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

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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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

• The cutting tool inserts market experiences significant growth due to the increasing demand for advanced and innovative machine tools. Manufacturers invest heavily in raw materials such as iron and steel, aluminum, stainless steel, titanium, brass, copper, and other alloys, which account for approximately 48% of the overall manufacturing cost. However, the fluctuating prices of these raw materials pose a challenge to pricing strategies. Additionally, labor costs, hiring consultants, and training workforce add to the manufacturing expenses, accounting for approximately 27% of the total cost. These factors collectively increase the manufacturing costs, potentially hindering the growth of the global cutting tool inserts market during the forecast period.
• The Cutting Tools market faces several challenges in providing customized solutions for various machining operations. General-purpose tools may not offer the required precision, cycle times, and surface finishes for specialized applications. Advanced materials like ceramics, PCD, and CBN demand hardness, wear resistance, and thermal stability for effective use. Machining costs remain a concern, driving the need for high-performance tooling. Smart technologies, including real-time monitoring, data analytics, and IoT capabilities, offer potential solutions. Cemented carbide and metalworking industries, particularly the automotive category with engine components, benefit from indexable inserts and tooling specialist offerings. Hard materials, such as high-speed steel (HSS), require efficient tool holders and securing mechanisms. 3D printing and new tool types like EcoCut Series are also transforming the industry. Overall, the market must address these challenges to provide cost-effective, high-performance cutting tool inserts for diverse machining applications.

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Segment Overview

This cutting tool inserts market report extensively covers market segmentation by

1. Application
• 1.1 Milling tool inserts
• 1.2 Drilling tool inserts
• 1.3 Rotary tool inserts
• 1.4 Turning tool inserts
• 1.5 Others
2. Type
• 2.1 Carbide tool inserts
• 2.2 CBN inserts
• 2.3 Ceramic inserts
• 2.4 Others
3. Geography
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

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 Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Milling Tool Inserts
• Drilling Tool Inserts
• Rotary Tool Inserts
• Turning Tool Inserts
• Others
• Type
• Carbide Tool Inserts
• CBN Inserts
• Ceramic Inserts
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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