The Europe carbide tools market is expected to grow from US$ 2,995.59 million in 2021 to US$ 4,196.53 million by 2028; it is estimated to grow at a CAGR of 4.9 % from 2021 to 2028. The mounting production in the automotive sector bolsters the growth of the market. Automotive production is constantly rising across Europe, which is driving the demand for carbide tools. The sector widely uses carbide tools in crankshaft metal machining, face milling, and hole-making, among other machining operations involved in auto parts manufacturing. The automotive industry is obtaining excellent results with the use of tungsten carbide in ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts of a vehicle that sees hard usage and extreme temperatures. Automotive giants such as Audi, BMW, Ford Motor Company, and Range Rover are contributing significantly to the Europe carbide tools market growth. Hybrid electric vehicles are gaining traction in Europe, thus boosting the market growth in the region. Further, the carbide tools are also highly used in railway, aerospace & defense, and marine industries. So, the growing production of automobiles propels the demand for carbide tools, which drives the Europe carbide tools market growth. Countries in Europe, especially France, are highly affected due the COVID-19 outbreak.The region is expected to suffer an economic hit due to a lack of revenue from various industries.
Additionally, the outbreak of another variant of COVID-19 in the UK is hindering the carbide tools market.The region is a significant manufacturing and industrial hub for various sectors, such as healthcare, aviation, manufacturing, automotive, and energy & power.
However, due to the outbreak, many businesses in Europe are facing financial challenges as they had to reduce their activities substantially, owing to lack of workforce, government-imposed restrictions, and decreasing sales.The lockdown to minimize the transmission of novel coronavirus has significantly disrupted the supply chain activities along with production volume across several manufacturers, especially the small & medium enterprise owners.
Moreover, the production activities in multiple industries have contracted significantly during 2020, which restrained the growth of the Europe carbide tools market. However, with increasing need for healthcare products, there would be some positive trends for carbide tools in medical industries across Europe. Based on configuration, the machine-based segment led the Europe carbide tools market in 2020.With growing industrialization, investments in machines are increasing.
Every industry is focusing on technological innovations by using advanced machining tools.These carbide tools are used on various machines including engine lathes, CNC (computer numerical control) lathes, turret lathes, vertical turret lathes, and chuckers.
Machine-based tools are used in every industry owing to the benefits such as sharp cutting, increasing cutting speed, and longer life. Therefore, with growing number of industries, the use of machine-based carbide tools would increase rapidly, which is expected to drive the Europe carbide tools market during forecast period. The overall Europe 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 Europe carbide tools market.
The process also serves the purpose of obtaining an overview and forecast for the Europe 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 Europe 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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