New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global Carbide Insert Market is expected to witness significant growth at a remarkable CAGR of 4.2% during the forecast period of 2023-2030. The factors such as the increasing development of new electrical & electronics manufacturing facilities, rising investment in new building & construction projects, and others are accelerating the demand for carbide inserts, which, in turn, is boosting the market growth. In addition, the rising development of a new range of Carbide insert product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the carbide insert market is poised for strong expansion and is expected to reach USD 1,586.71 Million by 2030. The market, which was valued at USD 1,150.67 Million in 2022, is predicted to grow at a compound annual growth rate of 4.2% during the period 2023-2030. 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.
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Carbide inserts are employed in the automotive industry to ensure superior thermal stability and good chip control. The carbide inserts are utilized in automotive products such as passenger cars, light commercial vehicles, and heavy commercial vehicles. The increasing purchasing power of people, the rising adoption of electric vehicles, and others are some of the prominent factors accelerating the growth of the automotive industry. For illustration, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the production of automotive vehicles at the global level was 80,205,102 units, and in 2022, it was 85,016,728 units, an increase of 6%. Hence, the bolstering automotive industry is a major factor fueling the demand for carbide inserts at the global level to ensure excellent wear resistance. This factor is driving the carbide insert market growth at the global level.
Additionally, the carbide inserts are utilized for aerospace machines to ensure superior hardness. The favorable government policies for the aerospace industry, expansion of aerospace manufacturing facilities, and others are supplementing the aerospace industry's growth at the global level. Henceforth, the growth of the aerospace industry will accelerate the demand for carbide inserts as these materials are employed in the manufacturing process of aircraft. This, in turn, will create a potential growth opportunity for chrome metal powder in the upcoming years.
Global Carbide Insert Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 1,586.71 Million |
| CAGR (2023-2030) | 4.2% |
| 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Iscar, Mitsubishi, Tungaloy, Walter-Valenite, Kyocera, Tool-Flo, Sumitomo, Carmet Tools & Inserts Ltd., Winstar Cutting Technologies Corp., and Knight Carbide, Inc. |
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Global Carbide Insert Market Segmentation Details:
Based on Product Type, dilling carbide inserts segment contributed the largest shares to the market growth in 2022. The prominent features of milling carbide inserts include superior wear resistance, excellent surface hardness, resistance against heat & oxidation, and others. These properties ensure quicker machining and leave significant finishes on metal parts. Thus, due to the above benefits, the utilization of milling carbide inserts is increasing in end-use industries such as mining, automotive, and others. This, in turn, is favoring market growth.
Based on End-use Industry, the automotive segment accounted for the largest market share in the year 2022. The key technical properties of carbide inserts include high flexural strength, superior hardness, excellent thermal hardness, and others. As a result, carbide inserts are widely deployed in the automotive industry for cylinder heads, machining engine blocks, and others. Hence, the adoption of carbide inserts is increasing in the automotive industry to ensure superior removal material from workpieces. This, in turn, is supplementing the market growth.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the increasing adoption of carbide inserts in automotive. For illustration, according to the recent statistics published by the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2022, the Asia Pacific region produced a significant number of automotive products at the global level, retaining a total share of 58.84% in the global automotive industry. Henceforth, the growth of the automotive industry in the Asia Pacific region is boosting the demand for carbide inserts, thereby spurring market growth.
Competitive Landscape
Iscar, Mitsubishi, Tungaloy, Walter-Valenite, and Kyocera, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of carbide inserts. Further, the carbide insert market is expected to grow steadily due to rising demand from the automotive industry, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of new aircraft manufacturing facilities is expected to increase the competition in the market.
Recent Developments
- In May 2023, Kyocera, a global manufacturer that is dealing in carbide inserts introduced a new range of CVD Coated Carbide Grades CA115P and CA125P for steel turning applications. Hence, the development of a new range of products is fostering market growth.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 42.10% and was valued at USD 484.43 million in 2022, and is expected to reach USD 669.43 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 25.06% during the base year of 2022.
- Based on product type, the dilling carbide inserts insert segment accounted for the highest share contribution to the carbide insert market statistics in 2022.
- In the context of end-use industry, the automotive segment is expected to contribute significant shares to the growth of carbide insert market statistics during the forecast period.
- North America is expected to grow with the highest CAGR in carbide inserts due to the increasing investments in new aerospace projects in countries such as the U.S. and Mexico.
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List of Major Global Carbide Insert Market:
- Iscar
- Mitsubishi
- Tungaloy
- Walter-Valenite
- Kyocera
- Tool-Flo
- Sumitomo
- Carmet Tools & Inserts Ltd.
- Winstar Cutting Technologies Corp.
- Knight Carbide, Inc.
Global Carbide Insert Market Segmentation:
- By Product Type
- Turning Inserts
- Threading Carbide Inserts
- Grooving Carbide Inserts
- Milling Carbide Inserts
- Drilling Carbide Inserts
- Others
- By End-use Industry
- Automotive
- Electrical & Electronics
- Aerospace
- Building & Construction
- Mining
- Others
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Frequently Asked Questions in the Carbide Insert Market Report
- What was the market size of the carbide insert industry in 2022?
- In 2022, the market size of carbide insert was USD 1,150.67 million.
- What will be the potential market valuation for the carbide insert industry by 2030?
- In 2030, the market size of carbide insert will be expected to reach USD 1,586.71 million.
- What are the key factors driving the growth of the carbide insert market?
- The booming automotive industry is fostering the carbide insert market growth at the global level.
- What is the dominating segment in the carbide insert market by product type?
- In 2022, the dilling carbide inserts segment accounted for the highest market share of 25.30% in the overall carbide insert market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the carbide insert market?
- Asia Pacific accounted for the highest market share in the overall carbide insert market.
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