Global Cutting Tool Inserts Market to Register a CAGR of 6.6% during 2017 – 2025 in terms of value; Asia Pacific to lead global Cutting Tool Inserts market over the forecast period
MMR delivers key insights on the global Cutting Tool Inserts market in its latest report entitled ‘Cutting Tool Inserts Market: Global Industry Analysis, Size, Sales and Forecast By 2025’. The overall growth for global Cutting Tool Inserts market to remain attractive, with the market value anticipated to grow at a CAGR of 6.6% in terms of volume during the forecast period 2017 – 2025. According to the technology, the carbides segments are expected to hold leading market share during the forecast period. On the basis of substrate, cast iron and stainless steel are expected to be major segment driving the global Cutting Tool Inserts registering significant CAGR in terms of volumes and values during the forecast period. The global Cutting Tool Inserts market is expected to reach US$ 15,044.9Mn by the end of 2017. Asia Pacific followed by Europe and North America account for majority share in the global Cutting Tool Inserts market by the end of 2016.
Global Cutting Tool Inserts Market Dynamics
The APAC region will be key region driving the Cutting Tool Inserts market, as emerging economies located in region will witness significant increase in the manufacturing activities. The countries, such as India and China are expected to propel the overall demand for cutting equipment as well as consumable inserts globally. The global automotive industry is estimated to grow rapidly globally that will directly impact the trailer axle market in the near future. The demand from North America and Europe will be mainly driven growing usage of machines incorporated highly advanced automation technology. The key indicators such as population growth, urbanization and disposable income of individuals are pointing at notable increase in the demand of products that require components made from cutting tools will result in surge of demand for Cutting Tool Inserts. Also, the ongoing investments in construction sector in Middle East & Africa mainly in GCC countries is expected to boost the demand of Cutting Tool Inserts in the region. On the other hand, the increasing focus on precision and quality products are expected to drive the machinery associated markets in the Europe. However, the slow adoption of advanced cutting technologies in developing countries such as China and India is a major restraint for the growth of cutting equipment market in APAC. Cost-sensitivity and technical know-how issues in developing countries are the major factors that may hamper investments in advanced cutting technologies.
Global Cutting Tool Inserts Market Forecast
On the basis of technology, market insights suggest that the carbides segment that comprises Boron Carbide, Titanium Carbide, Tungsten Carbide and Others will hold major share in the market in the coming years. On the basis of end user sector, transportation sector is projected to dominate the market in terms of values and volumes during the forecast period in the global Cutting Tool Inserts market. Europe and North America Cutting Tool Inserts market will significant share in the global Cutting Tool Inserts market. However, Asia Pacific, led by China and India, are expected to dominate global Cutting Tool Inserts. The market perspective in India are anticipated owing to various steps taken by government such as “Make in India” that will propel manufacturing sector in the country. In Latin America and Middle East & Africa, the demand is comparatively lower in terms of volume. However, the presence of developing countries will play key role in growth of Cutting Tool Inserts demand in these regions.
Global Cutting Tool Inserts Market Competitive Landscape
Some of the key market participants included in the Global Cutting Tool Inserts Market report are: Sandvik AB, Sumitomo Electric Carbide Inc., Saint Gobain, KennaMetal, Kyocera Corporation, Mitsubishi Materials Corporation, Asahi Diamond Industrial Co. Ltd., Showa Denko K.K. IscarLtd. Knight Carbide, Inc. Iljin DiamondCo. Ltd.,Tomei Diamond Co.,Ltd., Sinter SudS.p.A. and Element Six and Total Carbide Ltd.
Summary: The Global Cutting Tool Inserts market is expected to register a value CAGR of 6.6% during forecast period in terms of volume. Asia Pacific to lead global market in terms of consumption and CAGR over the forecast period.