Global Boring Tools Market, By Product Type (Rough Boring and Fine Boring), End User (Transportation, General Machinery, Precision Engineering and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Global Boring Tools Market
Growing focus on the technological advancements by the major manufacturers, rising up gradation of existing infrastructure with advanced systems, rising emergence of CNC- based boring tools and growing focus of the manufacturers and the need to develop superior-quality products are the major factors attributable to the growth of boring tools market. Data Bridge Market Research analyses that the boring tools market will exhibit a CAGR of 4.30% for the forecast period of 2021-2028. Therefore, the boring tools market value, which was USD 680.3 million in 2020, would rocket up to USD 952.74 million by 2028.
Boring tools are the tools that are used in metalworking and woodworking. Boring is a technique that is used in different aspects of building a structure. It is s a mass-reducing process of enlarging a hole that has already been drilled or cast. This technique is prevalent in the society for quite a long time now. Solid boring bars, damping bars, rough boring heads, fine boring heads, twin cutter boring heads and digital boring heads are some of the examples of boring tools. Boring tools are easily available in the market and are used for a wide range of industrial applications. These exhibit beneficial properties such as durability, impact resistivity and others.
Rising globalization and growth in the number of manufacturing activities will emerge as the major boring tools market growth driving factor. Growing demand for fabricated metals by the automotive sector, surging focus on the advancements and up gradations in manufacturing technology and growth and expansion of transportation industry especially in the developing economies will further aggravate the boring tools market value. Growing expenditure to undertake research and development proficiencies, supportive government policies, surging buildings and construction activities especially in the emerging economies like India and China, growing availability of metal cutting tools owing to rapid urbanization and rising demand for carbide materials for boring tools will further carve the way for the growth of the boring tools market.
However, dearth of knowledge and technological expertise in the underdeveloped and backward economies will act as a growth restraint for the boring tools market. Continuous fluctuations in the prices of raw materials will further dampen the growth rate of the boring tools market. Large scale technological limitations in the underdeveloped economies and growing popularity of electrical discharge and electrochemical machining will further challenge the boring tools market growth rate.
This boring tools market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on boring tools market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Boring Tools Market Scope and Market Size
The boring tools market is segmented on the basis of product type and end user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of product type, the boring tools market is segmented into rough boring and fine boring.
- On the basis of end user, the boring tools market is segmented into transportation, general machinery, precision engineering and others.
Boring Tools Market Country Level Analysis
The boring tools market is segmented on the basis of product type and end user.
The countries covered in the boring tools market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific region is projected to score the highest CAGR for the forecast period. This is because of the increasing expenditure for research and development proficiencies in this region and growth in the number of buildings and construction activities. Asia-Pacific will further, continue to undergo substantial gains owing to the abundant availability of raw materials and cheap labour and growth and expansion of various end user verticals such as metallurgy industry especially in the developing economies like India and China.
The country section of the boring tools market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Boring Tools Market Share Analysis
The boring tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to boring tools market.
The major players covered in the boring tools market report are Berkshire Hathaway Inc., OSG Corporation., Sandvik AB; (publ), Cogsdill., Kennametal Inc., Mitsubishi Materials Corporation, NACHI-FUJIKOSHI CORP., Allied Machine & Engineering Corp., BIG KAISER Precision Tooling Inc., Schlumberger Limited., NOV Inc., Baker Hughes Company, Tenaris., 3M, Robert Bosch GmbH, Koki Holdings Co., Ltd., Emerson Electric Co., Festool GmbH, KYOCERA Corporation and VALLOUREC among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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