Cutting Tool Inserts Market to grow by USD 2.12 Billion from 2024-2028, driven by demand for fabricated parts, with AI powering market evolution - Technavio

Oct 18, 2024, 17:05 ET

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NEW YORK, Oct. 18, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Cutting Tool Inserts Market size is estimated to grow by USD 2.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.8% during the forecast period. Growth in demand for fabricated parts is driving market growth, with a trend towards introduction of additive manufacturing. However, fluctuating raw material prices poses a challenge - Key market players include ARCH Cutting Tools, Asahi Diamond Industrial Co. Ltd., B.R. Meccanica Italy, CERATIZIT SA, Compagnie de Saint-Gobain S.A., Element Six UK Ltd., ILJIN Diamond Co. Ltd., IMC BV, Kennametal Inc., Knight Carbide Inc., KYOCERA Corp., LOVEJOY Tool Co. Inc., Mitsubishi Materials Corp., NACHI FUJIKOSHI Corp., NanoDiamond Products DAC, Sandvik AB, Sumitomo Corp., Tomei Diamond Co. Ltd., Tungaloy Corp., and Tyrolit Schleifmittelwerke Swarovski KG.

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Cutting Tool Inserts Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.8%

Market growth 2024-2028

USD 2116.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.4

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 57%

Key countries

China, US, Germany, Japan, and India

Key companies profiled

ARCH Cutting Tools, Asahi Diamond Industrial Co. Ltd., B.R. Meccanica Italy, CERATIZIT SA, Compagnie de Saint-Gobain S.A., Element Six UK Ltd., ILJIN Diamond Co. Ltd., IMC BV, Kennametal Inc., Knight Carbide Inc., KYOCERA Corp., LOVEJOY Tool Co. Inc., Mitsubishi Materials Corp., NACHI FUJIKOSHI Corp., NanoDiamond Products DAC, Sandvik AB, Sumitomo Corp., Tomei Diamond Co. Ltd., Tungaloy Corp., and Tyrolit Schleifmittelwerke Swarovski KG

Market Driver

The manufacturing industry's shift towards additive manufacturing, or 3D printing, brings significant benefits to the cutting tool inserts market. Traditional manufacturing techniques, which are subtractive in nature, result in high material wastage and increased costs. In contrast, 3D printing optimizes material usage, reducing capital and raw material costs. Although the initial investment for 3D printers is high, the long-term cost savings make up for it. The production of complex geometries and lighter parts using 3D printing results in cheaper manufacturing costs, offsetting the high initial investment. The global cutting tool inserts market will experience growth due to these cost advantages and the increasing adoption of 3D printing technology.

The Cutting Tool Inserts market is experiencing significant growth due to increasing demand in industries like Aerospace, Energy and Power, and High-precision Machining. Cermet and Ceramic inserts are popular choices for their hardness and wear resistance. High-speed steel cutting edges continue to be used for general-purpose machining. Geometries and chip-breaking features are crucial factors in improving cycle times and surface finishes. Coating technologies, including Nano-coatings and Diamond-like Carbon (DLC), enhance tool life and performance. Raw material prices impact the cost of advanced materials like Polycrystalline Diamond (PCD) and Cubic Boron Nitride (CBN). Machining applications vary from shaping and plaining to shear deformation. Customized and specialized cutting tools cater to specific industry needs. Precision and energy efficiency are key trends driving market growth.

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Market Challenges

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Segment Overview

This cutting tool inserts market report extensively covers market segmentation by

1.1 Milling tool inserts- The Cutting Tool Inserts market is experiencing steady growth due to increasing demand from various industries, particularly automotive and aerospace. These inserts enhance tool performance by improving tool life and productivity. Key players in the market include Sandvik, CERATIZIT, and Tungaloy. They invest in research and development to launch new products and expand their customer base. The market is expected to continue growing due to rising industrial production and advancements in manufacturing technologies.

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Research Analysis

The Cutting Tool Inserts market encompasses a wide range of specialized components used in cutting tools for various machining operations, including turning, milling, drilling, boring, and shaping. These inserts are available in different materials and designs to cater to diverse applications and material types. General-purpose inserts are suitable for soft to medium-hard materials, while specialized inserts are designed for hard and difficult-to-cut materials. Advanced materials used in cutting tool inserts include ceramics, cubic boron nitride (CBN), and polycrystalline diamond (PCD). Customized inserts offer improved precision, cycle times, and surface finishes for specific applications. Hard materials like carbide, cermet, and high-speed steel are commonly used in the production of cutting tool inserts. Tool holders and securing mechanisms ensure proper insert alignment and retention during machining processes. The market for cutting tool inserts continues to grow due to increasing demand for high-performance and cost-effective machining solutions.

Market Research Overview

The Cutting Tool Inserts market encompasses a wide range of specialized tools designed for various machining operations, including turning, milling, drilling, boring, and more. Customized inserts are available for different materials and applications, with options ranging from general-purpose to specialized tools. Precision is a critical factor in cutting tool design, with considerations for cycle times, surface finishes, and advanced materials such as ceramics, polycrystalline diamond (PCD), and cubic boron nitride (CBN). Hardness, wear resistance, thermal stability, and other properties are essential for optimal tool performance. High-speed steel (HSS) and cemented carbide are common cutting tool materials, while smart technologies like real-time monitoring, data analytics, IoT capabilities, and tool holders with securing mechanisms enhance productivity and efficiency. Machining costs, raw material prices, and the automotive category, particularly engine components, are significant market drivers. Other industries, such as aerospace, energy and power, and high-precision machining, also rely heavily on cutting tool inserts for material removal through shear deformation. Tooling specialists offer a variety of cutting tool inserts, including indexable inserts, the EcoCut Series, and tooling materials like PCD, CBN, and high-speed steel. The market also includes emerging technologies like 3D printing and advanced coating technologies, such as nano-coatings and diamond-like carbon (DLC).

Table of Contents:

1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation

7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix

About Technavio

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Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio