Woodworking Router Bits Market accounted for revenues worth US$ 150 Mn in 2029
Rising Focus on 3D Carving and
Designing of Wood-based Furniture to Push Woodworking Router Bits Market Value
to US$ 150 Mn by 2029
Router bits are used in
several woodworking applications such as milling, drilling, grooving,
profiling, engraving, carving, etc. High accuracy and precision of
carbide-tipped router bits are giving them a competitive edge in the global
market. High demand for design furniture is another plus point favouring market
growth. Furthermore, high reselling value of carbide-tipped router bits as
compared to high speed steel (HSS) is also expected to push the growth lever of
the global market in the coming decade.
According to a new
research report published by Future Market Insights (FMI), the global woodworking
router bits market is estimated to exhibit a CAGR
of close to 5% during the forecast period of 2019-2029.
Key Takeaways of Woodworking Router
Bits Market Study
1.
Woodworking router bits
have prominent application in engraving and carving all kinds of wood such as
chipboard, plywood, hardwood, and softwood, and play a crucial role in the
furniture industry.
2.
Targeting the expanding
DIY consumer segment, manufacturers are offering customized products, which
facilitate effective usage in handheld operations such as drilling, cutting,
milling, etc.
3.
The most common types of
router bits available in the market are handheld router bits and CNC router
bits. Handheld router bits are limited to specific applications, resulting in
steady market growth, whereas, CNC router bits are versatile, providing
lucrative business avenues for investors.
4.
Out of all woodworking
operations, grooving holds a significant share, and is projected to witness
maximum growth during the forecast years.
5.
In recent years, the
market has witnessed price variations, owing to diversified product lines
offered by manufacturers that target a broad clientele based on the type of
woodworking operation.
6.
Growing usage of wood in
the design of basic utilities in commercial construction is expected to further
raise the demand for woodworking router bits.
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“In the
woodworking router bits market, products with high-end precision and durability
are necessary for complex woodworking operations. Manufacturers are
capitalizing on this trend by actively providing customized products for
application-specific woodworking operations.”
Woodworking Router Bits Market:
Competitive Landscape
The woodworking router
bits market has become increasingly competitive as manufacturers are launching
advanced products that offer various operational benefits and are compatible to
the woodworking industry. There are a significant number of organized and unorganized
players actively operating in the global market. Key players involved in the
woodworking router bits market are Robert Bosch GmbH, Stanley Black and Decker,
Kanefusa Corporation, Amana Tool Corporation, and CMT Utensili SpA, among
others. The offering of versatile router bits can be a differentiating move for
manufacturers in the global market.
Asia Pacific Offering Lucrative
Opportunities for Market Growth
The woodworking router
bits market is expected to gain significant traction in the coming years, owing
to flourishing residential and commercial construction activities in developing
economies of Asia Pacific. Rising demand from the furniture industry in the
commercial and residential sectors is expected to drive the sales of router
bits during the forecast period. Intense use of wooden furniture and timber for
construction in countries such as India, China, and South Korea is expected to
propel woodworking router bits market growth.
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solutions to fit your requirements, request customization@https://www.futuremarketinsights.com/customization-available/rep-gb-11076
About Us
Future Market Insights (FMI) is a leading
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reports, custom research reports and consulting services which are personalized
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trends.
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616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): +44 (0) 20-7692-8790
Sales: sales@futuremarketinsights.com
Press Office: Press@futuremarketinsights.com
Blog: Market Research Blog
Website: https:www.futuremarketinsights.com
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