The APAC carbide tools market is expected to grow from US$ 4,205.41 million in 2021 to US$ 6,054.48 million by 2028; it is estimated to grow at a CAGR of 5.3 % from 2021 to 2028. The growing demand in various industries drives the growth of the market. With the growing end-use industries across APAC, there is a continuous need of carbide tools in industries to accomplish production efficacy. Lathe and milling machine are used in operations such as turning, milling, and drilling, and integrating these machines with carbide tools helps ensure smooth operations without compromising on their performances. Carbide tools are being employed in the manufacturing processes in industries such as automotive, aerospace, medical, energy, and oil & gas. Furthermore, cemented carbide tools have become a primary means of increasing the productivity of the metal-cutting process, alongside ensuring greater accuracy. Thus, the surging demand for carbide tools in numerous industries is bolstering the market growth. Countries in APAC, especially India, are highly affected due the COVID-19 outbreak.China and India are the most prominent manufacturing hubs in the region, The countries 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 2021.The demand for advanced electronics such as healthcare machines has risen significantly in the region.
Also, companies in Asia 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 the spread of novel coronavirus that causes COVID-19, and industries are up and running. This embarks a positive sign toward the stabilization of the carbide tools market in APAC. Based on end-user, the automotive and transportation segment led the APAC carbide tools market in 2020.Highly efficient cutting tools have become the key technologies of the automotive manufacturing processes.
The new cutting craft like high-speed cutting, hard machining, and dry machining has been changing the traditional process.The automotive industry widely uses carbide tools in auto parts manufacturing, including crankshaft metal machining process, face milling applications, and machining hole-making process.
The automotive industry is seeing excellent results in using tungsten carbide for ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts of a vehicle that sees hard usage and extreme temperatures.These parts are used in mechanical automotive components that undergo heavy usage with high temperatures that can cause hardened steel to crack or otherwise break apart.
A few advantages of carbide tools such as sharper, high productivity, longer life, cost effective, and efficient propel their demand from the automotive and transportation sectors, which drives the growth of the APAC carbide tools market. The overall APAC 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 APAC carbide tools market.
The process also serves the purpose of obtaining an overview and forecast for the APAC 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 APAC carbide tools market. 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 players operating in the market.
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