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 2022-2029.
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.
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Key Takeaways of Woodworking Router Bits Market Study
- 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.
- Targeting the expanding DIY consumer segment, manufacturers are offering customized products, which facilitate effective usage in handheld operations such as drilling, cutting, milling, etc.
- 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.
- Out of all woodworking operations, grooving holds a significant share, and is projected to witness maximum growth during the forecast years.
- 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.
- Growing usage of wood in the design of basic utilities in commercial construction is expected to further raise the demand for woodworking router bits.
“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.”
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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 Tool Corporation
- Stanley Black and Decker
- KANEFUSA Corporation
- Amana Tool Corporation
- Freud Tools
- Vortex Tool Company Inc.
- Whiteside Machine Company
- WOODCRAFT SUPPLY LLC
- Dimar Group
- Sistemi Klein
- MLCS Woodworking Products
- Rockler Companies Inc.
- Yash Tooling
- Takahashi Tools Co. Ltd.
- VHF Tools
- CMT Utensili SpA
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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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