In 2022, the global woodworking router bits market size is set to account for a value of US$ 110.7 Mn, which is projected to increase to an estimated worth of US$ 154.2 Mn by the end of 2029, progressing at a CAGR of 4.8% over the same period.
Router bits for woodworking account for 14% of the global woodworking tools industry landscape. The increasing trend of automation in industries is expected to drive demand for CNC router bits for wood over the coming years.
Rapid urbanization and industrialization around the world are the main causes of this variation in growth rate. However, price volatility and a dwindling supply of wood may hinder the sales of woodworking router bits shortly.
Due to their excellent craftsmanship and premium finish on both plywood and hardwood, router bits are frequently used for grooving operations. Carbide router bits are becoming more and more well-liked because they outperform high-speed steel bits in terms of lifespan, wear resistance, and temperature resistance. In a time of increasing automation, CNC router bits are expected to dominate the market for woodworking router bits.
Residential and commercial demand for design furniture has increased, which has had a significant impact on the demand for router bits for wood carving, trimming, and wood edges.
The use of wood in building homes and businesses has grown significantly over the past few years, which has boosted shipments of router bits for woodworking. Consumption of woodworking router bits increased from 2014 to 2021 at a CAGR of 3.7%, and the market was valued at US$ 105.8 Mn in that year.
Over the forecast period, it is anticipated that factors such as rising demand from the furniture industry, and rising demand for woodworking processes like grooving, drilling, milling, etc., will have a significant impact on the market potential for woodworking router bits.
Sales of woodworking router bits are anticipated to be somewhat hampered by changes in raw material prices and a decline in the supply of wood. While sales of hand router bits for woodworking are predicted to decline, shipments of CNC router bits for woodworking are predicted to increase.
The metrics of regions like North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa are illuminated by the woodworking router bits market insights (MEA).
The demand for woodworking router bits in North America, which currently accounts for 23.4% of the global industry landscape, is anticipated to be significantly influenced by the high demand for wood-fabricated housing and the increased use of wood in residential and commercial construction applications.
As automation trends become more prevalent in Europe’s industrial landscape, demand for CNC router bits for wood is anticipated to rise. Currently, the European market for woodworking router bits has a 29.6% market share worldwide.
Sales of power tools and other woodworking equipment took a major hit in 2020 when coronavirus infections plagued the world and created a pandemic situation. The woodworking router bits market was also significantly impacted and saw a negative growth trend in this period.
Key Players:
- 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
