Machine-Based Segment to Dominate Europe Carbide Tools Market during 2020–2028

According to a new market research study on “Europe Carbide Tools Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Tool Type, Configuration, and End-User” is expected to reach US$ 4,196.53 million by 2028 from US$ 2,995.59 million in 2021. The market is estimated to grow at a CAGR of 4.9 % from 2021 to 2028.The report provides trends prevailing in the Europe carbide tools market along with the drivers and restraints pertaining to the market growth. Upgraded performance of carbide tools than their counterparts and mounting production in automotive sector are the major factor driving the growth of the Europe carbide tools market. However, availability of alternatives hinders the growth of Europe carbide tools market. 

In case of COVID-19, Europe is highly affected specially France. It is expected to suffer an economic hit due to a lack of revenue from various industries. Additionally, with the outbreak of another variant of COVID-19 in the UK, the carbide tools market is expected to get hampered. The region is a significant manufacturing and industrial hub for sectors such as healthcare, aviation, manufacturing, automotive, energy and power, and others. However, due to COVID-19, many businesses in Europe face 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 virus 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 has contracted significantly during the 2020 resulting in decline in the carbide tools market. However, with increasing need for healthcare products, there will be some positive trends for carbide tools in medical industries across Europe region.

The Europe carbide tools market is segmented into tool type, configuration, end-user, and country. Based on tool type, the market is further segmented into end mills, tipped bores, burrs, drills, cutters, and other tools. The end mills segment dominated the market in 2020 and drills segment is expected to be fastest growing during forecast period. In terms of configuration, the market is categorized into hand-based and machine-based. The machine-based segment dominated the market in 2020 and is also expected to be fastest growing during forecast period. Based on end-user, the market is segmented into automotive and transportation, metal fabrication, construction, oil and gas, heavy machinery, and other end-users. The automotive and transportation segment dominated the market in 2020 and heavy machinery segment is expected to be fastest growing during forecast period.

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 leading companies in the Europe carbide tools market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Makita Corporation announced the launch of new products at STAFDA.  

The report segments the Europe Carbide Tools Market as follows:

Europe Carbide Tools Market – By Tool Type

• End Mills
• Tipped Bores
• Burrs
• Drills
• Cutters
• Other Tools

Europe Carbide Tools Market – By Configuration

• Hand-Based
• Machine-Based

Europe Carbide Tools Market – By End-User

• Automotive and Transportation
• Metal Fabrication
• Construction
• Oil and Gas
• Heavy Machinery
• Other End-user 

Europe Carbide Tools Market – By Country

• Germany
• France 
• Italy
• UK 
• Russia 
• Rest of Europe