Boring Tools Market Size 2024-2028

The boring tools market size is forecast to increase by USD 1.33 billion at a CAGR of 6.41% between 2023 and 2028. The emergence of Computer Numerical Control (CNC) based boring tools has revolutionized the metal cutting industry in India, significantly increasing its productivity and precision. This technological advancement aligns with the growing demand for advanced manufacturing processes in various sectors, including aerospace. The global aircraft industry is experiencing robust growth, driven by increasing air travel demand and technological innovations. Key offerings of this industry include fuel-efficient aircraft, advanced avionics systems, and lightweight materials, which necessitate the use of high-performance metal cutting tools. India's metal cutting tools sector is poised to benefit from this trend, as it offers cost-effective solutions and a skilled workforce. The convergence of these factors is expected to fuel the growth of the metal cutting tools market in India and contribute to the global aircraft industry's continued success.

Market Forecasting and Size

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Market Dynamics

The boring tools market plays a crucial role in metalworking and carpentry, essential for mass reducing operations across various industrial uses, including the automotive sector and light cars manufacturing. These tools, such as metal drilling equipment and boring machinery, are integral to the production line ensuring efficient transformation of raw materials into finished products. With increasing demand for cars, there's a direct and indirect impact on tool innovations like smart tools and the integration of 3D printing technology in the production process. Precision tools like fine boring tools and rough boring tools are critical in achieving high efficiency and accuracy, supported by advancements in coordinated measuring machines for quality assurance in the metal boring tools sector. Our researchers studied the market research and growth data for years, with 2023 as the base year along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver- Growth of the global aircraft industry

The global number of air passengers has been increasing consistently since 2012. The growth in the number of air passengers is primarily attributed to the availability of LCC and increasing per capita income in emerging economies such as India and China. Considering the growth opportunities from emerging countries, airlines are focusing on fleet enlargement in such countries. For instance, in October 2019, IndiGo, an India-based airline, placed an order for 300 A320neo family aircraft from Airbus. Such orders for new aircraft are anticipated to increase during the forecast period. 

Additionally, aiming to reduce the backlog and cater to the growing demand, aircraft manufacturing companies are focusing on increasing the pace of aircraft manufacturing. For instance, in 2019, Airbus delivered 863 aircraft, which was higher by 63 units when compared to the number of deliveries in 2018. Such an increase in the production of aircraft will drive the demand for aircraft components such as landing gears, engines, and others. As several components of aircraft require a boring operation to be performed,  therefore, the demand for boring tools is anticipated to increase with the growth in the aircraft industry during the forecast period.

Significant Market Trends- Carbide materials for boring tools

Carbide metal cutting tools are used by companies across various sectors, including automotive, aerospace, shipbuilding, die mold, part manufacturers, tool rooms, heavy industries, electrical and electronics, healthcare, oil and gas, energy, and consumer utilities. Companies are using these tools for increased ease and efficiency in the development of quality products.

Moreover, customers across the globe are insisting on superior-quality products in minimal time and at a reduced cost. Therefore, several organizations have begun to deploy carbide metal-cutting tools such as boring tools, milling tools, drilling tools, tapping tools, reaming tools, counter-boring tools, broaching tools, and gear-cutting tools. The effective deployment of these carbide metal cutting tools helps in reducing the overall lead time in product development. It also enables organizations to develop products that have superior quality to achieve a higher customer satisfaction level. Therefore, such factors will boost the market growth during the forecast period. 

Major Market Challenge- Rise in the popularity of electrical discharge and electrochemical machining

The global metal cutting tools market faces a serious threat from technologies such as electrochemical machining (ECM) and electrical discharge machining (EDM). Traditional processes for metal cutting use boring tools that are made of abrasive and hard metals, which are used to cut softer metals. However, non-conventional methods such as ECM and EDM make use of electric current to remove the undesired metal.

EDM is the most widely used non-traditional machining process. A few advantages of EDM include any metal, irrespective of its hardness, can be treated through this technique; unlike the traditional process, no burrs are left on the surface of the workpiece; and thin and fragile components can be easily worked upon using this technique. Similarly, a few advantages of the ECM process include the workpiece is not subjected to mechanical or thermal stress, the use of this technique results in a high surface finish, and no wearing of the tool takes place. Therefore, such factors have been replacing conventional boring tools in many applications, which will have an adverse impact on the market during the forecast period. 

Market Segmentation

By Type 

The market share growth by the fine boring tools segment will be significant during the forecast period. In 2023, the fine boring tools segment dominated the boring tools market with a 76.40% share. The increased demand for fine boring tools is due to the increased need for high-quality finishing in the manufacturing industry. 

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The fine boring tools segment was valued at USD 2.10 Billion in 2018. Fine boring tools allow for smaller precision adjustments, which is ideal for finishing holes with tight tolerances. Businesses rely heavily on precision finish boring tools to meet the needs of their customers. Furthermore, they are ideal for short-run projects with a large amount of stock remaining in the hole. Finished boring is a versatile method that enables operators to create a wide range of hole sizes with the same tool. To achieve the best results and precision, fine boring heads may benefit from digital technology. Hence, such factors are anticipated to drive the growth of the fine boring tools segment during the forecast period.

Regional Analysis

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APAC is estimated to contribute 52% to the growth during the forecast year.  Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

Countries like China, India, Japan, South Korea, and Taiwan are the main consumers of cutting tools, of which boring tools is one key sub-segment. In India, attractive foreign policies like Skill India and Make in India, the favorable business landscape, the rise in purchasing power, the availability of raw materials, and lower wages of the skilled workforce are encouraging manufacturers from developed countries to setup up their manufacturing units in this region. For instance, auto companies like Daimler, BMW, and Ford have enhanced their production capabilities in India in the past five years. Moreover, in June 2020, the Government of India initiated the Self-Reliant India campaign, under which governing bodies are encouraging the local manufacturing of various industrial equipment and machinery. This will drive manufacturing activities across the country during the forecast period, which will drive the demand for boring tools.

Furthermore, Vietnam is also witnessing significant economic growth, which is mainly attributed to its manufacturing sector. It has become one of the hottest markets in Southeast Asia and is continuously attracting manufacturers to establish their production units in the country. One of the major attractions of Vietnam's manufacturing sector lies in its working labor force; with around two-thirds of the population under the age of 35 years, Vietnam offers a high labor potential, which is a boon for any manufacturing industry. Such factors will drive regional market growth during the market growth analysis period. 

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Allied Machine and Engineering Corp. - The company offers various products such as drilling tools, boring tools, burnishing tools, threading tools, porting tools, multifunction tools, and various other products. The key offerings of the company include boring tools. 

We also have detailed analyses of the market’s competitive landscape and offer information on key companies, including:

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

Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Type Outlook
  • Fine boring tools
  • Rough boring tools
• End-user Outlook
  • Transportation
  • General Machinery
  • Precision engineering
  • Others
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

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Market Analyst Overview

The market is evolving with advancements in mass reducing operations and tool geometry, driven by robotics and automation. CNC-based tools ensure precise dimensional accuracy and efficiency, enhancing operations in machine tools such as lathes, grinding tools, and cutting-edge equipment. Coordinate measuring machines (CMMs) play a pivotal role in quality assurance, crucial for industries demanding high technical knowledge and understanding. In underdeveloped economies, challenges like volatility in input materials pricing and concerns such as electrostatic discharge are addressed through innovations like 3D printed stator bore tools and lightweight equipment. The boring process supports industries globally, including in seaward regions, where precise machining and quality control are essential for various applications.

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What are the Key Data Covered in this Boring Tools Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the boring tools market between 2024 and 2028
• Precise estimation of the market growth and trends and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Market growth and forecasting across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market  companies

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