Boring Tools Market2021: COVID-19 Impact Development Status, Growth Drivers, Global Industry Analysis, Opportunity Assessment and Competitive Landscape
Komal BoudhhMarket Overview
The boring tools market 2020 is all set to achieve a growth rate of 4.35% between 2019 and 2025 (appraisal period), confirms Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The report offers an in-depth analysis of the market following the coronavirus disease outbreak.
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COVID-19 Analysis
The COVID-19 impact analysis by MRFR suggests that various end users across industries now understand the significance of automation, smart manufacturing and remote intelligence. They now realize the importance of reducing the dependency on workforce at production sites. The short term impact has led to a sharp dip in exports, as a result of the collapsing supply chain and the consistently spreading pandemic across the globe has added to the woes of boring tools businesses. Market players are incurring major losses in terms of revenue, with industrial production and manufacturing activities coming to a standstill.
Taking into account the long-term impact of COVID-19, the industrial automation equipment industry and in turn, the boring tools market can advance, following the increase in the demand for industrial internet of things (IIoT), artificial intelligence, industrial internet, and various other transformative technologies that are majorly deployed in the manufacturing process. Also, the promising growth scope of the construction sector can leave a positive impact on the boring tools market in the following years.
Across the globe, manufacturers are increasingly deploying state-of-the-art tools to bring down the production time and enhance the product quality of the product. Timely delivery has become the key objective of various industries, which boosts the uptake of advanced manufacturing components such as drilling and boring tools. Customers now expect coordination of measuring machine (CMM) reports to elevate the product quality and also help adhere to the specifications.
The thriving automotive industry worldwide, escalating demand from several end-use industries, and heightened production level of light vehicles are leading to higher demand for metal boring tools, which can be a key growth inducer in the market in the coming years. Rapid industrialization along with the fast expanding manufacturing sectors offers lucrative opportunities to the boring tools market.
Sizeable investments in research and development (R&D) activities to upgrade boring tools for better precision and accuracy can also emerge as significant opportunities for renowned companies in the industry.
Market Segmentation
The market for boring machine tools has been considered for type.
The types of boring tools are rough boring as well as fine boring. The lead is expected to be taken by the fine boring tools segment, as a result of the extensive finishing applications in the manufacturing sector. However, the demand for rough boring tools is also anticipated to pick up pace in the years to come, given their high flexibility and modularity.
Regional Insight
Europe, North America, APAC or Asia Pacific, and RoW the Rest of the world are the main markets for boring tools.
APAC will be the fastest gaining market for boring tools, on account of the favorable policies, expanding infrastructure, and the rapid growth of the manufacturing sector, especially in China. The boring tools industry in India has backed by the Make in India initiative taken by the government, to boost the growth of small and medium enterprises or SMEs. The region is also observing a healthy surge in the demand for boring and reaming tools, with increasing applications in finishing and roughing operations. The solid growth of the automobile manufacturing industry in China, Indonesia and India, along with the burgeoning population in the region also facilitates revenue generation in the regional market.
Although the lockdown situation due to novel coronavirus has acted as a roadblock, the European market is presumed to holds its own in the approaching years. The well-established automotive and associated component manufacturing sector in France, the UK and Germany happens to be one of the chief growth inducers in the boring tools market.
Notable Contenders
Notable contenders in the boring tools industry include AMAMCO Tool (US), Boehlerit Gmbh & Co Kg (Austria), Nachi-Fujikoshi Corp (Japan), Asahi Diamond Industrial Co., Ltd. (Japan), Becker Diamantwerkzeuge GmbH (Germany), Big Kaiser Precision Tooling Inc. (US), Elenco Carbide Tool Corporation (US), Dorian Tool International (US), Sandvik AB (Sweden), Advanced Carbide Tool Company, Inc. (US), Kennametal (US), CeramTec (Germany), Kyocera Corporation (Japan), Allied Machine (US), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan), Five Star Tool Co (US), Floyd Automatic Tooling Ltd (UK), OSG USA, INC. (US), Fullerton Tool Company (US), to list a few.
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Latest News
While countries are struggling to find covid-19 breakthrough, CERATIZIT USA has come together with a few companies to build ventilators. The company has expertise in high -precision boring, drilling, countersinking, and reaming, which could help in the development of special-purpose tools for specific applications.
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