New York, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Bi-Metal Band Saw Blades Market: Key Insights
According to our new research study on Bi-Metal Band Saw Blades Market Size, Share, Revenue, 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).
| Report Coverage | Details |
| Market Size Value in | US$ 3,922.06 million in 2020 |
| Market Size Value by | US$ 5,907.52 million by 2028 |
| Growth Rate | CAGR of 5.6% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 161 |
| No. Tables | 83 |
| No. of Charts & Figures | 79 |
| Historical Data Available | Yes |
| Segments Covered | Product Type, Application, and End Use Industry |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country Scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Bi-Metal Band Saw Blades Market: Competitive Landscape and Key Developments
Some of the players operating in the market are Bichamp Cutting Technology Co(hunan)., Ltd., Dalian Special Steel Products Co.,Ltd., Eberle, Hakansson Saws India Pvt. Ltd., Lenox, Starrett, Wikus-sagenfabrik, Benxi Tools Group, Bahco, and Amada Machine Tools Co., Ltd. In 2020, Bichamp Cutting Technology (Hunan) Co., Ltd has designed and introduced a sawing blade for aluminum with the cooperation of the Aluminum Association of China. The product consists of four width specifications of 34mm, 41mm, 54mm, and 80mm.
Bi-metal band saw blades are used for cutting metals such as steel, aluminum, cast iron, and non-ferrous materials across various industries such as machine manufacturing, automotive, aerospace, and defense, metal fabrication, among others. These blades are suitable for semi-automatic and fully-automatic band saws. They are made up of high speed steel and carbide and are cost-effective alternatives to expensive precision and metal cutting equipment. Rising demand for bi-metal band saws for manufacturing industrial equipment, automotive components, aircraft and defense equipment owing to the ability of bi-metal band saw blades to cut harder metals by optimizing cost and quality of cuts is primarily driving the market growth. Moreover, increasing utilization of technologically advanced metal cutting equipment across machining workshops is also expected to potentially drive the market growth over the forecast period.
Market opportunities for innovative products:
Manufacturers of band saw blades are focusing on developing new products that deliver high-quality cuts in different metal cutting applications. The product innovation strategy is primarily focused on improving the performance and durability of blades for high-precision metal cutting. Intense competition in the metal cutting market has been one of the key factors compelling the manufacturers to adopt product innovation strategy. Simonds Saw, LLC, one of the significant manufacturers of band saw and hand file products, based in the US, introduced a new range of bi-metal band saw blades that are designed with the specialized depth to meet all metal cutting applications including general purpose cutting, production cutting, structural steel cutting, and tough exotic alloy cutting. Thus, increasing development of new products with improved performance is expected to provide significant product and clientele expansion opportunities to the market players in the coming years.
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Bi-Metal Band Saw Blades Market: Segmental Overview
The machine manufacturing segment includes manufacturers of machines that are used in the construction, food & beverages, and automation and controls industries. Rapid industrialization and urbanization, especially in developing economies, are fueling the proliferation of the construction and manufacturing industries. The growth of these industries eventually accelerates the production of heavy machinery, subsequently creating a demand for bi-metal band saw blades to cut metals and alloys.
Impact of COVID-19 on Bi-Metal Band Saw Blades Market:
The bi metal band saw blade market has been negatively impacted 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. Bi metal band saw blade is extensively used in steel applications and several end-use industries such as automotive and machinery production. As per a survey conducted by the United Nations Industrial Development Organization (UNIDO), after the lockdown was imposed last year, production in India had stopped. In manufacturing, motor vehicles, metals, chemical products, textiles, and machinery & equipment were among the most affected industries. The COVID-19 pandemic has had a severe impact on the globally integrated automotive sector. This resulted in disruption in Chinese parts exports, the closure of assembly plants in the US, and large-scale production interruptions across Europe. The automotive industry has been witnessing declining sales of passenger cars. For instance, according to McKinsey & Company, Original equipment manufacturers (OEMs) lessened their production volumes in Europe by 16% compared with their originally planned 2020 volumes.
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Key Questions to Request for Bi-Metal Band Saw Blades Market:
- Can you list some of the major players operating in the global bi-metal band saw blades market?
- During the forecast period, which region is anticipated to account for the largest share of the global bi-metal band saw blades market?
- On the basis of end use industry, why machine manufacturing segment accounted for the largest share in the global bi-metal band saw blades market?
- Which application segment led the global bi-metal band saw blades market in 2020?
- Based on product type, which segment is the fastest growing segment in the global bi-metal band saw blades market?
- What is the key driver for the growth of the global bi-metal band saw blades market?
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