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Tool Inserts Market Trends

Report ID: GMI12096
Published Date: Nov 2024
Report Format: PDF

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Tool Inserts Market Trends

As Industry 4.0 gains momentum, marked by automation and smart manufacturing, there's a notable surge in the adoption of advanced tooling solutions. Intelligent tool inserts are playing a pivotal role, streamlining operations and boosting overall productivity. Manufacturers are constantly on the lookout for methods to streamline their production processes. By enabling quicker machining times and minimizing downtime, tool inserts boost efficiency, positioning them as a valuable investment for firms aiming to elevate productivity.

Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for tool inserts was reached USD 3.8 billion in 2023 and is estimated to grow at a CAGR of over 3.9% from 2024 to 2032, driven by rising demand for precision machining.

The indexable inserts segment recorded USD 2.1 billion in 2023 and is expected to grow at a CAGR of around 4.1% from 2024 to 2032, due to their cost-effectiveness and integration into advanced machining systems.

The turning segment held around 44% share of the tool inserts market in 2023 and is anticipated to grow at a CAGR of 4.1% through 2032, driven by the demand for high-quality cylindrical parts in automotive, aerospace, and manufacturing sectors.

The U.S. tool inserts market dominated with around 78% revenue share in 2023 and is driven by its advanced manufacturing sectors and the demand for high-precision components in aerospace and defense.

Key players in the tool inserts industry include EMUGE-FRANKEN, Gühring GmbH & Co. KG, Ingersoll Cutting Tools, ISCAR, Kennametal Inc., Kyocera Corporation, Mitsubishi Materials Corporation, Nachi-Fujikoshi Corp., SANDVIK, Sandvik Coromant, Seco Tools, Starrag Group, Sumitomo Electric Industries, Ltd., Tungaloy Corporation, and Walter AG.