Boring Tools Market size is set to grow by USD 1.33 billion from 2024-2028, Emergence of CNC-based boring tools boost the market, Technavio

NEW YORK, Aug. 14, 2024 /PRNewswire/ -- The global boring tools market size is estimated to grow by USD 1.33 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.41%  during the forecast period. Emergence of cnc-based boring tools is driving market growth, with a trend towards additive manufacturing. However, rise in popularity of electrical discharge and electrochemical machining  poses a challenge. Key market players include Allied Machine and Engineering Corp., Asahi Diamond Industrial Co. Ltd., Berkshire Hathaway Inc., BIG DAISHOWA SEIKI CO. LTD., Cogsdill Tool Products Inc., Dorian Tool International Inc., Floyd Automatic Tooling Ltd., Fullerton Tool Co., Glanze Engineering Co. Pvt. Ltd., Harvey Performance Co. LLC, Internal Tool Inc., Jimmore International Corp., Kennametal Inc., MAPAL Fabrik fur Prazisionswerkzeuge Dr. Kress KG, Mitsubishi Materials Corp., NACHI FUJIKOSHI Corp., OSG Corp., Plansee SE, R and R Bassett Engineering Ltd., and Sandvik AB.

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Market Driver

The manufacturing industry is experiencing a game-changing technology called 3D printing, or additive manufacturing. This process constructs three-dimensional objects using digital files, layer by layer. Complex geometries, difficult with traditional methods, are now achievable. Traditional techniques, which are subtractive, waste around 60%-70% of the material. By contrast, 3D printing optimizes material use, reducing waste and costs. High initial costs of 3D printers are offset by lower incremental unit costs for manufacturers. Cheaper parts produced using 3D printing justify the investment. Continued technology advancements and increased adoption will revolutionize manufacturing, driving the global boring tools market growth. 

The boring tools market is thriving in industries like metalworking and carpentry, driven by the demand for mass reducing operations in industrial uses. Boring tools, including metal drilling equipment, play a crucial role in the production process of various sectors, including automotive. With the increasing production of light cars, the need for precision and efficiency in drilling and boring is paramount. Smart tools, CNC-based, and robotics are transforming the market with their automation and customization capabilities. Precision and dimensional accuracy are key factors, with CNC technology and machine tools, such as lathes and milling, leading the way. 3D printing technology and tool geometry are also trends, offering customization and cost savings. The automotive sector's indirect impact on the market is significant due to its vast production lines and transportation needs. Understanding raw materials and finished products pricing, as well as the demand for cars, is essential. Volatility in input materials pricing, electrostatic discharge, and electrochemical milling are challenges. Lightweight equipment and the Boring Process are other trends, with drilling and boring machinery's rig counts reflecting market growth. 

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Market Challenges

• The global metal cutting tools market is experiencing a challenge from advanced technologies such as Electrochemical Machining (ECM) and Electrical Discharge Machining (EDM). Traditional metal cutting processes utilize boring tools made of abrasive and hard metals for cutting softer metals. However, ECM and EDM employ electric current to eliminate unwanted metal, offering advantages over conventional methods. In EDM, the workpiece acts as the anode, and the tool is the cathode, both immersed in a dielectric fluid. Current flow facilitates metal removal. EDM's benefits include the ability to machine any metal, no burrs, easy handling of thin and fragile components, and machining of complex shapes. ECM, which uses reverse electroplating for metal removal, shares similarities with EDM. The workpiece is the anode, and the tool is the cathode, surrounded by an electrolyte. ECM's advantages include no mechanical or thermal stress, high surface finish, no tool wear, and precision machining of complex geometry shapes in high-strength materials. The widespread adoption of EDM and ECM due to their cost-effective advantages, such as less tool wear and no mechanical or thermal stress, poses a significant threat to the traditional boring tools market.
• The Boring Tools market faces several challenges in the current business landscape. Precision and efficiency are key requirements for smart tools in the production process. Advanced technologies like 3D printing and robotics offer customization opportunities, but understanding tool geometry and technical knowledge is crucial. CNC based tools ensure dimensional accuracy, while volatility in input material pricing and electrostatic discharge pose challenges. Underdeveloped economies and electrochemical milling require lightweight equipment. In the Boring Process, Drilling and Boring Machinery face Rig Counts fluctuations in the Seaward Region. Metal Boring Tools, Coordinated Measuring Machines, Fine Boring Tools, Rough Boring Tools, and General Machinery are essential. CNC technology and machine tools like lathes, milling, and drilling equipment, along with grinding tools and cutting edge equipment, are integral to the industry.

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Segment Overview 

This boring tools market report extensively covers market segmentation by  

1. Type 
• 1.1 Fine boring tools
• 1.2 Rough boring tools
2. End-user 
• 2.1 Transportation
• 2.2 General machinery
• 2.3 Precision engineering
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fine boring tools-  In the boring tools market, the fine boring tools segment held a significant 76.40% share in 2023. This dominance is attributed to the increasing demand for high-quality finishing in manufacturing industries. Fine boring tools enable smaller precision adjustments, making them suitable for producing holes with tight tolerances. These tools are essential for businesses to meet customer requirements. Fine boring is particularly useful for short-run projects with a large inventory of stock in the hole. The versatile finishing boring method allows operators to create various hole sizes using the same tool. To optimize results and precision, fine boring heads can benefit from digital technology. These factors are expected to fuel the growth of the fine boring tools segment in the forecast period.

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Learn and explore more about Technavio's in-depth research reports

The Global Metal Cutting Tools Market is witnessing significant growth, driven by advancements in manufacturing technology and increased demand from the automotive and aerospace sectors. Similarly, the Global Downhole Drilling Tools Market is expanding due to rising oil and gas exploration activities. In the U.S. Power Tools Market, growth is fueled by increasing DIY activities and the construction industry's recovery. These markets are poised for robust expansion, supported by innovation, industrial growth, and rising investments in related sectors.

Research Analysis

The Boring Tools Market encompasses a range of tools used in metalworking and carpentry industries for mass reducing operations. Boring tools include drilling equipment used in industrial processes, production lines, and the automotive sector for light cars. The demand for cars and transportation infrastructure drives the need for boring tools in the production of raw materials and finished products. Boring processes involve drilling and machining for precision and efficiency. Boring Machinery, such as Rig Counts, is essential for drilling in various industries. The Seaward Region is a significant market for metal boring tools due to its rich mineral resources. Smart tools, including Coordinated Measuring Machines and Fine and Rough Boring Tools, are increasingly popular due to their ability to enhance production process accuracy and reduce downtime. The indirect impact of 3D printing technology on the boring tools market is significant as it allows for more precise drilling and machining in various industries. The Boring Process and Drilling are crucial aspects of various industries, including metalworking and automotive manufacturing, where precision and efficiency are key. The market for boring tools continues to grow due to the increasing demand for industrial production and the need for high-quality finished products.

Market Research Overview

The Boring Tools Market encompasses a range of tools used in metalworking and carpentry industries for mass reducing operations. Boring tools include metal drilling equipment, CNC based tools like lathes, milling, and drilling equipment, grinding tools, and cutting edge equipment. These tools find extensive industrial uses in various sectors, including automotive, where they are integral to the production process of light cars. The demand for cars indirectly impacts the market's growth. Smart tools, 3D printing technology, robotics, automation, and CNC technology are transforming the production process, ensuring precision and efficiency. Input material pricing volatility, electrostatic discharge, and electrochemical milling are challenges. Underdeveloped economies present opportunities for growth. The market includes Boring Machinery, Rig Counts, Seaward Region, Metal Boring Tools, Coordinated Measuring Machine, Fine Boring Tools, Rough Boring Tools, General Machinery, and Precision Engineering. Understanding tool geometry, customization, and dimensional accuracy are crucial for manufacturers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Fine Boring Tools
• Rough Boring Tools
• End-user
• Transportation
• General Machinery
• Precision Engineering
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio