Rapid Growth Predicted For Micro Tool Industry To Drive The Global Market by 2028
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. Machine tools are employed for shaping or machining metal to give specific form using cutting, grinding, shearing and others. High-speed tools and carbide tools are widely used machine tools. Micro tools are the smallest precision instruments generally available for laboratory, medical use and others. Carbide cutting tool also is known as carbide tipped cutting tools are widely used as metal cutting tools. Carbide micro tools have been developed for application where cutting needs to be done on the microscale. Carbide tools are highly significant and extensively used in machining applications, owing to its excellent features such as high speed, long working life, precision, etc. The fast-growing need for micromachining tooling capabilities is expected to aid market growth. Micro tools market is segmented into product type, application and region. Steel grade carbide micro tools are expected to account for a dominant share in the market, while titanium alloy micro tools are delivering new trends in the market. Drilling applications is projected to register a larger share, owing to increasing demand for high-speed micro tools in electronic components.
The global Micro Tool market is projected to be US$ 823.6 Mn in 2018 to reach US$ 1,177.6 Mn by 2028 at a CAGR of 3.6%.
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Robust industrialization and strong growth of the manufacturing sector, particularly in emerging economies, including China and India, are expected to be the key factor to fuel demand for micro tools market. Increasing demand for flexible and customized microstructure with high quality is resulting in growing adoption of micro tools in the coming years. Healthy growth of end-user industries such as automotive, dental, the medical, laboratory is expected to be one of the major aspect propelling market growth for micro tools. Strong adoption of advanced cutting and other machining technologies by large-scale industries is expected to be another factor driving the growth of the global micro tools market.
However, micro Tools are more expensive as compared to standard tools which act as a major restraint for wide adoption of these tools, particularly in cost sensitive low and medium-scale industries.
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Moreover, manufacturers are giving more emphasis on longer flute length, reach the length and special coating such as aluminium titanium nitride (AITiN), which is expected to introduce a new line of tapered rib cutters that create a draft on moulds for hardened machine materials
Global micro tool market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into cast iron grade carbide, steel grade carbide and other products. The steel grade carbide segment accounts for the majority share in the global Micro Tool market, while the milling is expected to register the highest growth rate over the forecast period. On the basis of application, the market is segmented into milling, engraving, cutting, drilling, grooving and other applications. The milling accounts for a majority share in the global micro tool market.
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On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. The APAC accounts for the majority share in the global Micro Tool market, owing to increasing healthy growth of end-use industries such as automotive and another sector. North America is expected to register the highest growth rate over the forecast period. Countries and regions such as South America and MEA are expected to register stable growth over the forecast period.
The research report on the global micro tool market includes profiles of some of major companies such as Cipla Ltd., Apotex Inc., Mitsubishi Materials Corporation, Rock River Tool Inc, KYOCERA Corporation, Ingersoll Cutting Tool Company, Tunco Manufacturing, Garr Tool Company, Hobe GmbH, Sandvik AB, ARCH Global Precision LLC and other prominent players.