The scope of our recent study on the "Bi-Metal and Carbide Tipped Band Saw Blades Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Carbide Tipped and High Speed Steel), Application (Steel, Aluminum, Cast Iron, Non-Ferrous Material, and Others), and End-Use Industry (Automotive, Aerospace & Defense, Machine Manufacturing, and Others)" includes factors enabling market growth, revenue estimation and forecast, and market share analysis. It also includes the identification of significant market players along with enlisting their key developments.
The bi-metal and carbide tipped band saw blades market was valued at US$ 1,948.56 million in 2022 and is projected to reach US$ 2,589.57 million by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028. Bi-metal and carbide tipped band saw blades are primarily made of high strength steel (HSS) and spring steel. These blades are commonly used in the metalworking industries to cut cast iron; structural steel; pipelines; and non-ferrous materials such as brass, bronze, aluminum, and copper. These cost-effective blades offer high cutting performance at high speeds, along with delivering high output and addressing challenges related to production efficiency. They are particularly suggested for industrial metal-cutting operations on semiautomatic and automated machines. Furthermore, bi-metal and carbide tipped band saw blades provide a better cutting performance, longer tool life, superior wear resistance, and excellent cutting-edge stability.
Based on end-use industry, the bi-metal and carbide tipped band saw blades market is segmented into automotive, aerospace & defense, machine manufacturing, and others. The machine manufacturing segment held the largest market share in 2022. Machines that are used in the construction, food & beverages, automation, and control industries are manufactured from different types of metals. Construction and manufacturing industries are in high demand due to rapid industrialization and urbanization, particularly in developing countries. Bi-metal and carbide tipped band saw blades are increasingly used to cut metals and alloys to create machinery parts and components in developing countries.
The bi-metal and carbide tipped band saw blades market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SAM). In 2022, Asia Pacific accounted for the largest share of the market. The use of bi-metal and carbide tipped band saw blades has increased across the automotive, aerospace and military, and machine manufacturing industries in Asia Pacific. In addition, demand for bi-metal and carbide tipped band saw blades is surging in the region due to expanding construction projects and rising automobile production. Bi-metal and carbide tipped band saw blades are used to cut hard metals, such as structural steel, cast iron, and non-ferrous metals, to manufacture automotive components and spare parts. As a result, growing automotive production in the region is likely to drive the growth of the bi-metal and carbide tipped band saw blades market in during the forecast period.
Impact of COVID-19 Pandemic on Bi-Metal and Carbide Tipped Band Saw Blades Market
During the COVID-19 pandemic, the bi-metal band saw blade market suffered a downturn due to the insufficient supply of raw materials such as high-speed steel tooth tips and alloy steel, and disruptions in bi-metal band saw blade production processes. These blades are extensively used in steel applications in several end-use industries, such as automotive and machinery production. Per a survey conducted by the United Nations Industrial Development Organization (UNIDO), production of bi-metal and carbide tipped band saw blades in India stopped after the implementation of a lockdown in 2020. Motor vehicles, metals, chemical products, textiles, and machinery & equipment were among the most affected industries that recorded a drop in manufacturing. The COVID-19 pandemic has had a severe impact on the global automotive sector. This resulted in disruption in Chinese parts exports, the shutdown of assembly plants in the US, and large-scale interruptions in production activities across Europe. The automotive industry has been witnessing declining sales of passenger carsHowever, the automotive industry has started to gain momentum and is expected to witness significant growth in the coming years. Thus, despite the losses incurred by the global bi-metal and carbide tipped band saw blades market during the COVID-19 pandemic, it is expected to revive in the coming years.
Bi-Metal and Carbide Tipped Band Saw Blades Market, by Region, 2022
The "Global Bi-Metal and Carbide Tipped Band Saw Blades Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed market segmentation in terms of product type, application, end-use industry, and geography. Based on product type, the bi-metal and carbide tipped band saw blades market is bifurcated into carbide tipped and high speed steel. Based on application, the market is segmented into steel, aluminum, cast iron, non-ferrous material, and others. In terms of end-use industry, the market is segmented into automotive, aerospace & defense, machine manufacturing, and others. Based on geography, the bi-metal and carbide tipped band saw blades market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.
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