NEW
YORK, Aug. 14, 2024 /PRNewswire/ -- The
global boring tools market size is estimated to grow by
USD 1.33 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 6.41% during the forecast period. Emergence of
cnc-based boring tools is driving market growth, with a
trend towards additive manufacturing. However, rise in
popularity of electrical discharge and electrochemical machining
poses a challenge. Key market players include Allied Machine
and Engineering Corp., Asahi Diamond Industrial Co. Ltd., Berkshire
Hathaway Inc., BIG DAISHOWA SEIKI CO. LTD., Cogsdill Tool Products
Inc., Dorian Tool International Inc., Floyd Automatic Tooling Ltd.,
Fullerton Tool Co., Glanze Engineering Co. Pvt. Ltd., Harvey
Performance Co. LLC, Internal Tool Inc., Jimmore International
Corp., Kennametal Inc., MAPAL Fabrik fur Prazisionswerkzeuge Dr.
Kress KG, Mitsubishi Materials Corp., NACHI FUJIKOSHI Corp., OSG
Corp., Plansee SE, R and R Bassett Engineering Ltd., and Sandvik
AB.
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Boring Tools Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.41%
|
Market growth
2024-2028
|
USD 1332.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.09
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 52%
|
Key
countries
|
China, US, Germany,
Japan, and UK
|
Key companies
profiled
|
Allied Machine and
Engineering Corp., Asahi Diamond Industrial Co. Ltd., Berkshire
Hathaway Inc., BIG DAISHOWA SEIKI CO. LTD., Cogsdill Tool Products
Inc., Dorian Tool International Inc., Floyd Automatic Tooling Ltd.,
Fullerton Tool Co., Glanze Engineering Co. Pvt. Ltd., Harvey
Performance Co. LLC, Internal Tool Inc., Jimmore International
Corp., Kennametal Inc., MAPAL Fabrik fur Prazisionswerkzeuge Dr.
Kress KG, Mitsubishi Materials Corp., NACHI FUJIKOSHI Corp., OSG
Corp., Plansee SE, R and R Bassett Engineering Ltd., and Sandvik
AB
|
Market Driver
The manufacturing industry is experiencing a game-changing
technology called 3D printing, or additive manufacturing. This
process constructs three-dimensional objects using digital files,
layer by layer. Complex geometries, difficult with traditional
methods, are now achievable. Traditional techniques, which are
subtractive, waste around 60%-70% of the material. By contrast, 3D
printing optimizes material use, reducing waste and costs. High
initial costs of 3D printers are offset by lower incremental unit
costs for manufacturers. Cheaper parts produced using 3D printing
justify the investment. Continued technology advancements and
increased adoption will revolutionize manufacturing, driving the
global boring tools market growth.
The boring tools market is thriving in industries like
metalworking and carpentry, driven by the demand for mass reducing
operations in industrial uses. Boring tools, including metal
drilling equipment, play a crucial role in the production process
of various sectors, including automotive. With the increasing
production of light cars, the need for precision and efficiency in
drilling and boring is paramount. Smart tools, CNC-based, and
robotics are transforming the market with their automation and
customization capabilities. Precision and dimensional accuracy are
key factors, with CNC technology and machine tools, such as lathes
and milling, leading the way. 3D printing technology and tool
geometry are also trends, offering customization and cost savings.
The automotive sector's indirect impact on the market is
significant due to its vast production lines and transportation
needs. Understanding raw materials and finished products pricing,
as well as the demand for cars, is essential. Volatility in input
materials pricing, electrostatic discharge, and electrochemical
milling are challenges. Lightweight equipment and the Boring
Process are other trends, with drilling and boring machinery's rig
counts reflecting market growth.
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Market Challenges
- The global metal cutting tools market is experiencing a
challenge from advanced technologies such as Electrochemical
Machining (ECM) and Electrical Discharge Machining (EDM).
Traditional metal cutting processes utilize boring tools made of
abrasive and hard metals for cutting softer metals. However, ECM
and EDM employ electric current to eliminate unwanted metal,
offering advantages over conventional methods. In EDM, the
workpiece acts as the anode, and the tool is the cathode, both
immersed in a dielectric fluid. Current flow facilitates metal
removal. EDM's benefits include the ability to machine any metal,
no burrs, easy handling of thin and fragile components, and
machining of complex shapes. ECM, which uses reverse electroplating
for metal removal, shares similarities with EDM. The workpiece is
the anode, and the tool is the cathode, surrounded by an
electrolyte. ECM's advantages include no mechanical or thermal
stress, high surface finish, no tool wear, and precision machining
of complex geometry shapes in high-strength materials. The
widespread adoption of EDM and ECM due to their cost-effective
advantages, such as less tool wear and no mechanical or thermal
stress, poses a significant threat to the traditional boring tools
market.
- The Boring Tools market faces several challenges in the current
business landscape. Precision and efficiency are key requirements
for smart tools in the production process. Advanced technologies
like 3D printing and robotics offer customization opportunities,
but understanding tool geometry and technical knowledge is crucial.
CNC based tools ensure dimensional accuracy, while volatility in
input material pricing and electrostatic discharge pose challenges.
Underdeveloped economies and electrochemical milling require
lightweight equipment. In the Boring Process, Drilling and Boring
Machinery face Rig Counts fluctuations in the Seaward Region. Metal
Boring Tools, Coordinated Measuring Machines, Fine Boring Tools,
Rough Boring Tools, and General Machinery are essential. CNC
technology and machine tools like lathes, milling, and drilling
equipment, along with grinding tools and cutting edge equipment,
are integral to the industry.
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challenges - Request a sample report!
Segment Overview
This boring tools market report extensively covers market
segmentation by
- Type
- 1.1 Fine boring tools
- 1.2 Rough boring tools
- End-user
- 2.1 Transportation
- 2.2 General machinery
- 2.3 Precision engineering
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Fine boring tools- In the boring tools
market, the fine boring tools segment held a significant 76.40%
share in 2023. This dominance is attributed to the increasing
demand for high-quality finishing in manufacturing industries. Fine
boring tools enable smaller precision adjustments, making them
suitable for producing holes with tight tolerances. These tools are
essential for businesses to meet customer requirements. Fine boring
is particularly useful for short-run projects with a large
inventory of stock in the hole. The versatile finishing boring
method allows operators to create various hole sizes using the same
tool. To optimize results and precision, fine boring heads can
benefit from digital technology. These factors are expected to fuel
the growth of the fine boring tools segment in the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The Global Metal Cutting Tools Market is witnessing significant
growth, driven by advancements in manufacturing technology and
increased demand from the automotive and aerospace sectors.
Similarly, the Global Downhole Drilling Tools Market is expanding
due to rising oil and gas exploration activities. In the U.S. Power
Tools Market, growth is fueled by increasing DIY activities and the
construction industry's recovery. These markets are poised for
robust expansion, supported by innovation, industrial growth, and
rising investments in related sectors.
Research Analysis
The Boring Tools Market encompasses a range of tools used in
metalworking and carpentry industries for mass reducing operations.
Boring tools include drilling equipment used in industrial
processes, production lines, and the automotive sector for light
cars. The demand for cars and transportation infrastructure drives
the need for boring tools in the production of raw materials and
finished products. Boring processes involve drilling and machining
for precision and efficiency. Boring Machinery, such as Rig Counts,
is essential for drilling in various industries. The Seaward Region
is a significant market for metal boring tools due to its rich
mineral resources. Smart tools, including Coordinated Measuring
Machines and Fine and Rough Boring Tools, are increasingly popular
due to their ability to enhance production process accuracy and
reduce downtime. The indirect impact of 3D printing technology on
the boring tools market is significant as it allows for more
precise drilling and machining in various industries. The Boring
Process and Drilling are crucial aspects of various industries,
including metalworking and automotive manufacturing, where
precision and efficiency are key. The market for boring tools
continues to grow due to the increasing demand for industrial
production and the need for high-quality finished products.
Market Research Overview
The Boring Tools Market encompasses a range of tools used in
metalworking and carpentry industries for mass reducing operations.
Boring tools include metal drilling equipment, CNC based tools like
lathes, milling, and drilling equipment, grinding tools, and
cutting edge equipment. These tools find extensive industrial uses
in various sectors, including automotive, where they are integral
to the production process of light cars. The demand for cars
indirectly impacts the market's growth. Smart tools, 3D printing
technology, robotics, automation, and CNC technology are
transforming the production process, ensuring precision and
efficiency. Input material pricing volatility, electrostatic
discharge, and electrochemical milling are challenges.
Underdeveloped economies present opportunities for growth. The
market includes Boring Machinery, Rig Counts, Seaward Region, Metal
Boring Tools, Coordinated Measuring Machine, Fine Boring Tools,
Rough Boring Tools, General Machinery, and Precision Engineering.
Understanding tool geometry, customization, and dimensional
accuracy are crucial for manufacturers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Fine Boring Tools
- Rough Boring Tools
- End-user
-
- Transportation
- General Machinery
- Precision Engineering
- Others
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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