The market study covers the present scenario and growth prospects of the global boring tools market for 2017-2021. The report also lists transportation, general machinery, and precision engineering as the three major end-user segments, of which the transportation segment accounted for more than 52% of the market share in 2016.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global boring tools market:
- Emergence of CNC-based boring tools
- Growth of metal cutting tools in India
- Increasing need to develop superior-quality products
Emergence of CNC-based boring tools
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, “Design and precision play a crucial role in the process of product development. This is where boring machines play a crucial role, as they are used in implementing and developing complex products and shapes. Thus, the effective use of these tools helps industries to develop superior-quality products that offer enhanced dimensional accuracy.”
Computer numerical control (CNC) refers to the automation of any machine tool, where the predefined functions and motions of that machine are fed and controlled by the prepared program. A CNC can govern the motion of any workpiece including the depth of the cut, and the drill and speed of the rotation of the workpiece. CNC-based machines are highly productive and efficient.
Growth of metal cutting tools in India
The Indian cutting tools sector produces various types of tools such as taps, bores, reamers, drills, cutters, chasers, rolling dies, and tool bits. The machine cutting tools sector in India, has received a boost after the Indian government launched the Make in India initiative to promote small and medium enterprises (SMEs). The positive scenario and policies, infrastructure, and steps, which have been taken to promote business, especially the manufacturing sector, will have a positive impact on the boring tools market.
“The cutting tools and machining industry is witnessing developments, especially in terms of integration of new tools and technology as well as tool materials, to keep pace with the changing dynamics of the market,” says Gaurav.
Increasing need to develop superior-quality products
Manufacturers across the globe are focusing on adopting state-of-the-art tools to minimize production time without compromising on the quality of the product. Moreover, timely delivery is rapidly becoming the key buying criterion across industries. Furthermore, customers are now insisting on coordinating measuring machine (CMM) reports verifying the quality of products as well as their adherence to specifications.
Despite the deployment of several high-quality machining centers and other such machines, the use of the right cutting tools for machining components is a prime factor that determines the quality of the products manufactured. This has led to the increased adoption of high-speed steel (HSS) metal cutting tools.
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