Global Stationary Tool Inserts Market 2017-2021
About Stationary Tool Inserts
Stationary tool inserts used for cutting and shaping of metals and other materials were also developed as a part of the Industrial Revolution. These inserts ensure the effective manufacturing of critical and intricate components, with ease and utmost precision. These tool inserts form an indispensable part of machine tools that are either numerically or conventionally controlled. Turning, milling, and grinding tool inserts form vital components of complex and bigger machines such as turning machines, machining centers, and grinding machines. These are very important for the entire manufacturing industry.
Technavio’s analysts forecast the global stationary tool inserts market to grow at a CAGR of 6.14% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global stationary tool inserts market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Stationary Tool Inserts Market 2017-2021
Technavio recognizes the following companies as the key players in the global stationary tool inserts market: Ingersoll Cutting Tool Company, ISCAR, Kennametal Foundation, North American Carbide, and Sandvik.
Other Prominent Vendors in the market are: KOMET, TYROLIT, SECO, and LOVEJOY Tool Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is additive manufacturing. The manufacturing industry has witnessed the advent of a revolutionary technology known as 3D printing, which is also known as additive manufacturing. 3D printing is a process of creating three-dimensional objects using a digital file. This process usually involves building the product in thin layers, one by one. 3D printing enables the production of complex geometries that are either arduous or impossible with traditional manufacturing techniques. The additive nature of 3D printing, unlike traditional printing technologies, optimizes the use of material and therefore minimizes wastage. Traditional techniques are subtractive in nature where the manufacturing takes place by cutting away the excess material. This way, approximately 60%-70% of the material ends up as scrap, which is later melted and reused adding up to the cost. Replacing traditional manufacturing techniques with 3D printing will result in significant reduction of capital costs, raw material costs, and costs to reclaim scrap.”
According to the report, one driver in market is rise in construction activities in APAC. The global construction market is witnessing a mixed trend across various regions. Although the slowdown in the Chinese economy has impacted the global construction market, infrastructure planning in developing economies such as India and Indonesia will boost the growth of the global power tools market. As a result, this will propel the demand for the tool inserts market. Smart Cities Mission, make in India initiative, and Housing for All programs are expected to trigger construction activities in India. Under the Smart Cities Mission initiative, the construction of cities is planned to be completed by 2022. Out of these cities, 20% cities were announced in the first list in January 2016, and 13% were announced in May 2016. These include capital cities as well as major cities of states. Under this initiative, each city will receive millions of dollars in the first two years to improve the infrastructure. The rest of the cities are expected to be announced by 2018.
Further, the report states that one challenge in market is slowdown in Chinese economy. The Chinese economy, which is currently growing at double-digit rates, slowed down in 2014-2015. Furthermore, this trend continued in the first half of 2016. In 2014, according to the World Bank, the Chinese GDP grew at only 7.3%, the slowest recorded growth since 1990. The slowdown was mainly attributed to the sluggish performance of the country's real estate sector, combined with the huge manufacturing overcapacity. The key reason for the slowdown in the economy was the shift in China’s economy from being a manufacturing based to a consumer based. China’s retail sales witnessed a decline of 0.4% in July 2016 over June 2016. On the other hand, private investments in the first half of 2016 grew only by single digits.
Ingersoll Cutting Tool Company, ISCAR, Kennametal Foundation, North American Carbide, Sandvik, KOMET, TYROLIT, SECO, and LOVEJOY Tool Company.
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