Key vendors to adopt automation and other advanced technologies to strengthen their foothold in the competitive market.
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five vendors for the global cutting tool inserts market in their latest research report. This report also lists four other prominent vendors who are expected to contribute to this market’s growth between 2017-2021.
Competitive vendor landscape
The global market for cutting tools is highly fragmented in nature owing to the presence of numerous players in the market space. Several regional and local players in the market space manufacture customized, energy-efficient equipment that is available at a lower price than their international counterparts. Though the market seems unsaturated with several new vendors, it is quite difficult for them to compete with international vendors in terms of quality, features, functionalities, and services. The introduction of new products with improved features and technologies during the forecast period is expected to intensify the competition in the market.
According to Anju Ajaykumar, a lead analyst at Technavio for research on tools and components, “Currently, vendors in the market space are adapting to the changing market dynamics in terms of required cost-effectiveness. The need to decrease the cost for smaller lot sizes without compromising on the quality of products has compelled market vendors to adopt automation and other advanced technologies to a greater degree.”
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Top five vendors in the cutting tool inserts market space
North American Carbide
North American Carbide is a prominent player in the global market for the manufacture of insert tools of various types. The company caters to the demands for many industry segments such as medical, aerospace, energy, and automotive industries.
Key products: Carbide inserts, Ceramic inserts, Polycrystalline diamond (PCD) inserts, Silicon, and PCD and CBN.
Kennametal Foundation
Kennametal Foundation’s product portfolio consists of various brands. The company’s diverse global presence ensures a robust value chain, which caters to customer needs. The company primarily specializes in metalworking and tooling for various end-user industries such as aerospace, drilling, machining, ceramics, and mining construction.
Key products: Cutting tools, Milling tools, Holemaking tools, Turning tools, Threading tools, and Ceramic inserts.
ISCAR
ISCAR is a leading manufacturer and supplier of dynamic comprehensive line of precision carbide metalworking tools. The company manufactures a wide range of products ranging from inserts to cutting tools. It also designs products based on end-user needs. It caters primarily to end-user industries such as automotive, aerospace, and die & mold production.
Key products: Groove turning tools, Turning and threading tools, Miniature tools, Holemaking tools, Tool holders, Milling tools, and Tool inserts.
Ingersoll Cutting Tools
Ingersoll Cutting Tools is a leading player in the global market for standard and special indexable cutting tools. The company’s product offerings find use in a complete range of metal removing applications.
Key products: Turning tools, Holemaking tools, Milling tools, and Holders.
Sandvik
Sandvik operates in the heavy equipment industry. It is one of the prominent players in the global metal cutting tools market. It develops and markets products such as turning tools, milling tools, drilling tools, boring tools, threading tools, and other tools. It has three business segments, namely the tooling, mining and construction, and materials technology.
Key products: Boring tools, Drilling tools, Milling tools, Reaming tools, Turning tools, and Tool inserts.
A more detailed analysis is available in the Technavio report, Global Cutting Tool Inserts Market 2017-2021. Technavio also customizes reports by other regions and specific segments upon request.
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