Carbide Insert Market Research Report By Grade Type (Coated Carbide Inserts, Uncoated Carbide Inserts, Cermet Carbide Inserts, Cubic Boron Nitride (CBN) Inserts, Polycrystalline Diamond (PCD) Inserts), By Application (Turning, Milling, Drilling, Boring, Threading), By Substrate Type (Tungsten Carbide Substrates, Steel Substrates, Ceramic Substrates, Cermet Substrates, Boron Nitride Substrates), By Size and Shape (Round Inserts, Square Inserts, Triangle Inserts, Rhombic Inserts, Hexagonal Inserts), By Industry (Automotive, Aerospace, Medical

Global Carbide Insert Market Overview

The Carbide Insert Market Size was estimated at 8.32 (USD Billion) in 2022. The Carbide Insert Industry is expected to grow from 10.0(USD Billion) in 2023 to 52.06 (USD Billion) by 2032. The Carbide Insert Market CAGR (growth rate) is expected to be around 20.13% during the forecast period (2024 - 2032).

Key Carbide Insert Market Trends Highlighted

The Carbide Insert Market is influenced by several key drivers, including rising demand in the manufacturing sector, specifically in industries such as automotive, aerospace, and electronics. The increasing adoption of automation and advanced manufacturing techniques is also contributing to market growth. Moreover, the growing emphasis on productivity and efficiency in manufacturing processes is driving demand for high-performance cutting tools like carbide inserts.Opportunities in the carbide insert market lie in the development of new and improved insert geometries, coatings, and materials. These advancements enhance cutting performance, tool life, and overall productivity. The exploration of alternative substrates and coatings, such as ceramic and CBN inserts, offers potential for expanded applications. Additionally, the growing adoption of additive manufacturing technologies presents opportunities for customized carbide insert solutions tailored to specific industry requirements.Recent trends in the carbide insert market include the increasing popularity of micro inserts, which offer improved accuracy and surface quality in precision machining applications. The emergence of ultra-hard cutting tools, such as PCD and CVD diamond inserts, is gaining traction due to their exceptional wear resistance and ability to machine hard and brittle materials. Furthermore, the growing adoption of sustainable manufacturing practices is driving demand for eco-friendly carbide inserts with reduced environmental impact.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Carbide Insert Market Drivers

• Advancements in Manufacturing Technology

The demand for carbide inserts is gaining the market owing to increasing demand for advanced manufacturing technologies, including CNC and robotics technology. It offers efficient working in comparison to conventional cutting tools, thereby allowing manufacturers to achieve precision, efficiency, and productivity. The use of these cutting tools is increasing in industries including automotive, aerospace, subcontracting, and the electronics and electrical industry.The new developments, such as the availability of new grades and coatings, several sizes and shapes, as well as the application of cutting tools over a broad range of materials, have allowed the use of these tools in any machining operation.

Rising Demand from Automotive and Aerospace Industries

The highest consumption of carbide inserts is observed in the automotive and aerospace industries, and these indicators will remain throughout the forecast period. The production of lightweight and fuel-efficient vehicles is increasing, and carbide inserts are integral components of these automotive innovations. The fast-growing industry of commercial and military aircraft is another driver of the secular growth of carbide inserts in the aerospace industry.As these two sectors have very specific requirements for precision, long tool life and mach inability of workpieces, carbide inserts, due to their hardness, wear resistance, and performance properties, provide industry-specific solutions.

Growing Adoption in Electronics and Medical Industries

Carbide inserts are increasingly in demand in the electronics and medical industries. Precisely, the electronics industry uses these tools when producing such devices as printed circuit boards, semiconductors, and other items. The kind, in turn, favors manufacturing surgical instruments, implants, and other devices that have to be extremely precise and biocompatible. What is more, as both fields are rapidly growing and introducing innovative technologies, the demand for carbide inserts is expected to grow as well.

Carbide Insert Market Segment Insights:

Carbide Insert Market Grade Type Insights

The Carbide Insert Market can be segmented by grade type into coated carbide inserts, uncoated carbide inserts, cermet carbide inserts, cubic boron nitride inserts, and polycrystalline diamond inserts. Coated carbide inserts accounted for the largest share of the Carbide Insert Market in 2023 and are expected to continue to dominate the market over the period. Coated carbide inserts are known for their high wear resistance, cutting efficiency, and long tool life. They can be widely used in turning, milling, drilling, grooving thread and other processes. Uncoated carbide inserts present another important segment of the carbide insert market because they can be used to offer a relatively low cost which will be especially effective for general-purpose machining applications. Generally, they are suitable for fragile cutting. Cermet carbide inserts may combine the properties of ceramics and which can offer a balance of toughness and wear resistance. It is often used in the rough finishing of heat-resistant alloy steel. Cubic Boron Nitride inserts can have a super-rare hardness and excellent cutting performance, so they are not as widely used as other types of knives.Polycrystalline diamond inserts are the most expensive type, but they can offer the highest level of hardness and wear resistance. It may apply Oceramics, non-ferrous metals, and non-metallic materials in addition to advanced composites, so-called carbon production and other materials.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Carbide Insert Market Application Insights

The application segment of the Carbide Insert Market covers turning, milling, drilling, boring, and threading. Of these, turning was the most substantial in 2023, and it will continue to lead the market in the upcoming decade, driven by growing demand from the automotive and aerospace markets for precise and effective machining. Moreover, the increased popularity of CNC machines encourages the use of carbide inserts in turning operations. The next prevalent application segment is milling, which can expect pronounced growth over the forecast period thanks to the growing prominence of 5-axis machining and carbide inserts for mold and die-making.In addition, the demand for this particular application will be supported by its increased use in the medical and electronics industries. Simultaneously, drilling and boring are important applications for carbide inserts, with the demand for the former growing for deep hole drilling and oil and gas exploration, leading to increased utilization in the near future. Likewise, carbide inserts continue to grow more popular in boring operations in the automotive and aerospace segments. Finally, threading is a smaller application segment that is not as influential as its counterparts, but it is expected to see some growth, stimulated by the general increased demand for high-quality threads in various applications.The importance of applications such as turning and milling can depend on the specific strategy pursued by a company and the industry in which they are present. For instance, because companies such as Sandvik and Iscar boast a substantial market share in the aerospace sector, applications in this industry will be more critical for them. Similarly, for other entities working in the automotive field or producing molds and dies, turning and milling will be more important, respectively.

Carbide Insert Market Substrate Type Insights

The Carbide Insert Market is segmented by Substrate Type into Tungsten Carbide Substrates, Steel Substrates, Ceramic Substrates, Cermet Substrates, and Boron Nitride Substrates. Among these, Tungsten Carbide Substrates held the largest market share in 2023, and it is expected to continue its dominance throughout the forecast period. This is primarily due to their high hardness, strength, and wear resistance, making them suitable for a wide range of applications. Steel Substrates are expected to witness a steady growth rate during the forecast period, owing to their cost-effectiveness and good machinability.Ceramic Substrates offer high thermal stability and chemical inertness, making them suitable for high-temperature applications. Cermet Substrates combine the properties of ceramic and metal, providing a good balance of hardness, toughness, and wear resistance. Boron Nitride Substrates exhibit excellent thermal conductivity and chemical stability, making them suitable for high-speed cutting applications.

Carbide Insert Market Size and Shape Insights

The Carbide Insert Market is segmented by Size and Shape into Round Inserts, Square Inserts, Triangle Inserts, Rhombic Inserts, and Hexagonal Inserts. Among these, Round Inserts held the largest market share in 2023, accounting for over 30% of the Carbide Insert Market revenue. This is due to their versatility and wide range of applications across various industries. Square Inserts are expected to witness the highest growth rate during the forecast period, owing to their increasing adoption in automotive and aerospace applications.Triangle Inserts are commonly used in milling operations, while Rhombic Inserts are preferred for heavy-duty cutting applications. Hexagonal Inserts offer high stability and are suitable for high-speed machining.

Carbide Insert Market Industry Insights

The Carbide Insert Market is expected to witness significant growth in the coming years, driven by increasing demand from various industries. The automotive industry is a major consumer of carbide inserts, with a market share of 35% in 2023. The growing production of automobiles, particularly in emerging economies, is expected to drive the demand for carbide inserts in the automotive industry. The aerospace industry is another major consumer of carbide inserts, with a market share of 20% in 2023. The increasing demand for lightweight and durable materials in the aerospace industry is expected to drive the demand for carbide inserts.The medical industry is also a significant consumer of carbide inserts, with a market share of 15% in 2023. The growing demand for minimally invasive surgeries and the increasing adoption of robotic surgery are expected to drive the demand for carbide inserts in the medical industry. The electronics industry is another major consumer of carbide inserts, with a market share of 10% in 2023. The increasing demand for electronic devices, such as smartphones and laptops, is expected to drive the demand for carbide inserts in the electronics industry.The energy industry is also a significant consumer of carbide inserts, with a market share of 10% in 2023. The growing demand for renewable energy sources, such as solar and wind power, is expected to drive the demand for carbide inserts in the energy industry.

Carbide Insert Market Regional Insights

The Carbide Insert Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years. The growth in this region is attributed to the increasing demand for carbide inserts in various industries such as automotive, aerospace, and manufacturing. The North American market is also expected to grow at a significant rate due to the presence of major players and the increasing adoption of carbide inserts in various applications. The European market is expected to witness moderate growth due to the presence of established markets in Germany, France, and the UK.The South American and MEA markets are expected to grow at a steady pace due to the increasing demand for carbide inserts in developing countries. The Carbide Insert Market is expected to witness significant growth in the coming years due to the increasing demand for carbide inserts in various industries.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Carbide Insert Market Key Players And Competitive Insights:

Major participants involved in the Carbide Insert Market industry are staying ahead by spending huge capital on research and development. They are focused on building their product portfolio with the latest carbide insert that offers superior cutting performance, longer life, and greater precision. In addition, popular market participants are increasing coverage under their distribution channel and production capacity to meet the demand for carbide inserts across industries. Thus, the Carbide Insert Market industry is witnessing a highly competitive landscape set up by its leading players, who are focused on continuous research and development and large capital investment for creating advanced cobalt solutions for their target sector.Kennametal Inc. is one of the known market participants in the competitive landscape of carbide insert-based solutions. The company’s carbide inserts are widely used in general engineering, aerospace, automotive, and energy. It recently introduced an advanced carbide grade and insert geometry, which has increased its ability to resist wear. In addition to this, it is also the prime focus of Kennametal Inc. to develop cobalt solutions that offer high performance and productivity. The brand markets its products under the brand name Kennemetal and is leading due to its extensive distribution network and strong customer support in the market.Sandvik Cormorant offers a wide range of products under the brand name Prime Turning that includes carbide inserts, milling itineraries, drilling tools, and tap sets, among others. It is one of the known market participants in the Carbide Insert Market industry, offering high-quality carbide inserts. The brand excels in developing tailored solutions for individual requirements, including custom-made formats with a focus on specific materials or workpieces. Its effective range of carbide inserts is well designed and proven in use across a range of industries.

Key Companies in the Carbide Insert Market Include:

• Walter


• Sumitomo Electric


• ISCAR


• Kennametal


• YG1


• Sandvik


• Kyocera


• Hitachi Tools


• TaeguTec


• Boehmite


• Mitsubishi Materials


• Tools Alliance


• Widia


• Korloy


• Seco Tools

Carbide Insert Market Industry Developments

The Carbide Insert Market is projected to grow from USD 10.0 billion in 2023 to USD 52.06 billion by 2032, at a CAGR of 20.13% during the forecast period. The growth of the market is attributed to the increasing demand for carbide inserts in various industries, such as automotive, aerospace, and manufacturing. Carbide inserts are used in cutting tools to improve productivity and efficiency. The market is also driven by the growing adoption of advanced manufacturing technologies, such as CNC machining and robotics.Recent developments in the carbide insert market include the launch of new products by major manufacturers. For example, in 2023, Kennametal introduced a new line of carbide inserts designed for high-performance machining applications. The new inserts are said to offer improved wear resistance and cutting performance. Other major players in the market include Sandvik, Mitsubishi Materials, and Walter.

Carbide Insert Market Segmentation Insights

• Carbide Insert Market Grade Type Outlook
  
  
  
  • Coated Carbide Inserts
  
  
  • Uncoated Carbide Inserts
  
  
  • Cermet Carbide Inserts
  
  
  • Cubic Boron Nitride (CBN) Inserts
  
  
  • Polycrystalline Diamond (PCD) Inserts
  
  
  
  

• Carbide Insert Market Application Outlook
  
  
  
  • Turning
  
  
  • Milling
  
  
  • Drilling
  
  
  • Boring
  
  
  • Threading
  
  
  
  

• Carbide Insert Market Substrate Type Outlook
  
  
  
  • Tungsten Carbide Substrates
  
  
  • Steel Substrates
  
  
  • Ceramic Substrates
  
  
  • Cermet Substrates
  
  
  • Boron Nitride Substrates
  
  
  
  

• Carbide Insert Market Size and Shape Outlook
  
  
  
  • Round Inserts
  
  
  • Square Inserts
  
  
  • Triangle Inserts
  
  
  • Rhombic Inserts
  
  
  • Hexagonal Inserts
  
  
  
  

• Carbide Insert Market Industry Outlook
  
  
  
  • Automotive
  
  
  • Aerospace
  
  
  • Medical
  
  
  • Electronics
  
  
  • Energy
  
  
  
  

• Carbide Insert Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa