Boring machines are used after drilling for increasing the diameter of the hole. It is extensively used for enhancing the diameter of a hole. In this report, Market Research Future (MRFR) suggests that the global boring tools market is expected to strike 4.35% CAGR during the review period 2019 to 2025. In addition, the market is poised to touch 680 million units mark, in terms of volume, by 2025.
The end-user industries that account for the majority of demand for boring tools are automotive, metalwork, and manufacturing. The growth of these end-user industries is anticipated to prompt the growth of the boring tools market in the years to come.
Technological innovations are likely to pave the way for the development of lightweight as well as automated tools. It is anticipated to lead the growth pattern of the boring tools market in the forthcoming years. On the flip side, the fluctuating cost of raw materials remains an impediment to the growth of the boring tools market.
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Market Segmentation:
On the basis of type, the boring tools market has been divided into rough boring, and fine boring. Among these, the fine boring segment is projected to exhibit a steeper rise in the growth curve. Its growth can be accredited to the rising demand for quality finishing in the manufacturing sector.
Regional Analysis:
The global boring tools market has been assessed on a regional and a country-level basis in this report. The key segments identified in the study on the basis of region are - North America, Asia Pacific (APAC), Europe, and the Rest of the world (RoW). Asia Pacific is leading the growth pattern of the boring tools market at present. The growth of the regional segment is mainly driven by developments in the automotive industry in countries such as China, Indonesia, India, etc. Also, the manufacturing industry in the region is observing its boom owing to the consolidation of fast-developing economies in the region. It is presumed to have a positive effect on the growth of the boring tools market.
Competitive Dashboard:
Advanced Carbide Tool Company, Inc. (US), AMAMCO Tool (US), Floyd Automatic Tooling Ltd (UK), Asahi Diamond Industrial Co., Ltd. (Japan), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan), Becker Diamantwerkzeuge GmbH (Germany), Allied Machine (US), Boehlerit Gmbh & Co Kg (Austria), Kyocera Corporation (Japan), CeramTec (Germany), Elenco Carbide Tool Corporation (US), Dorian Tool International (US), Five Star Tool Co (US), Kennametal (US), Big Kaiser Precision Tooling Inc. (US), Nachi-Fujikoshi Corp (Japan), Sandvik AB (Sweden), OSG USA, INC. (US), and Fullerton Tool Company (US) are few of the players of the boring tools market.
The innovations in technology have led to product development over the years. It has intensified the competition among the market players. The trend is likely to continue over the next few years. In addition, some of the inorganic approaches expected to be employed by participants pf the boring tools market are collaborations, mergers & acquisitions, strategic alliances, agreements, partnerships, etc.
Industry News:
In October 2019, Kennametal, a supplier of tooling and industrial materials, has announced the developments of its latest 3D printed stator bore tool. The product is designed to meet the demand for lightweight tooling solutions.
In September 2019, a leader in high-performance power tools, Spyder Products, has announced the launch of wood-boring drill bits, Stinger™. The new product line consists of spade and auger kits in various configurations.
In August 2019, Tesla founder Elon Musk has made an announcement about his plan of opening a branch of his tunneling and transportation startup, The Boring Company, in China.
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