Cutting Tools - Drills: Market Size & Forecast 2026

The cutting-tools drills category sits at roughly USD 18.5 billion in 2025 on a 5.8% CAGR through 2032, with global value on track for the high-twenties by the end of the forecast window. The market is in a structurally tight balance: tungsten feedstock has gone from a quiet input to the dominant variable in 2026 procurement, with US drill bit shipments up 24.6% YoY in March 2026 to USD 259.3M per AMT while APT (ammonium paratungstate) and cemented-carbide powder prices have moved more than double-digit year on year. > **Analyst Take.** Our view: the tungsten squeeze is the dominant 2026 inflection, but the consensus reading is that APT normalises by Q4. We don't see that. The supply side has structurally tightened (China export licensing, defence-demand pull, scrap-substitution limits) and the demand side is not rolling over, US cutting tool shipments ran +21% YoY into April 2026. The r

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