FMI Projects 4.7% CAGR for Woodworking Router Bits Market Through 2029; Growing Preference for Wooden Furnishings Drives Demand
High demand for renewable raw materials in construction industry has become a major contributor towards growth of woodworking router bits manufacturers. Favorable government initiatives towards construction and infrastructure development further complement market growth.
DUBAI, UAE / ACCESSWIRE / February 26, 2020 / Global woodworking router bits market is set for moderate growth at 4.7% CAGR during the forecast period (2019-2029). The market revenue will reach more than US$ 154 Mn by the end of 2029, as projected by a new report of Future Market Insights (FMI). Leading market players are investing in smart wood cities, which is spurring the preference for wood as a renewable resource among multiple end-use industries.
“Growth in demand for durable woodworking router bits is stimulating innovations in the global market landscape,” states the FMI report.
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Woodworking Router Bits Market: Key Findings
- Rabbeting will remain preferred tool type; edge making router bits will continue generating profitability prospects during the forecast period.
- Grooving continues to be the primary operation, capturing more than 50% of the global market.
- Manufacturers will display greater inclination towards ½” router size during the period of projection.
- Asia Pacific will generate maximum opportunities for market players catering to the construction sector.
Woodworking Router Bits Market: Key Driving Factors
- Versatility in terms of dimension will predominantly drive sales of woodworking router bits.
- Time and cost efficiency over conventional methods of operation is driving demand for woodworking router bits.
- Elevated proclivity towards wooden furnishings is bolstering production and consumption of wood, thereby boosting market growth.
Woodworking Router Bits Market - Key Restraints
- Stress generation due to continuous operation leads to fatigue, restricting working time of woodworking router bits.
- Increased overall operational cost owing to lack of skilled professionals is hampering market growth.
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Competition Landscape of Woodworking Router Bits Market
Some of the distinguished players in the global woodworking router bits landscape that are covered in this study include, but are not limited to, CMT Utensili SpA, Freud Tools, Vortex Tool Company Inc., WOODCRAFT SUPPLY LLC, Dimar Group, Sistemi Klein, MLCS Woodworking Products, Yash Tooling and Takahashi Tools Co., Ltd. Leading manufacturers are focused to infuse woodworking router bits with durable materials like carbide to extend their lifespan. Regional players are offering customized solutions to strengthen their foothold in global woodworking router bits market. Manufacturers such as Sistemi klein are leveraging innovations in their woodworking router bits products to satiate the changing consumer demands.
More about the Report
This Future Market Insights study of 300 pages offers actionable insights on meat alternatives market. The market analysis is based on tool type (rabbeting, door/window making router bits, flush trim router bits, edge making router bits, grooving router bits, slot making router bits, spiral router bits, straight router bits), operation (jointing & rebating, cutting, grooving across five regions (South America, North America, Europe, Asia Pacific and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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