Global Carbide Insert Market growing at a CAGR of 4.2% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Aug 2023
Key Market Overview
Consegic Business Intelligence analyzes that the carbide insert market is predicted to grow at a compound annual growth rate of 4.2% from 2023 to 2030 and is expected to reach USD 1,586.71 million in 2030 which was valued at USD 1,150.67 million in 2022.
The report highlights the increasing adoption of carbide inserts in the automotive industry, which is augmenting global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the carbide insert market.
Global Carbide Insert Market By Overview
The carbide insert market is bifurcated into product type and end-use industry. Based on product type, the market is segmented into turning inserts, threading carbide inserts, grooving carbide inserts, milling carbide inserts, drilling carbide inserts, and others. In 2022, the dilling carbide inserts segment dominate the overall carbide insert market. The end-use industry segment is categorized into automotive, electrical & electronics, aerospace, building & construction, mining, and others. In 2022, the automotive segment accounted for the highest market share in the carbide insert market.
Get Free SampleMarket Dynamics
Driver:
- The booming automotive industry is fostering the carbide insert market growth at the global level.
- Bolstering the electrical and electronics industry is supplementing the growth of the global carbide inserts market.
Restraints:
- Compliance with stringent regulations for the manufacturing of carbide inserts is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Product Type | Turning Inserts, Threading Carbide Inserts, Grooving Carbide Inserts, Milling Carbide Inserts, Drilling Carbide Inserts, and Others |
| By End-use Industry | Automotive, Electrical & Electronics, Aerospace, Building & Construction, Mining, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Iscar, Mitsubishi, Tungaloy, and Walter-Valenite which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the carbide insert market is expected to witness substantial growth in the coming years due to the increasing development of new automotive manufacturing facilities in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Iscar
- Mitsubishi
- Tungaloy
- Walter-Valenite
- Kyocera
- Tool-Flo
- Sumitomo
- Carmet Tools & Inserts Ltd.
- Winstar Cutting Technologies Corp.
- Knight Carbide, Inc.