Cutting Tool Insert Market Size, Share, Growth, and Industry Analysis, By Type (Cemented Carbide Cutting Tool Insert, Cermet Cutting Tool Insert, PCD Cutting Tool Insert, PCBN Cutting Tool Insert and Other Cutting Tool Insert), By Application (Aerospace, Automotive, Energy & Power and Others), Regional Insights and Forecast to 2031

Updated On: 29 April 2024

Cutting Tool Insert Market REPORT OVERVIEW

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The global cutting tool insert market size was in USD 12480 million 2022. As per our research, the cutting tool insert market is expected to reach USD 17380 million by 2028, exhibiting a CAGR of 5.7% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A cutting tool, often simply referred to as an insert, is a replaceable cutting tool element that is used in machining operations such as turning, milling, drilling, and boring. These inserts are designed to be mounted on cutting tools, such as turning or milling tool holders, and are secured in place using screws, clamps, or other securing mechanisms. Cutting tool are typically made from hard materials, such as carbide, cermet, ceramic, or high-speed steel. These materials are chosen for their ability to withstand the high temperatures and forces generated during metal cutting processes. The cutting edges of these inserts are carefully designed with specific geometries to perform particular cutting operations efficiently and effectively.

Inserts come in various shapes and geometries, including square, rectangular, triangular, and rhombic. The specific shape and angles of the cutting edges are tailored to the type of machining operation and the material being cut. The choice of cutting material (e.g., carbide, cermet, ceramic) depends on the workpiece material and the machining conditions. Different materials offer varying levels of hardness, heat resistance, and wear resistance. Many cutting tool are coated with thin layers of specialized coatings, such as titanium nitride (TiN) or diamond-like carbon (DLC), to improve wear resistance, reduce friction, and enhance tool life. Inserts may have chip-breaking features, like chip breakers or chip grooves, to help control the formation and evacuation of chips during cutting. Inserts are designed to fit into specific tool holders or tool bodies, which are then installed on machining equipment like lathes or milling machines.

COVID-19 Impact: Shifts in End-User Industries to Hinder Market Growth

The pandemic disrupted supply chains worldwide, affecting the production and distribution of cutting tool. Lockdowns, factory closures, and transportation restrictions led to delays in the availability of raw materials and finished products. This resulted in supply shortages and longer lead times for customers. Many industries that heavily rely on cutting tool, such as automotive, aerospace, and manufacturing, experienced reduced demand during the pandemic due to lockdowns, economic uncertainties, and disruptions in production. This decline in demand led to lower sales and revenue for cutting tool manufacturers. While some industries like aerospace and automotive saw a decline in demand, others like medical equipment manufacturing and certain segments of the electronics industry experienced increased demand for precision machining. This shift in demand patterns influenced the type and volume of cutting tool needed.

LATEST TRENDS

"Coating Technologies to Enhance Market Growth"

Cutting tool manufacturers have been focusing on the development of advanced materials with improved hardness, wear resistance, and toughness. This includes the use of novel carbide grades, ceramics, and composite materials, which enhance tool life and machining performance. Ongoing advancements in coating technologies have led to the introduction of coatings with enhanced properties. Nano-coatings, diamond-like carbon (DLC) coatings, and multilayer coatings are being used to improve tool wear resistance, reduce friction, and extend tool life. Manufacturers are increasingly offering customized cutting tool tailored to specific machining applications and materials. This trend allows for greater efficiency and precision in machining processes.

Cutting Tool Insert Market SEGMENTATION

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• By Type

Based on type market is classified as cemented carbide, cermet cutting tool, PCD, PCBN and other cutting tools.

• By Application

Based on application market is classified as aerospace, automotive, energy & power and others.

DRIVING FACTORS

"Technological Advancements to Augment Market Growth"

The level of industrial growth and manufacturing activity in various sectors, such as automotive, aerospace, construction, and electronics, directly impacts the demand for cutting tool. As these industries expand, there is a greater need for precision machining tools. Advances in cutting tool materials, coatings, and designs lead to improved cutting performance, longer tool life, and enhanced productivity. Innovations in tool technology are a major driver of market growth. Industries requiring high-precision machining, such as aerospace, medical, and electronics manufacturing, drive demand for advanced cutting tool capable of achieving tight tolerances and fine surface finishes.

"Medical Device Manufacturing to Propel Market Growth"

The automotive industry is a major consumer of cutting tool inserts for machining engine components, transmission parts, and body panels. As automotive production increases, so does the demand for cutting tools. Infrastructure Development: Infrastructure development projects, such as construction, road building, and transportation systems, lead to higher demand for cutting tools used in the machining of construction materials and components. The aerospace and defence sectors require specialized and high-performance cutting tool for machining materials like titanium and composites. Increasing investment in these sectors drives demand. The medical device industry relies on precision machining for components used in medical equipment. Growth in the healthcare sector contributes to the demand for cutting tools. The energy sector, including oil and gas, wind energy, and power generation, requires cutting tools for the machining of components used in energy infrastructure. Fluctuations in energy prices and investments affect demand.

RESTRAINING FACTORS

"Fluctuating Raw Material Prices to Impede Market Expansion"

In mature markets, the demand for cutting tool may reach a saturation point, limiting opportunities for significant growth. Manufacturers may face intense competition for market share. Cutting tool, especially those with advanced materials and coatings, can have high upfront costs. This can deter some customers, particularly smaller businesses or those with limited budgets. The cutting tool insert market growth is sensitive to economic cycles. During economic downturns or recessions, industries may cut back on capital expenditures, including investments in cutting tools. The prices of raw materials used in cutting tool, such as tungsten and cobalt, can be volatile. This can impact manufacturing costs and, in turn, the pricing of cutting tools.

Cutting Tool Insert Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Technological Advancements"

Asia Pacific countries have strong manufacturing sectors, with a significant focus on automotive, electronics, and machinery production. These industries drive demand for cutting tool insert market share. Asian countries are known for their technological innovations, including developments in cutting tool materials and coatings. This leads to a strong market presence. Many cutting tools insert manufacturers have established production facilities in APAC due to cost competitiveness in terms of labour and production costs. Asia Pacific countries export cutting tool to various regions, further boosting their market leadership.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sandvik Coromant (Sweden)
• IMC (Israel)
• Kennametal (U.S.)
• MITSUBISHI MATERIALS Corporation (Japan)
• KYOCERA (Japan)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.