According to our latest study on "Band Saw Blades Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by TPI Type, Material, and Application," the market is expected to grow from US$ 1,162.48 million in 2022 to US$ 1,347.80 million by 2028; it is estimated to grow at a CAGR of 2.5 % from 2022 to 2028.
Band saw blades are utilized extensively in the woodworking and metalworking industries due to their various applications. The demand for coarse tooth blades with 2 or 3 TPI is increasing as they are suitable for resawing and cutting thicker materials. Furthermore, diamond blades or ferrous blades are preferred for metal cutting. The woodworking industry involves various processes such as harvesting, processing, and logging of wood and forest resources. The finished products produced by this industry are used in construction, agriculture, and food industries. Band saw blades play a vital role in primary wood processing. In the metalworking industry, advancements in metal processing techniques have led to an increase in demand for equipment and tools that reduce vibration and noise. Durability and ease of handling are crucial considerations in metal processing, which has led to an increased demand for long-lasting band saw blades that prevent downtime and failure. The rise of CNC machine manufacturing processes has also fueled the growth of the industrial metalworking industry. Technological advancements, innovative product developments, and an increasing demand for power tools and robotic woodworking machines are other factors driving the growth of the band saw blades market. The proliferation of advanced technologies is also contributing to the sales of band saw blades in wood and metalworking industries.
Band saw blades market players are collaborating with woodworking companies to improve and automate their products, as well as to introduce quality control and production diagnostics systems. The furniture industry is experiencing significant growth, which is contributing to the expansion of the woodworking machinery band saw blades market in countries like the US, China, Japan, Canada, and Germany, ultimately driving the global band saw blades market size. South Africa, which is a major exporter of forest-related products such as pulp, paper, and solid wood, is witnessing a surge in demand for band saw blades due to the presence of several forestry companies and small-scale farmers who represent over 90% of the country's forestry industry. As a result, regional woodworking industry players are upgrading their machinery to add value to their wood products. Moreover, the global woodworking and metalworking industry is characterized by R&D activities by major players, the development of advanced machines, and technological advancements in current products, creating demand for band saw blades. The growing use of IoT in woodworking machines to enable communication between objects and internet-enabled devices is also contributing to the growth of the band saw blades market.
Impact of COVID-19 Pandemic on Band Saw Blades Market
North America has been a leader in adopting and developing emerging technologies due to its favorable government policies aimed at promoting innovation and reinforcing infrastructure capabilities. The manufacturing industry is a major contributor to the economy of the region, and any negative impact on the industry can adversely affect the economy. However, the COVID-19 pandemic had a significant impact on multiple industries in North America, including agriculture, construction, and food & beverage, with the US being one of the worst affected countries. The crisis led to a cascading effect, and operations in these industries were put on hold, which affected the business dynamics in the first half of 2020. The supply chain disruptions and limited labor market were prominent factors that hampered the supply and production activities. As a result, the band saw blades market in the region was negatively impacted during the pandemic.
Key Findings of Study
The band saw blades market is divided into five regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In 2021, North America held the largest market share, followed by Europe and Asia Pacific. The market is further categorized into TPI type, material, and application. The TPI type segment is classified into less than 3 TPI, 4 TPI to 6 TPI, and more than 7 TPI, with the 4 TPI to 6 TPI segment projected to lead the market in the forecast period. The band saw blades market's material segment is divided into bi-metal, carbon steel, and others, with the bi-metal segment expected to dominate the market in the future. The market's application segment is bifurcated into wood cutting and meat processing, with the meat processing segment expected to lead the market in the forecast period.
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