Boring tools are used for enlarging holes that have already been drilled or cast, by means of a single point cutting tool or of a boring head containing several such tools. The boring tools are fitted in boring tool holders, which may either be fixed or rotating type, fixed holders are used in work-rotating machines and rotating holders in tool rotating machines. The Global Boring Tools Market is expected to witness ~4.35% CAGR during the forecast period and the market size is expected to reach 680 million units by 2025.
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The global boring tools market is segmented based on type and region. On the basis of type, the fine boring segment is expected to register the higher growth rate during the forecast period in the global boring tools market. This growth is attributed to the increasing demand for high precision and surface finished components to increase the aesthetics of components and attract more customers in all of the end use industries.
By Type: Rough boring, Fine boring
By Regions: North America, Asia-Pacific, Europe, Rest of the World
Some of the major players in the global boring tools market are Nachi-Fujikoshi Corp (Japan), OSG USA, INC. (US), Sandvik AB (Sweden), Advanced Carbide Tool Company, Inc. (US), Floyd Automatic Tooling Ltd (UK), AMAMCO Tool (US), Asahi Diamond Industrial Co., Ltd. (Japan), Big Kaiser Precision Tooling Inc. (US), Kennametal (US), Dorian Tool International (US), Elenco Carbide Tool Corporation (US), Five Star Tool Co (US), Fullerton Tool Company (US), Becker Diamantwerkzeuge GmbH (Germany), Mitsubishi Heavy Industries Machine Tool Co., Ltd. (Japan), Allied Machine (US), Kyocera Corporation (Japan), Boehlerit Gmbh & Co Kg (Austria), and CeramTec (Germany), are among others.
In terms of region, the global market for boring tools is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to witness the highest CAGR in the global boring tools market. The increase in manufacturing and the growth of the automotive industry in countries such as India and China and the government initiatives to attract foreign direct investments in the manufacturing sector are expected to drive the growth of boring tools market in Asia-Pacific.
Furthermore, Europe is expected to hold substantial market share in global boring tool market during the forecast period. The presence of established automotive and related component manufacturing industry in countries like Germany, France, and the UK is expected to drive the demand for boring tools in the region during the forecast period.
Scope of the Report
This study provides an overview of the global boring tools market, tracking one market segment across four geographic regions. The report studies key players and provide a nine-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the world. The report also provides a forecast, which focuses on the market opportunities for the next nine years for each region. The scope of the study segments the global boring tools market by type and region.
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