Woodworking CNC Tools Market to Witness Significant Growth, Buoyed by Strong Focus on Precision in Woodworking Applications
CNC woodworking machines, for woodworking usages, have turn out to be the prime preference for carpentry shop hobbyists and operators, owing to blue-chip operational quality and first-class accuracy. Increasing need for wood cutting or 3D designing on products including wooden decorative accessories, cabinets, and doors is boosting growth of the woodworking CNC tools market. As per an FMI research, sales of router bits are anticipated to represent over 40% volume share over the forecast period (2019-2029), and the worldwide market valuation is projected to surpass US$ 2.6 Billion by 2029-end.
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Woodworking CNC Tools Market Study: Key Takeaways
- Demand for 1/2″ router bits is projected to display a sturdy annual growth rate, attributable to the higher inclination for DIY in addition to industrial applications. Additionally, cutters hold an important share in the global market, on the back of increasing use in slotting, cutting, and profiling, amid others.
- Based on wood type, MDF (medium-thickness fiberboard) is anticipated to account for a one-third share in the worldwide market, as it is utilized in flooring making, cabinetry, and furniture. Moreover, in music equipment, MDF is used to make speaker boxes because of its strength, machinability, smooth finish, and consistency.
- Cutting, profiling, drilling, and milling are significant utilizations. Milling and cutting are anticipated to be the most lucrative category in the worldwide market.
- APAC is anticipated to advance at a noteworthy CAGR in the global woodworking CNC tools market, attributable to increasing need from different end-use sectors.
“Worldwide, woodworking CNC tools would gain healthy traction in the approaching decades, supported by quick expansions in the automation sector and increased focus on safety. CNC machines are extremely safe, as these could execute all operations on wood with no need for labor or human interaction.”
Market Consolidation in APAC Remains Key Focus Area
Capturing a huge share of the market value, manufacturers continue to keep an eye on APAC for widening profit margin. Demonstrated by India and China, a striking spike in infrastructure and construction investments are drawing in players in the woodworking CNC tools market. Furthermore, these nations are grasping cutting edge innovations for manufacturing upsurge to manage labor-wage inflation. Towards 2025, the market in APAC will reflect a multibillion-dollar prospect. Moreover, manufacturers of these woodworking machines are anticipating important value-capture prospects in Europe, inferable from the expanding predominance of 3D-designing techniques and luxury furniture in the region.
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Market Landscape: Majorly Fragmented
The global woodworking tools market is majorly fragmented, due to presence of large number of local and international players. Moreover, key players will gain less than 15% share, whilst the remaining is explicated by local players. Additionally, Mexico and China are two nations which will change the market scenario throughout the approaching years.
Capturing around half of the overall market stack, market players will prioritize capital investments in cutters. Based on the tools category, single flute and finger joint cutters are the topmost equipment. Router bits, particularly the 1/2″ variation, are additionally ascertaining immense usage in industrial use and DIY project cases. Moreover, whilst cutters are worthy of surface finishing operations and cutting & grooving, woodworking router bits are suited for edge trimming and milling operations
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