Boring Tools Market Expected To Reach USD 709 Million By 2031 Driven By Growth In Construction & Infrastructure Projects

(MENAFN- EIN Presswire)

Boring-Tools-Market

Drilling into the Future: Innovations and Trends in the Boring Tools Market

TEXES, AUSTIN, UNITED STATES, June 11, 2024 /EINPresswire / -- The Boring Tools market Size was worth USD 510 million in 2023. By 2031, that number is projected to climb to USD 709 million.

Download Sample Copy of Report:

Top Key Players:
Advanced Carbide Tool Company, Inc., Floyd Automatic Tooling Ltd, AMAMCO Tool, OSG Corp, Asahi Diamond Industrial Co., Ltd., Mitsubishi Heavy Industries Machine Tool Co., Ltd., Allied Machine, CeramTec., KOMET Deutschland, Sandvik AB

According to SNS Insider over 70% of machine shops globally now utilize CNC technology.
This automation not only increases production efficiency but also demands high-precision boring tools for consistent results. Furthermore, the flourishing automotive industry, particularly the light vehicle segment, is driving demand for metal boring tools. SNS Insider analysts estimate a 5% annual increase in light vehicle production by 2031, directly translating to a need for more precise engine components and chassis parts – a niche perfectly filled by high-quality boring tools. Additionally, growing infrastructure projects worldwide are driving demand for tools capable of deep-hole boring applications.

The major obstacle is raw material price volatility.
These fluctuations can significantly impact production costs, especially for manufacturers who rely on specific high-grade materials for optimal tool performance. For instance, a recent rise in tungsten carbide prices, a crucial component for many boring tools, squeezed profit margins for several companies in 2023. Another hurdle lies in the knowledge gap within developing economies. Limited technical expertise can hamper the adoption of advanced boring tools and techniques, like those used in CNC machining.

A 2023 SNS Insider survey revealed a 67% increase in households participating in gardening activities since 2020.
This trend, mixed with a growing fascination with self-sufficiency and outdoor living, creates a demand for smaller, user-friendly boring tools. Imagine cordless earth augers for planting trees or lightweight post hole diggers for weekend fence projects. By incorporating ergonomic design principles and innovative battery technology, manufacturers can bridge the gap between industrial functionality and consumer usability. This untapped market segment holds immense potential, with a recent study by SNS Insider indicating that 42% of homeowners are willing to spend more on tools that simplify complex tasks

Market Segmentation:

By Type

Rough Boring
Fine Boring
By End User
Transportation
General Machinery
Precision Engineering
Others

Impact of Geopolitical Pressures:
The Boring Tools market faces a complex geopolitical landscape that can disrupt supply chains and influence buying decisions. Take the recent rise in tensions between China and the United States (US). China is a major producer of raw materials like steel, crucial for boring tool manufacturing.
Any trade restrictions between these giants could lead to price hikes and shortages for manufacturers worldwide. This is particularly concerning as the US Army Corps of Engineers estimates a 37% increase in underground infrastructure projects by 2031.
Geopolitical instability in resource-rich regions can also impact the Boring Tools market. For instance, the ongoing conflict in Ukraine, a significant producer of tungsten carbide, a key component in drill bits, has caused price fluctuations. This can pressure manufacturers to source from alternative locations, potentially impacting quality and delivery timelines.

Recent Developments:
Sandvik Coromant recently unveiled its CoroMill 390 boring tool featuring a new wiper geometry that reduces cutting forces by an impressive 20%. This translates to extended tool life, allowing manufacturers to achieve more precise bores with fewer tool changes.
Kennametal innovative system holds a 40% reduction in setup time compared to traditional solid boring tools. By using interchangeable cutting heads, manufacturers can achieve a wider range of diameters with a single shank, streamlining their operations and reducing overall costs.
Additionally, companies like Hitachi are focusing on eco-friendly solutions. Their new line of Silent Boring Heads minimizes noise generation by up to 7 decibels, promoting a safer and more comfortable work environment for machinists.

Buy Complete Report:

Key Takeaways:
CNC technology, or Computer Numerical Control, is a major force in the market. CNC machines precisely control boring tools, leading to increased efficiency and tighter tolerances in manufacturing.
Another key insight is the regional shift towards Asia Pacific. This region is expected to account for over half of the market's growth in the coming years. This is likely due to the booming manufacturing sectors in countries like China and India, which require a steady supply of reliable boring tools.
While the raw material fluctuations can act as a restraining factor, the overall outlook for the Boring Tools market is positive.

Akash Anand
SNS Insider | Strategy and Stats
+1 415-230-0044
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube

MENAFN11062024003118003196ID1108318545