Cutting tool inserts market size to grow by USD 2,046.36 million between 2022 and 2027; Additive manufacturing identified as a key trend

NEW YORK, May 3, 2023 /PRNewswire/ -- Technavio has been monitoring the cutting tool inserts market, and it is expected to grow by USD 2,046.36 million between 2022 and 2027. As per the latest report, the market will progress at a CAGR of 5.93% during the forecast period. This report aid business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The report identified additive manufacturing as the key trend. 3D printing, also known as additive manufacturing, is a process that involves building the product in thin layers one by one. 3D printing optimizes the use of the material and minimizes wastage. Replacing traditional manufacturing processes with 3D printing techniques results in a significant reduction of capital costs, raw material costs, and costs to reclaim scrap. Though it requires a significant initial investment, the use of 3D printing technology can gradually result in a substantial reduction of incremental unit costs for the manufacturer. Many such benefits are increasing the use of 3D printing technology, which is expected to have a positive impact on market growth. Download a Latest Sample Report within minutes!

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Asahi Diamond Industrial Co. Ltd., CERATIZIT SA, 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, Compagnie de Saint Gobain S.A., Sandvik AB, Sumitomo Corp., Tyrolit Schleifmittelwerke Swarovski KG, YG 1, ARCH Cutting Tools, B.R. Meccanica Italy, and Tomei Diamond Co. Ltd. are some of the major market participants. Although the growth in demand for fabricated parts will offer immense growth opportunities, fluctuating raw material prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market is driven by the rise in construction activities in emerging nations of APAC. The rising urban population density in developing countries such as India and Indonesia has increased the demand for new cities to accommodate the growing number of people. For instance, according to The World Bank Group, 55.71% of the global population resided in urban areas in 2020. In addition, the number of smart cities is growing exponentially worldwide. According to the estimates, 67 new smart cities will be built during the forecast period. In 2015, the Government of India announced its smart city development initiatives aimed at building new smart cities across the country. Many such factors are creating significant opportunities for vendors, which is driving the growth of the market.

Cutting Tool Inserts Market 2023-2027: Segmentation

Application

Type

Geography

The market growth in the milling tool inserts segment will be significant over the forecast period. Milling tools, also known as milling cutters, are available in various types such as slitting cutters, milling cutters, end mills, and gear cutters. These are used in a wide range of end-user applications. The increasing manufacturing activities in the automotive and aerospace industries are driving the growth of the segment.

APAC will account for 57% of the market growth during the forecast period. The growth of the regional market is driven by factors such as the rising number of construction activities and increasing government spending on infrastructure development. The increasing demand for new residential and commercial infrastructure, rising urbanization, exponential population growth, and increased investments in smart and sustainable infrastructure solutions are other factors driving the growth of the regional market.

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Cutting Tool Inserts Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our cutting tool inserts market report covers the following areas:

Cutting Tool Inserts Market Size

Cutting Tool Inserts Market Trends

Cutting Tool Inserts Market Analysis

Cutting Tool Inserts Market Five Forces Analysis

Cutting Tool Inserts Market Competitive Landscape

Cutting Tool Inserts Market 2023-2027: Growth Challenge

Fluctuating prices of raw materials will challenge the growth of the market. Raw materials such as iron and steel, aluminum, stainless steel, titanium, brass, copper, and other alloys are used in the manufacture of machine tools for various operations. These raw materials account for 48% of the overall cost of manufacturing cutting tools. Thus, fluctuations in the prices of these raw materials will directly impact the pricing strategies of machine tool manufacturers. Also, manufacturers incur additional costs when hiring consultants or design specialists. Such challenges are reducing the growth potential of the market.

What's New? -

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Cutting Tool Inserts Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the cutting tool inserts market. Backed with competitive intelligence and benchmarking, our research report on the cutting tool inserts market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

CERATIZIT SA - The company offers cutting tool inserts such as SUNPAX Reamers, SUNPAX Helical Reamers, and SUNNITE TWIN Inserts.

Element Six UK Ltd. - The company offers cutting tool insert solutions such as U-type cutting inserts, reversible inserts, and special reversible inserts.

ILJIN Diamond Co. Ltd. - The company offers cutting tool inserts such as Holemaking, Milling, Turning, and Threading.

IMC BV - The company offers cutting tool insert solutions such as Core Bits, Portable Diamond Products, High-Speed Blades, Masonry Blades, and Tile Blades.

Asahi Diamond Industrial Co. Ltd.

Kennametal Inc.

Knight Carbide Inc.

KYOCERA corp.

LOVEJOY Tool Co. Inc.

Mitsubishi Materials Corp.

NACHI FUJIKOSHI Corp.

Compagnie de Saint Gobain S.A.

Sandvik AB

Sumitomo Corp.

Tyrolit Schleifmittelwerke Swarovski KG

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Cutting Tool Inserts Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist cutting tool inserts market growth during the next five years

Estimation of the cutting tool inserts market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behavior

The growth of the cutting tool inserts market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of cutting tool inserts market vendors

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Cutting Tool Inserts Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.93%

Market growth 2023-2027

USD 2,046.36 million

Market structure

Fragmented

YoY growth 2022- 2023 (%)

5.25

Regional analysis

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

Performing market contribution

APAC at 57%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Asahi Diamond Industrial Co. Ltd., CERATIZIT SA, 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, Compagnie de Saint Gobain S.A., Sandvik AB, Sumitomo Corp., Tyrolit Schleifmittelwerke Swarovski KG, YG 1, ARCH Cutting Tools, B.R. Meccanica Italy, and Tomei Diamond Co. Ltd.

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global cutting tool inserts market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Milling tool inserts - Market size and forecast 2022-2027

6.4 Drilling tool inserts - Market size and forecast 2022-2027

6.5 Rotary tool inserts - Market size and forecast 2022-2027

6.6 Turning tool inserts - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

7.3 Carbide tool inserts - Market size and forecast 2022-2027

7.4 CBN inserts - Market size and forecast 2022-2027

7.5 Ceramic inserts - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Germany - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Asahi Diamond Industrial Co. Ltd.

12.4 B.R. Meccanica Italy

12.5 CERATIZIT SA

12.6 Compagnie de Saint Gobain S.A.

12.7 Element Six UK Ltd.

12.8 ILJIN Diamond Co. Ltd.

12.9 IMC BV

12.10 Kennametal Inc.

12.11 Knight Carbide Inc.

12.12 LOVEJOY Tool Co. Inc.

12.13 Mitsubishi Materials Corp.

12.14 NACHI FUJIKOSHI Corp.

12.15 NanoDiamond Products DAC

12.16 Sandvik AB

12.17 Sumitomo Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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