High abrasion resistance and temperature resistance of carbide bits are majorly encouraging router bit manufacturers to use this in their tools. Carbide router bits have an extended service life and better performance than high-speed steel (HSS) bits for woodworking.
Key manufacturers of router bits for wood are focusing on manufacturing carbide router bits as they are much more efficient and help in reducing overall operational cost and time. “Carbide Router Bits Highly Preferred for their Operational Efficiency” are some key products that are expected to see high demand through 2029. Wood carving router bits, router bits for flattening wood, chamfer bits, wood surfacing router bits, etc. Rising disposable income and changing lifestyle preferences have also led to an increase in demand for fine woodworking in the furniture industry. Especially in emerging economies like India and China where construction activity is high, demand for woodworking router bits is anticipated to increase through 2029. Rapid urbanization and industrialization have massively increased the use of wood in the construction of various structures across the globe. “Increasing Adoption of Woodworking Equipment to Drive Demand” What Factors Could Propel Woodworking Router Bit Sales? Increasing automation is expected to propel shipments of CNC router bits for woodworking but at the same time, it is expected to restrain sales of hand router bits for woodworking.ĭemand for woodworking router bits is predicted to rise at a CAGR of 4.8% from 2022 to 2029. Price fluctuations of raw materials and decrease in wood supply are expected to hinder woodworking router bits sales to some extent. Increasing use of wood in multiple end-use industries, rising demand from the furniture industry, rising demand for woodworking processes like grooving, drilling milling, etc., are anticipated to majorly influence the woodworking router bits market potential over the forecast period. From 2014 to 2021, consumption of woodworking router bits rose at a CAGR of 3.7% and the market ended up with a valuation of US$ 105.8 Mn in 2021. Use of wood in the construction of residential and commercial structures has increased substantially over the past years and this has driven shipments of woodworking router bits.
CNC router bits are anticipated to drive the market for woodworking router bits in an era of rising automation.ĭemand Analysis of Woodworking Router Bits (2014 to 2021) Vs Market Statistics (2022 to 2029)ĭemand for design furniture has increased from residential as well as commercial sector and this has largely influenced the demand for wood carving router bits, trimming router bits, and router bits for wood edges. Carbide router bits, which have a longer lifespan and higher wear and temperature resistance than high-speed steel bits, are growing in popularity. Router bits are frequently used for grooving operations due to their excellent craftsmanship and high-quality finish on both plywood and hardwood. However, in the near future, the sales of woodworking router bits may be hampered by price volatility and a declining supply of wood. The main factors behind this variation in growth rate are rapid urbanization and industrialization across the globe. The market, however, is anticipated to have a 34 basis point increase in H1-2022 compared to H1-2021. The demand for woodworking router bits has been fueled in recent years by the growth of the furniture industry's usage of wood.Īccording to FMI analysis, the difference in BPS values between the predicted and actual estimations for the first half of 2022 in the market for woodworking router bits is expected to be an increase of 14 units. How The Market Progressed Till June 2022?įuture Market Insights presents a comprehensive comparison and review analysis of the woodworking router bits market which is principally subjected to growth with rising demand for design furniture from residential as well as commercial sectors.
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