The growth of the carbide cutting tool market is mainly due to the increasing use of carbide devices in industrial applications. Another key trend of the market is the increase in automation in various end-use industries. It is predicted that the carbide cutting tool market will grow due to manufacturers’ growing demand for advanced and modern machining techniques. Another driver is the availability of carbide cutting devices on e-commerce sites at competitive prices. As a result of the increased use of e-commerce platforms, manufacturers of carbide cutting devices can expand their geographical reach, which ultimately results in a positive impact on the growth.
The COVID-19 pandemic has caused many devices in the carbide industry to cease production due to lockdowns in key global countries. Additionally, as the vaccine for COVID-19 has been introduced in the industry, the number of cases of COVID-19 is expected to decrease in the near term. As a result, carbide tool makers are expected to re-start their production at full capacity by the start of 2022, which will facilitate the recovery of the industry.
Global carbide cutting tool industry is classified as Automotive, Marine & Defense Electronics & Electrical, Aerospace, Construction & Mining, and Others. Among these automotive end, the user segment has the highest market share in 2020, this is primarily due to increasing global demand for various products in automotive applications. For instance, an example of this occurred in June 2021, when Ingersoll Cutting Tools improved indexable deep hole drilling heads by extending the range of diameters and reducing wear. New chip breakers are also included in the drilling tool, which increases tool lifespan.
Key players operating in this industry include Ingersoll Cutting Tool Company, Advent Tool & Manufacturing, Inc., SGS Tool Company, Mitsubishi Materials Corporation Garr Tool Company, Best Carbide Cutting Tools, Inc., PROMAX Tools, Rock River Tool, Inc CERATIZIT S.A., and VHF Camfacture AG.
Mitsubishi Material Corporation (MCC) purchased a copper mine from Mantos Copper Holding SpA in February 2020. The mine produces copper concentrate with extremely low levels of impurities and deleterious materials. A copper concentrate was acquired for MCC’s copper smelters through this acquisition.