Cutting Tool Inserts Market Poised to Account for US $25,000 Mn by 2025
Region - North America, Latin America, Europe, APEJ, MEA;
New York, NY -- (SBWire) -- 04/10/2018 --Cutting tools are the tools that are designed with inserts or replaceable tips. In these, the cutting edge consists of a separate piece of material, either brazed, welded or clamped on to the tool body. Cutting tool inserts are used in many applications across various industries. A new research report by Persistence Market Research briefs the scenario of global cutting tools inserts market during the forecast period of 2017-2025.
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The report titled 'Cutting Tool Inserts Global Industry Analysis (2012-2016) and Forecast (2017–2025)' reflects key actionable insights on the global market. The growth of industrialization and construction industry is helping the global cutting tool inserts market to expand.
Persistence Market Research's forecast suggests that global cutting tool inserts market is expected to reach a value of over US$ 25,000 Mn by the end of 2025, growing at a CAGR of 6.6% during the forecast period. The robust growth of market is expected to encourage the manufacturers and companies to focus on enhancing product features and achieving higher operational life for cutting equipment, machines and respective consumables to increase its rate of adoption.
Based on material type, carbides segment is expected to lead the global cutting tool inserts market. Carbides are the most preferred type of cutting tool inserts due to their cost effectiveness and durability. According to the reports, carbides segment is expected to reach a value over US$ 16,800 Mn by the end of 2025, with a major contribution by a sub segment tungsten carbide.
In terms of substrate, stainless steel segment dominates the market. Stainless steel substrate is used in various end use industries such as locomotive, agriculture, water, jewellery etc. It is also in strong competition with cast iron. Stainless steel segment is expected grow at a CAGR of 7.1% during the forecast period.
On the basis of application, threading segment leads the market with a high margin. Threads are usually found in nuts and bolts for tightening purposes. These applications find use in various end use industries such as automotive, construction, ship building etc. The market forecast suggests that the threading segment is expected to reach a significant market valuation by the end of 2025, growing at a relatively high value CAGR during the forecast period.
In terms of end use, transportation segment is expected to be at the vanguard, surpassing other end use segments. Among its sub segments, automotive category is expected to have the largest market share. According to the forecast, transportation segment is expected to grow at a stellar CAGR of 7.2% during the forecast period.
Based on region, APAC leads the global cutting tools inserts market with a higher market valuation of about US$ 9,000 Mn by the end of 2025. However cutting tools inserts market in MEA is projected to grow at a relatively high value CAGR during the forecast period.
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This comprehensive research report consists of a brief profile of all the major players in the industry. Some of these key players mentioned in the report are KYOCERA Corporation, Mitsubishi Materials Corporation, Asahi Diamond Industrial Co. Ltd., SHOWA DENKO K.K., ISCAR LTD., Knight Carbide, Inc., ILJIN DIAMOND CO., LTD., Tomei Diamond Co., Ltd., Sinter Sud S.p.A. etc.
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