Global Boring Tools Market Overview
Boring tools are used in milling, tapping, and drilling applications. The modular design of latest equipment and its ability to save on labor costs can drive its application in construction sites. Market Research Future’s (MRFR) report on the boring tools market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2022 to 2030) while taking into consideration the effects of the COVID-19 pandemic.
The global boring tools market demand can reach 680 million units by 2030. It can exhibit a CAGR of 4.35% during the forecast period.
Boring tools are likely to be integrated with smart technologies to improve its precision and accuracy. It is used in enlarging existing holes or correcting defects in casting. Its use in automotive, metal fabrication, and manufacturing sectors can bode well for the market. Huge demand for customized products in specific makes can drive market demand significantly. This is exemplified by Sandvik Coromant launching boring tools that are compatible in an IoT ecosystem. The tools have heat and vibration sensors and notify users of tool tip position on the centerline.
Boring tools equipped with boroscopes are likely to be offered in the coming years to industrial behemoths looking to increase their productivity and gain a bird’s eye view on defects and failures. Drilling operations in manufacturing and aerospace sectors can provide a wide scope for expansion to the market.
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Segmentation Analysis
Type outlook
- Fine Boring Tools
- Rough Boring Tools
Application Outlook
- Transportation
- Automotive
- General Machinery
- Precision Engineering
- Others
Region Outlook
- North America
- Europe
- Asia pacific
- Rest of world
Competitive Analysis
Floyd Automatic Tooling Ltd (UK), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan), Becker Diamantwerkzeuge GmbH (Germany), Nachi-Fujikoshi Corp (Japan), Allied Machine (US), AMAMCO Tool (US), Big Kaiser Precision Tooling Inc. (US), Five Star Tool Co (US), OSG USA, INC. (US), CeramTec (Germany), Asahi Diamond Industrial Co., Ltd. (Japan), Fullerton Tool Company (US), Dorian Tool International (US), Sandvik AB (Sweden), Elenco Carbide Tool Corporation (US), Boehlerit Gmbh & Co Kg (Austria), Kyocera Corporation (Japan), Advanced Carbide Tool Company, Inc. (US)
Industry news
August 12, 2020 ----- Kennametal (the US), a leading global supplier of tooling and industrial materials, launched a new line of digital-ready fine boring tools that make precision adjustment easy, enabling more productive, predictable, and accurate boring. Kennametal's digital eBore digital device can improve dialing in a tight bore. The new eBore Fine Boring System consists of cutting units and an optional digital display, making precision adjustments simple. The new eBore digital device can be used across multiple types of tools and on various machines, reducing the tooling budget.
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