The use of wood in the construction of residential and commercial structures has increased significantly in recent years, driving shipments of woodworking router bits. Consumption of woodworking router bits increased at a CAGR of 3.7 percent from 2014 to 2021, with the market valued at US$ 105.8 Mn in 2021.
Demand for design furniture has increased in both the residential and commercial sectors, which has had a significant impact on the demand for wood carving router bits, trimming router bits, and router bits for wood edges.
Increasing use of wood in a variety of end-use industries, rising demand from the furniture industry, and rising demand for woodworking processes such as grooving, drilling, and milling, among others, are expected to have a significant impact on the woodworking router bits market potential over the forecast period.
Woodworking router bit sales are expected to be hampered to some extent by raw material price fluctuations and a reduction in wood supply. Increasing automation is expected to drive shipments of CNC router bits for woodworking while limiting sales of hand router bits for woodworking. From 2022 to 2029, demand for woodworking router bits is expected to rise at a CAGR of 4.8 percent.
Rapid urbanization and industrialization have massively increased the use of wood in the construction of various structures across the globe. Especially in emerging economies like India and China where construction activity is high, demand for woodworking router bits is anticipated to increase through 2029.
Rising disposable income and changing lifestyle preferences have also led to an increase in demand for fine woodworking in the furniture industry. Wood carving router bits, router bits for flattening wood, chamfer bits, wood surfacing router bits, etc. are some key products that are expected to see high demand through 2029.
Key manufacturers of router bits for wood are focusing on manufacturing carbide router bits as they are much more efficient and help in reducing overall operational cost and time. Carbide router bits have an extended service life and better performance than high-speed steel (HSS) bits for woodworking.
High abrasion resistance and temperature resistance of carbide bits are majorly encouraging router bit manufacturers to use this in their tools. For instance, in February 2020, YG-1 USA announced the launch of four new types of solid-carbide fiberglass routers bits for CNC and hand routers.
CNC router bits for wood, CNC drill bits for wood, etc. are some major tools that are expected to use carbide extensively over the coming years.
Key Segments of Woodworking Router Bits Industry Survey
Woodworking Router Bits Market by Operation:
- Woodworking Router Bits for Jointing & Rebating
- Woodworking Router Bits for Cutting
- Woodworking Router Bits for Grooving
Woodworking Router Bits Market by Tool Type:
- Rabbeting Bits
- Door/Window Making Router Bits
- Flush Trim Router Bits
- Edge Making Router Bits
- Grooving Router Bits
- Slot Making Router Bits
- Spiral Router Bits
- Straight Router Bits
- Others (Chamfer, Bead, Dove Tail, Thumbnail, Molding, Round Over, Flat Rounding, Ogiee, Cove, Stile)
Woodworking Router Bits Market by Shank Size:
- 1/2″ Woodworking Router Bits
- 1/4″ Woodworking Router Bits
- 3/8″ Woodworking Router Bits
- 3/4″ Woodworking Router Bits
- 5/8″ Woodworking Router Bits
- 5/16″ Woodworking Router Bits
Woodworking Router Bits Market by Region:
- North America Woodworking Router Bits Market
- Latin America Woodworking Router Bits Market
- Europe Woodworking Router Bits Market
- East Asia Woodworking Router Bits Market
- South Asia & Pacific Woodworking Router Bits Market
- the Middle East & Africa (MEA) Woodworking Router Bits Market
