Cutting Tool Inserts Market Major Manufacturers, Trends, Sales, Supply, Demand, Share Analysis to 2029

Cutting Tool Inserts Market 2022-2029

The global cutting tool inserts market is likely to account for ~US$ 18.1 Bn by the end of the assessment year 2019, and is estimated to expand at a CAGR of ~7.0% during the forecast period of 2019-2029.

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Persistence Market Research (PMR) published the revised market research study on the cutting tool inserts market, titled, 'Cutting Tool Inserts Market – Global Industry Analysis 2014-2018 and Forecast 2019-2029”. The research study displays the global market outlook for cutting tool inserts over the forecast period of 2019-2029, along with the CAGR growth. Among the type of material, the carbides segment is anticipated to grow at a noteworthy rate, owing to their cost effectiveness and durability, thereby contributing to the relatively high growth rate of the carbides segment over the forecast period.

Key Players:

The report has profiled some of the Important players prevalent in the global like – Kennametal Inc., Sumitomo Electric Carbide Inc., Sandvik AB, Knight Carbide Inc., Compagnie de Saint-Gobain, Total Carbide Ltd., Asahi Diamond Industrial Co. Ltd., Knight Carbide Inc., Tomei Diamond Co. Ltd., KYOCERA Corporation, Mitsubishi Materials Corporation, SHOWA DENKO K.K., YG-1 Co. Ltd., Element Six, ISCAR LTD., NGK Spark Plugs Co. Ltd. (NTK Cutting Tools) and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Cutting Tool Inserts.                                          

Key applications of cutting tool inserts such as threading, milling & shearing, parting and grooving, and drilling & boring, are expected to drive the cutting tool inserts market growth at a significant rate. The stainless steel segment is estimated to retain its market share over the forecast period. According to the report, the demand for cutting tool inserts is expected to be driven primarily by the rise of automotive industry, oil & gas sector, construction industry, urbanization, and the increasing demand from other end use industries.

Furthermore, massive demand from automotive original equipment manufacturers (OEMs), automotive refinishing service companies, construction companies, general industrial manufacturers & maintenance service providers, marine service companies, manufacturers of cans, coils, and wood & transport industries will contribute to the demand for cutting tool equipment, which, in turn, will augment the demand for cutting tool inserts.

For instance, wood working industry in Latin America is at a boom and this has facilitated the increase in the number of sales of cutting tool inserts. Cutting tool inserts are used to draw grooves in wooden furniture and artifacts. The most common type of cutting tool insert used to machine wood is carbide.

In addition, with rising competition in the field of aerospace and marine, the requirement of jet engines, turbines, transmission parts and other vital components of aircraft or submarine has significantly increased the need for machining these components thereby increasing the scope of cutting tool inserts market.

Europe’s Increasing Investments in Asian Markets Fueling Market Growth

European investments in Asia are motivated by the need to reduce costs, to exploit benefits of the local supply chains and to be close to an untapped customer base which enables them to better understand user needs and better serve their customers. European machine tool builders’ investment strategies abroad vary from strategic alliances to joint ventures, from the acquisition of foreign companies to opening production facilities in third countries.

Increasing investments of global car manufacturers in emerging countries, for instance, India, China and Brazil, along with large publicly funded energy and infrastructure projects in these countries, make them attractive enough for European investments from machine tool builders.

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APAC and Europe to be the Top Revenue Pockets

Geographically, APAC and European markets are picking up pace in the global cutting tool inserts market, owing to expansion of industrial infrastructure and an upsurge in the automotive and oil & gas industry over the years. Europe being an automotive hub has a lot of scope for transportation industry including railways. Most of the metal used in this industry is machined using the cutting tool inserts thus accounting for better sales of the same.

The transportation segment is anticipated to soar the cutting tool inserts market in Europe. The demand for cutting tool inserts is majorly driven by its applications in various sectors such as aerospace, automotive, marine, medical, woodworking, die & mould, driven by growth in global GDP.

Moreover, stable economic growth in developing countries such as India, Brazil, China, and ASEAN countries, and rising urbanization and expenditure in these regions, acts as the major growth factors that are propelling the growth of the cutting tool inserts market.

Key Stakeholders 
Cutting Tool Inserts Market Manufacturers 
Cutting Tool Inserts Market Distributors/Traders/Wholesalers 
Cutting Tool Inserts Market Subcomponent Manufacturers 
Industry Association 
Downstream Vendors

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Key Questions Answered in This Report.

What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?
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