Global Micro Tool Market by Product Type (Cast Iron Grade Carbide, Steel Grade Carbide, Other Product Types), By Application (Milling, Engraving, Cutting, Drilling, Grooving, Other Applications), and by Region – Global Forecast to 2030

Market.US announces the publication of its most recently generated research report titled, “Global Micro Tool Market by Product Type (Cast Iron Grade Carbide, Steel Grade Carbide, Other Product Types), By Application (Milling, Engraving, Cutting, Drilling, Grooving, Other Applications), and by Region – Global Forecast to 2030.”, which offers a holistic view of the global micro tool market through systematic segmentation that covers every aspect of the target market.

The global micro tool market is projected to be US$ 861.3 in 2020 to reach US$ 1,233.0 by 2030 at a CAGR of 3.7%. A fundamental part of subtractive machining operations is the Cutting tool. The significance of cutting tool machining components is reflected in the increasing need for new micro tool development, which is necessary to the progress of contemporary manufacturing.

Micro cutting is a precision and effective technology that offers several flexible fabrications of micro features or complex three-dimensional components with superior machining accuracy and high surface quality.

This technology compromises great potential, as well as beneficial process capabilities for machining hard-to-cut materials, such as tungsten carbide. Presently, the majority of commercial micro tools are scaled-down versions of conventional macro tool designs. A growing number of parts require tiny holes, and channels entail tools capable of creating these features, which are getting more refined.

Machine tools are mostly utilized for shaping or machining metal to give specific form through grinding, shearing, cutting, and others. Carbide tools and high-speed tools are extensively used in machine tools.

Micro tools are the smallest precision instruments usually available for medical use, laboratory, and others. Also, micro tools are to be considered accurate, since equipment and software are involved in delivering precision. The market is highly segregated into large and small players, which is anticipated to result in further advanced technologies and innovations.

Global Micro Tool Market Revenue (US$ Mn), 2020–2030

In the automotive industry, micro tools play an important role as it is utilized for the manufacturing of the tiny spare parts, and the manufacturing components, which are necessary while assembling the vehicle. The components such as countersinks, drills/step drills, burrs, boring bars, punch, thread mill, re-sharpening, skiving cutters, profiles, stick blades, taper blade nose, and others are manufactured by using micro tools that are used at vehicle assembly lines.

The increasing growth of the aerospace industry, along with rising demand for high-precision components, as well as maintenance equipment, is anticipated to be another dynamic factor enhancing the growth of the market. The challenges that occur while operating traditional machinery such as delamination, uncut fibers, poor surface finish, etc., can be avoided by the use of micro tools, which is anticipated to fuel the adoption of these tools in the industry in upcoming years.

Hefty manufacturing and investment costs of micro-cutting tools are one of the foremost restraining factors of the global micro tools market.

Global Micro Tool Market Attractiveness Analysis by Product Type, 2014–2030

The research report on the global micro tool market includes profiles of some of the major companies such as Mitsubishi Corporation, Kyocera Corp., Sandvik AB, ARCH Global Precision LLC, NS Tool Co., Ltd., Ingersoll Cutting Company, Garr Tool Company, Hobe GmbH, Rock River Tool Inc., and Tunco Manufacturing Inc.

Key Market Segments:

Type

• Cast Iron Grade Carbide
• Steel Grade Carbide

Application

• Milling
• Engraving
• Cutting
• Drilling
• Grooving

Key Market Players included in the report:

• Mitsubishi Corporation
• Kyocera Corp.
• Sandvik AB
• ARCH Global Precision LLC
• NS Tool Co.Ltd.
• Ingersoll Cutting Company
• Garr Tool Company
• Hobe GmbH
• Rock River Tool Inc.
• Tunco Manufacturing Inc.

For the Micro Tool Market research study, the following years have been considered to estimate the market size: