity with the development of heterogeneous material manufacturing capability. The rising activities of production drilling and adoption of high quality cutting tool holders have further driven the global carbide drill market.
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Carbide Drills Market: Segmentation
By drill size, Carbide Drills market can be segmented as:
- Less than 6 Inch
- 6 inch to 10 Inch
- Above 10 Inch
By configuration, Carbide Drills market can be segmented as:
- Hand Based
- Machine Based
By application, Carbide Drills market can be segmented as:
- Automotive & Transportation
- Heavy Machinery
- Metal Fabrication
- Oil Gas
- Other Industries
Carbide Drills Market: Regional Outlook
Asia Pacific region estimated to hold more than half of the carbide drills market across the globe and is expected to dominate the same in the forecast period. Asia Pacific region especially, China and India are anticipated to expand at a significant CAGR in between the forecast period owing to the healthy growth being witnessed in key end-use industries. Further, increasing awareness about innovative trends of automation within the metal fabrications industries is expected to drive the carbide drill market.
The ASEAN countries such as Indonesia and Thailand will propel the sales of carbide drills owing to rising construction and infrastructure projects.
Carbide drills market is anticipated to gain traction in the North America region at the early half of the forecast period. There are several factors on which this growth depends such as rising investment in oil & gas industry results as demand generating factor for carbide drills market in the region. In addition to this, government favorable steps in Brazil and Mexico to boost the manufacturing sector which will act as key driving factor for increasing overall product demand.
The African countries such as Nigeria, Egypt, South Africa and other Western African will play a significant role in the carbide drills market due to rising investment in heavy machinery and metal fabrication projects.
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Carbide Drills Market: Key Participants
Some of the market participants in the Carbide Drills market identified across the value chain:
- Varel International, Inc
- General Carbide Corp.
- National Oilwell Varco
- Palmer Bit Co.
- Schlumberger Limited
- Tercel Oilfield Products Limited
- American National Carbide
- Sandvik Coromant
- Regal Cutting Tools
- Mitsubhishi Materials
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