According to market research, it is expected that the cutting tools inserts market is expected to reach a value of over $25 billion by the end of 2025. This is based on a compound annual growth rate of 6.6% throughout the forecast period. Much of this expansion is due to the rapid growth of industrialization and in the construction industry. This robust market growth 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. This growth is also likely to be responsible for an increasing need for exceptionally and uniquely qualified talent. We explore the basis for this forecasted growth and expansion, focusing on the leading inserts technologies and materials driving the market.
Carbides Lead the Market
Largely thanks to their durability and cost effectiveness, carbides are the most preferred of cutting tool inserts. This is a major reason the carbides segment is expected to lead the charge in the global cutting tool inserts market. Market analysis and forecasts predict the carbides segment could see its value grow to near $17 billion by the end of 2025. Much of the market within the carbides segment is owed to the exceptional growth specifically regarding the tungsten carbide sub-segment.
Stainless Steel Substrate Continues to Dominates
Stainless steel has long been a strong and reliable segment for the cutting tool inserts market. The future seems to indicate this trend of strength and reliability should continue for the foreseeable future. Stainless steel substrate continues to be widely used in a variety of industries, including locomotive, agriculture, water, jewelry and more. Stainless steel will continue to face stiff competition from cast iron, but is expected to grow with a compound annual growth rate of 7.1% throughout the duration of the forecast period.
Other Areas of Notable Growth
The threading segment of the cutting tool inserts market leads in terms of application with high margin. From construction to automotive and shipbuilding, the threading segment is ubiquitous and is predicted to grow with a relatively high CAGR. Among end-use segments, transportation, and most specifically automotive, is expected to be at the forefront with an exceptional CAGR of 7.2%.
With a diversified field of high-performing segments and a strong outlook through 2025, the cutting tool inserts market looks to grow at outstanding rates. As with any rapid growth, one of the greatest threats to impeding said growth is a dearth of talent. As companies prime themselves to maximize their opportunities during these bull years, the competition for outstanding, highly qualified and driven talent will be at an all-time high. Partnering with Davalyn Corporation allows you expedited access to the highest performing professionals who are most relevant to your unique cutting tools sectors. We provide you with access to qualified passive candidates you would otherwise never reach through traditional methods. Contact us today to accelerate your growth.
Related industries: Cutting Tools & Tungsten Carbide