LONDON--(BUSINESS WIRE)--The global boring tools market is expected to grow by USD 973.24 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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Read the 120-page report with TOC on "Boring Tools Market Analysis Report by End-user (Transportation, General machinery, Precision engineering, and Others), Geography (APAC, Europe, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the emergence of CNC-based boring tools. In addition, the growth of metal cutting tools in India is anticipated to boost the growth of the boring tools market.
The growing adoption of automation across the manufacturing industry has led to a gradual shift from the use of conventional and manually controlled machines to CNC machines. Also, end-users across the manufacturing sector are readily adopting CNC machines to reduce human errors and produce superior quality products. This is increasing the popularity of CNC machines, which is prompting vendors in the market to offer CNC boring tools with advanced technology at competitive prices. This is helping them to keep pace with the changing dynamics of the market. Therefore, the emergence of CNC-based boring tools is expected to fuel the growth of the global boring tools market during the forecast period.
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Major Five Boring Tools Companies:
Allied Machine & Engineering Corp.
Allied Machine & Engineering Corp. operates its business through the Unified segment. The company offers boring tools under the brands, Wohlhaupter and Criterion.
Berkshire Hathaway Inc.
Berkshire Hathaway Inc. operates its business through segments such as Manufacturing, McLane Company, Service and Retail, BNSF, Berkshire Hathaway Energy, and Insurance, Corporate and other. The company offers boring tools under the brands, BoreMeister and TinyMini-Turn.
BIG KAISER Precision Tooling Inc.
BIG KAISER Precision Tooling Inc. operates its business through the Unified segment. The company offers a wide range of boring tools under the brand, BIG KAISER.
Cogsdill-Nuneaton Ltd. operates its business through the Unified segment. The company offers ZX Modular Boring Tools that are available in single-slide (MBT-S) and twin-slide (MBT-T) versions.
Kennametal Inc. operates its business through segments such as Industrial, Widia, and Infrastructure. The company offers a wide range of boring tools under the brand, Kenclamp.
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Boring Tools Market End-user Outlook (Revenue, USD Million, 2020-2024)
- General machinery
- Precision engineering
Boring Tools Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America
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