LONDON--(BUSINESS WIRE)--The new cutting tool inserts market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growth in demand for fabricated parts,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the cutting tool inserts market size to grow by USD 1.84 billion during the period 2021-2025.
Cutting Tool Inserts Market Segment Highlights for 2020
- The cutting tool inserts market is expected to post a year-over-year growth rate of 5.78%.
- Based on the type, the carbide tool inserts saw maximum growth in 2020. Carbide tools can provide a better surface finish and faster machining and can withstand high temperatures. It can also be used for cutting tough materials such as carbon steel and stainless steel.
- The market growth of the segment will be significant during the forecast period.
Regional Analysis
- 55% of the growth will originate from the APAC region.
- The increasing number of construction activities in emerging countries will facilitate the cutting tool inserts market growth in APAC over the forecast period.
- China, Japan, and India are the key markets for cutting tool inserts in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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Notes:
- The cutting tool inserts market size is expected to accelerate at a CAGR of over 6% during the forecast period.
- The cutting tool inserts market is segmented by the type (Carbide tool, CBN, Ceramic, and Others), application (Milling tool inserts, Drilling tool inserts, Rotary tool inserts, Turning tool inserts, and Others), and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Asahi Diamond Industrial Co. Ltd., CERATIZIT SA, Compagnie de Saint-Gobain SA, ILJIN Diamond Co. Ltd., Kennametal Inc., Kyocera Corp., Mitsubishi Materials Corp., NACHI-FUJIKOSHI Corp., Sandvik AB, and Sumitomo Corp.
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