ID: MRFR/IA - E/6786-HCR | 100 Pages | Published By Pradeep Nandi on March 2023
Boring Tools Market is supposed to witness a 4.35% CAGR during the conjecture time frame, 2022-2030 and the market size is supposed to arrive at 680 million units by 2030
$680 Million Units
The boring tools market is projected to reach a market size of approximately USD 680 million units by 2030, at a CAGR of 4.35% from 2022 to 2030. Using a single-point cutting instrument, the boring process involves expanding a previously drilled hole (or a boring head containing many such tools). It is a method for cutting a tapered hole and fine-tuning the diameter of a hole. After drilling, boring machinery is employed to enlarge the hole's diameter. It is frequently applied to enlarge a hole's diameter. The boring tools market size is anticipated to be driven by increasing research and development efforts, rising rig counts, and expanding wacky field improvement initiatives ly. Despite the lack of interest in the seaward region compared to inland, the high cost of penetrating devices for seaward applications is expected to restrict the market growth shortly.
COVID-19 Impact Analysis
The COVID-19 outbreak in Q1 2020 caused drilling services to fall off ly. Because fewer people were operating on drilling rigs, fewer drilling tools were used in onshore and offshore drilling operations. During the projected period, the market is anticipated to be driven by rising exploration and development activities, rising rig counts, and rising unconventional field development activities ly. But in the upcoming years, market growth is anticipated to be hampered by a lack of investment in the offshore sector relative to the onshore sector and the high cost of drilling equipment for offshore applications.
Boring Tools Market Dynamics
The market for boring tools has been growing rapidly in recent years, and this trend is anticipated to continue during the projected period. Metal boring tools are in high demand due to the expanding end-use industries, the increasingly automotive industry, and the increased production of light vehicles. These factors could have a substantial impact on the market's future growth.
The development of CNC-based boring tools is a major factor in the expansion of the market for boring tools. Design plays a significant role in the creation of new products. Precision is crucial in any product. By implementing and creating intricate goods and designs, boring machines play a crucial role in this process. Therefore, effective use of these tools aids businesses in producing superior goods with increased dimensional accuracy. A CNC can manage any workpiece's actions, including drill depth, rotational speed, and cutting depth. Lathes, drilling machines, milling, boring, and grinding equipment are just a few examples of machine tools that use CNC.
One of the main things limiting the growth of the boring tools market forecast is the fluctuating price of raw materials. Automating manufacturing processes is a goal for many businesses, but it comes at a high cost regarding equipment purchases, maintenance, and employee training.
Thus, producers worldwide focus on cutting-edge techniques to speed up production while preserving product quality. Delivery on time is more important when making a purchase. Coordinated measuring machine (CMM) reports that confirm a product's quality and standard compliance are also in demand from customers. These all contributed to the increasing use and demand for boring tools, which is a key contributor to the market growth for those instruments.
Boring Tools Market Segmentation
The boring tools market segmentation, based on type, is fine boring tools and rough boring tools. The fine boring tools category held a major share in 2021. The need for superior finishing in the manufacturing sector has grown, which has stimulated demand for fine boring tools. Fine boring tools provide you the flexibility to make minor adjustments for precision when finishing holes with strict tolerances. To satisfy client demands, businesses largely rely on precision finish boring tools. Finish boring is excellent for small-scale projects and when there is a lot of stock left in the hole. With the finished boring technique, users can use the same tool to create holes of various diameters. Besides this, the Rough Boring Tools segment is anticipated to be the fastest-growing segment due to the increase in metal removal and to prepare of the hole for finishing.
The boring tools market segmentation, by application, is transportation, automotive, general machinery, precision engineering, and others. In 2021 the transportation category had a major share in the market, especially in developing nations like India, China, and Brazil, as well as other emerging economies, increased foreign investments in the construction of transportation infrastructure has support the growth of the transportation sector. However, automobiles are anticipated to be the fastest growing. The automotive industry holds a sizeable portion of the market for boring tools. Boring tools are used in the automobile industry to create a variety of automotive components, including disc brakes, gearboxes, engine parts, and others. Boring tool demand would rise if there were an increase in automotive items.
Global Boring Tools Market Share, by Region, 2021 (%)
Boring Tools Market Overview, by Region
By region, the boring tools market report has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. Europe is projected to exhibit the highest CAGR during the review period.
Asia-Pacific was the most extensive boring tools market share in 2021. The number of businesses selling boring equipment has significantly increased in Asia-Pacific. The Asia-Pacific boring tools market growth is growing due to increased demand for cars, heavy trucks, and manufacturing. Due to the rapidly expanding automobile manufacturing sector in nations like China, India, and Indonesia, as well as a growing population in a region with sizable markets for various sectors, businesses are moving production facilities to these developing economies. During the forecast period, this is anticipated to drive demand for boring tools.
Europe was anticipated to encounter the fastest growth rate in 2021. The established automotive and related component manufacturing industry in The established automotive and related component manufacturing industry in France, the United Kingdom, and Germany are one of the key growth drivers in this region's boring tool market. France, the United Kingdom, and Germany are one of the key growth drivers in this region's boring tool market.
Boring Tools Market Competitive Landscape
The market includes tier-1, tier-2, and local players. Additionally, they embrace strategic growth activities to improve their market position and expand their consumer bases, such as product introduction, joint ventures, and partnerships. For instance, in October 2019, A provider of industrial materials and tools, Kennametal, just unveiled their newest 3D-printed stator bore tool. The tool is designed to meet the expanding demand for lightweight tooling. Furthermore, in September 2019, StingerTM wood-boring drill bits were announced for release by Spyder Products, a pioneer in high-performance power tools, in September 2019. The new product line includes kits with different spade combinations and a drill.
Prominent boring tools market players include Big Daishowa, Cogsdill-Nuneaton Ltd, Kennametal Inc, Allied Machine & Engineering Corp, Mitsubishi Materials Corp, and Nachi-Fujikoshi Corp.KOMET Deutschland, OSG Corp, Sandvik AB, Advanced Carbide Tool Company Inc., AMAMCO Tool, Asahi Diamond Industrial Co., Ltd, Floyd Automatic Tooling Ltd, and CeramTec among others.
Scope of the Boring Tools Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Boring Tools Market Forecast & Size:
To identify and estimate the market size for the boring tools market segmented by type and application by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of Boring tools between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the boring tools market
Market Influencing Factors:
To find out the factors which are affecting the sales of boring toolsamong consumers
Impact of COVID-19:
To identify and understand the various factors involved in the boring tools market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 680 million units|
|CAGR||4.35% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Big Daishowa, Cogsdill-Nuneaton Ltd, Kennametal Inc, Allied Machine & Engineering Corp, Mitsubishi Materials Corp, Nachi-Fujikoshi Corp, KOMET Deutschland, OSG Corp, Sandvik AB, Advanced Carbide Tool Company Inc., AMAMCO Tool, Asahi Diamond Industrial Co., Ltd, Floyd Automatic Tooling Ltd, CeramTec|
|Key Market Opportunities||Demand for high-quality goods has increased|
|Key Market Drivers||Increased use of boring tools based on CNC|
The study period of the boring tools market is 2022 - 2030
The boring tools market is growing at a CAGR of ~4.35% over the next 10 years.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
Big Daishowa, Cogsdill-Nuneaton Ltd, Kennametal Inc, Allied Machine & Engineering Corp, Mitsubishi Materials Corp, Nachi-Fujikoshi Corp, are the major companies operating in the boring tools market.