September 04, 2023 12:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
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. Dlc End Mill
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
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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.
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.
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List of Major Global Carbide Insert Market:
Global Carbide Insert Market Segmentation:
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Frequently Asked Questions in the Carbide Insert Market Report
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