Global Micro Tool Market is comprehensively and Insightful information in the report, taking into consideration various factors such as competition, regional growth, segmentation.
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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%.
Market.us announces publication of its most recently generated research report titled, “Global Micro Tool Market by Product Type (Cast Iron Grade Carbide, Steel Grade Carbide and Other Products), By Application (Milling, Engraving, Cutting, Drilling, Grooving and Other Applications), and by Region – Global Forecast to 2028.”, which offers a holistic view of the global micro tool market through systematic segmentation that covers every aspect of the target market.
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 micro machining 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.
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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.
Global Micro Tool Market Revenue (US$ Mn), 2018–2028
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.
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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Global Micro Tool Market by Product Type, 2018
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.
Key Market Segments:
Type
Cast Iron Grade Carbide
Steel Grade Carbide
Application
Milling
Engraving
Cutting
Drilling
Grooving
Key Market Players included in the report:
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
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Release ID: 88928829
