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The boring tools market is estimated to grow at a CAGR of 7.05% between 2022 and 2027. The size of the market is forecast to increase by USD 1,402.21 million.
Design plays a crucial role in the process of product development. Precision is paramount in any product. This is where boring machines play a crucial role in implementing and developing complex products and shapes. Thus, the effective use of these tools helps industries to develop superior-quality products that offer enhanced dimensional accuracy. Additionally, factors such as the cutting tool and machining industry in India are witnessing developments, especially in terms of the integration of new tools and technology as well as tool materials, to keep pace with the changing dynamics of the market. Moreover, the growth of the global aircraft industry is driving market growth.
This report extensively covers market segmentation by type (fine boring tools and rough boring tools), end-user (transportation, general machinery, precision engineering, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growth of the global aircraft industry is notably driving the market growth, although factors such as the rise in popularity of electrical discharge and electrochemical machining may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Boring Tools Market Driver
The growth of the global aircraft industry is notably driving market growth. The global number of air passengers has been increasing consistently since 2012. The growth in the number of air passengers is primarily attributed to the availability of LCC and increasing per capita income in emerging economies such as India and China. Considering the growth opportunities from emerging countries, airlines are focusing on fleet enlargement in such countries. For instance, in October 2019, IndiGo, an India-based airline, placed an order for 300 A320neo family aircraft from Airbus. Such orders for new aircraft are anticipated to increase during the forecast period.
Additionally, aiming to reduce the backlog and cater to the growing demand, aircraft manufacturing companies are focusing on increasing the pace of aircraft manufacturing. For instance, in 2019, Airbus delivered 863 aircraft, which was higher by 63 units when compared to the number of deliveries in 2018. Such an increase in the production of aircraft will drive the demand for aircraft components such as landing gears, engines, and others. As several components of aircraft require a boring operation to be performed, therefore, the demand for boring tools is anticipated to increase with the growth in the aircraft industry during the forecast period.
Significant Boring Tools Market Trend
Carbide materials for boring tools are emerging trends in the market. Carbide metal cutting tools are used by companies across various sectors, including automotive, aerospace, shipbuilding, die mold, part manufacturers, tool rooms, heavy industries, electrical and electronics, healthcare, oil and gas, energy, and consumer utilities. Companies are using these tools for increased ease and efficiency in the development of quality products.
Moreover, customers across the globe are insisting on superior-quality products in minimal time and at a reduced cost. Therefore, several organizations have begun to deploy carbide metal-cutting tools such as boring tools, milling tools, drilling tools, tapping tools, reaming tools, counter-boring tools, broaching tools, and gear-cutting tools. The effective deployment of these carbide metal cutting tools helps in reducing the overall lead time in product development. It also enables organizations to develop products that have superior quality to achieve a higher customer satisfaction level. Therefore, such factors will boost the market growth during the forecast period.
Major Boring Tools Market Challenge
The rise in the popularity of electrical discharge and electrochemical machining are major challenges impeding market growth. The global metal cutting tools market faces a serious threat from technologies such as electrochemical machining (ECM) and electrical discharge machining (EDM). Traditional processes for metal cutting use boring tools that are made of abrasive and hard metals, which are used to cut softer metals. However, non-conventional methods such as ECM and EDM make use of electric current to remove the undesired metal.
EDM is the most widely used non-traditional machining process. A few advantages of EDM include any metal, irrespective of its hardness, can be treated through this technique; unlike the traditional process, no burrs are left on the surface of the workpiece; and thin and fragile components can be easily worked upon using this technique. Similarly, a few advantages of the ECM process include the workpiece is not subjected to mechanical or thermal stress, the use of this technique results in a high surface finish, and no wearing of the tool takes place. Therefore, such factors have been replacing conventional boring tools in many applications, which will have an adverse impact on the market during the forecast period.
Key Boring Tools Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Boring Tools Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allied Machine and Engineering Corp. - The company operates under one segment. The company under this segment offers various products such as drilling tools, boring tools, burnishing tools, threading tools, porting tools, multifunction tools, and various other products. The key offerings of the company include boring tools.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the fine boring tools segment will be significant during the forecast period. In 2022, the fine boring tools segment dominated the boring tools market with a 76.40% share. The increased demand for fine boring tools is due to the increased need for high-quality finishing in the manufacturing industry.
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The fine boring tools segment was valued at USD 2,035.62 million in 2017 and continued to grow until 2021. Fine boring tools allow for smaller precision adjustments, which is ideal for finishing holes with tight tolerances. Businesses rely heavily on precision finish boring tools to meet the needs of their customers. Furthermore, they are ideal for short-run projects with a large amount of stock remaining in the hole. Finished boring is a versatile method that enables operators to create a wide range of hole sizes with the same tool. To achieve the best results and precision, fine boring heads may benefit from digital technology. Hence, such factors are anticipated to drive the growth of the fine boring tools segment during the forecast period.
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APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Countries like China, India, Japan, South Korea, and Taiwan are the main consumers of cutting tools, of which boring tools is one key sub-segment. In India, attractive foreign policies like Skill India and Make in India, the favorable business landscape, the rise in purchasing power, the availability of raw materials, and lower wages of the skilled workforce are encouraging manufacturers from developed countries to setup up their manufacturing units in this region. For instance, auto companies like Daimler, BMW, and Ford have enhanced their production capabilities in India in the past five years. Moreover, in June 2020, the Government of India initiated the Self-Reliant India campaign, under which governing bodies are encouraging the local manufacturing of various industrial equipment and machinery. This will drive manufacturing activities across the country during the forecast period, which will drive the demand for boring tools.
Furthermore, Vietnam is also witnessing significant economic growth, which is mainly attributed to its manufacturing sector. It has become one of the hottest markets in Southeast Asia and is continuously attracting manufacturers to establish their production units in the country. One of the major attractions of Vietnam's manufacturing sector lies in its working labor force; with around two-thirds of the population under the age of 35 years, Vietnam offers a high labor potential, which is a boon for any manufacturing industry. Such factors will drive regional market growth during the forecast period.
In 2020, the outbreak of COVID-19 had a negative impact on the market in the region. However, following the lifting of the lockdown restrictions in APAC, owing to mass vaccination drives in 2021, the operations of the boring tool manufacturing facilities resumed across the region, which fueled the demand for boring tools in APAC in 2021 and 2022. Therefore, the market in APAC is expected to propel during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Fine boring tools and Rough boring tools), End-user (Transportation, General machinery, Precision engineering, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
Technavio categorizes the global boring tools market as a part of the global electrical components and equipment market within the global electrical equipment market. The parent global electrical components and equipment market cover companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Boring Tools Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.05% |
Market growth 2023-2027 |
USD 1,402.21 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.87 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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