Twist Drill Market Size, Share, Growth, and Industry Growth, By Type (Straight Shank Twist Drill, Taper Shank Twist Drill, Double-End Twist Drill, and Others), By Application (Metal, Wood, Plastic, Concrete, and Others), Regional Forecast to 2031

Updated On: 15 April 2024

Twist Drill Market REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

global twist drill market size was USD 4418 Million in 2021 and market is projected to touch 4660.89 Million by 2031, exhibiting a CAGR of 1.8% during the forecast period.

A rotating cut tool used to cut holes in rigid materials and consists of a relieved, essentially conical point and fluted to form the spiral flutes and cutting lips. These direct the chips away from the lips and towards ejection. This is also known as a twist drill. It is easy to put holes in rigid materials such as wood, steel, and others. 

It comprises inserts or tips where the cutting edge is a changeable shaped component that is welded or connected to the tool body. They are frequently employed in operations like milling, turning, and hole-making. Inserts made of carbide often have numerous cutting edges. Twisting or flipping the insert will replace the worn cutting edge. The steel body of indexable tools has been manufactured with characteristics that allow for exact insert position. Steel tool bodies come with an insert clamping mechanism and a means of fastening the finished body and inserts to the machine tool.

COVID-19 Impact: Slowed Manufacturing Rate Hampered Market Growth

The COVID-19 epidemic caused a worldwide lockdown, which caused the production of several goods in the index able tool inserts business to stop. This has slowed the market's expansion for indexable tool inserts since a few months ago, and it will probably do so until 2022. Indexable tool insert sales were negatively impacted by COVID-19 in the first quarter of 2022, and it is projected that this effect will continue throughout the year.

LATEST TRENDS

"Constant Innovations in the Industry to Surge Market Growth"

Because of ongoing product innovation, it is projected that the global market will accelerate its expansion. An increase in R&D efforts may be essential for the market to expand globally. The growth of the market is anticipated to be influenced by the expansion of the building industry in important regions. The growing interest in home renovations is another factor that could boost the expansion of the market. However, increasing maintenance operations in the commercial sector is anticipated to help the worldwide twist drill market.

Twist Drill Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

By type, the market is segmented into straight shank twist drill, taper shank twist drill, double-end twist drill, and others.

• By Application Analysis

Based on application, the market is classified into metal, wood, plastic, concrete, and others.

DRIVING FACTORS

"Expanding Automotive Sector to Elevate Product Demand"

The automobile sector's explosive growth primarily drives the twist drill market growth. Major end-use industries in developed nations are also anticipated to recover, which would help the global market for metal cutting tools. Also, the rise in light-vehicle manufacturing will result in a large need for new cutting tools, which will result in significant demand for metal cutting tools during the forecast period. During the projection period, these instruments are expected to represent a sizable portion of the market for machine tools overall.

"Growing Demand for Coal to Bolster Market Growth"

The market for twist drills is anticipated to expand in the future due to the increased demand for coal. Drills are used in mining for a variety of reasons, including allowing geologists access to different soil samples for research and making it simpler to extract rich minerals from difficult places. For every mining goal, including exploration, production, land clearing, and geotechnical applications, a drilling technique can be applied.

RESTRAINING FACTORS

"Limited Size and Shape of the Tool to Impede Market Growth"

The size and shape of the cutting edges are limited, which may restrain the twist drill market growth. Additionally, carbide-cutting tools are more brittle than high-speed steel, which shatters them frequently. 

Twist Drill Market REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"Asia Pacific to Lead Market Owing to the Expansion of the Construction Industry"

Asia Pacific is estimated to lead the twist drill market share due to the consistent dominance of the region due to the growing industrialization, expansion of the construction industry, and availability of cheap labor. Moreover, the rising use of these tools for drilling holes through rigid metals will also boost product adoption. 

Europe is expected to show sizable growth owing to the expansion of the construction industry in the region. 

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Sandvik Coromant (Sweden)
• OSG (Japan)
• Kennamtel (U.S.)
• SECO (Sweden)
• Stanley Black & Decker (U.S.)
• Mitsubishi (Japan)
• Guhring Group (Germany)
• Nachi (Japan)
• ISCAR (Israel)
• Sumitomo (Japan)
• Walter AG (Germany)
• Bosch (Germany)
• Mapal (U.S.)
• Korloy (South Korea)
• Triumph (U.K.)
• Tiangong International (China)
• Kyocera (Japan)
• Irwin Tool (U.S.)
• TDC Cutting Tool (China)
• Shanggong (China)
• Harbin No.1 Tool (China)
• Feida (India)
• Ceratizit (Luxembourg)
• Greenfield Industries (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.