What is Global CBN Cutting Tool Insert Market?
The Global CBN Cutting Tool Insert Market is a vast and dynamic sector that plays a crucial role in the world's economy. CBN, or Cubic Boron Nitride, is a synthetic material that is second only to diamond in terms of hardness. This makes it an ideal substance for cutting tool inserts, which are used in various industries for machining operations. The market for these inserts is global, meaning it spans across continents, catering to various industries worldwide. The value of this market was pegged at US$ 1408.8 million in 2023, and it has been growing ever since. The growth is driven by the increasing demand for high-quality cutting tools that can withstand tough conditions and deliver precise results.
Milling, Turning, Drilling, Others in the Global CBN Cutting Tool Insert Market:
The Global CBN Cutting Tool Insert Market is segmented based on the type of machining operation they are used for. This includes milling, turning, drilling, and others. Milling is a process where a rotating cutting tool removes material from a workpiece. CBN inserts are used in this process for their hardness and durability. Turning, on the other hand, involves a cutting tool moving in a linear path along the surface of a rotating workpiece. Here too, CBN inserts prove invaluable due to their ability to withstand high temperatures and resist wear. Drilling is another operation where CBN inserts are used. In this process, a rotating cutting tool, or drill bit, is used to cut a hole in a workpiece. The hardness of CBN inserts allows them to drill through tough materials with ease. Other operations where these inserts are used include grinding, boring, and broaching.
Machinery Industry, Automotive Industry, Aerospace Industry, Energy Industry, Others in the Global CBN Cutting Tool Insert Market:
The Global CBN Cutting Tool Insert Market finds application in various industries such as the machinery industry, automotive industry, aerospace industry, energy industry, and others. In the machinery industry, these inserts are used for machining parts of machines used in various sectors. The automotive industry uses them for manufacturing and repairing parts of vehicles. In the aerospace industry, they are used for machining parts of aircraft and spacecraft. The energy industry uses these inserts for drilling and other operations in the oil and gas sector. Other industries where these inserts find application include the construction industry, the electronics industry, and the medical industry.
Global CBN Cutting Tool Insert Market Outlook:
Looking at the market outlook, the Global CBN Cutting Tool Insert Market is set for steady growth in the coming years. In 2023, the market was valued at US$ 1408.8 million. It is projected to reach a value of US$ 1648.2 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 2.3% during the forecast period from 2024 to 2030. This growth is expected to be driven by the increasing demand for CBN cutting tool inserts in various industries, coupled with advancements in manufacturing technology.
| Report Metric | Details |
| Report Name | CBN Cutting Tool Insert Market |
| Accounted market size in 2023 | US$ 1408.8 million |
| Forecasted market size in 2030 | US$ 1648.2 million |
| CAGR | 2.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Kennametal, Iscar, Sandvik, Mitsubishi, Kyocera, Sumitomo, Mapal, Korloy, YG-1, Hitachi, ZCCCT, Shanghai Tool, Ingersoll Cutting Tools, Ceratizit, Guhring, Xiamen Golden Erge, North American Carbide |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
