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.

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.

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.

Reach a truly international audience that includes component manufacturers, end-users, industry suppliers, analysts, researchers and more.

Despite challenges faced during the past decade, Element Six s said to have continued its strategic journey, leading to numerous R&D and innovation achievements, new business models and novel commercial and academic collaborations.

Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.

Image

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.

Image

“One of his most important legacies, however, is the outstanding team he has built at Element Six, which has a wealth of knowledge, expertise and passion, as well as a clear vision of where the key opportunities for the business lie in the future,” Cleaver continued. “Synthetic diamonds have the potential to transform the world of technology, and Walter’s successor will work closely with the leadership team to ensure Element Six remains at the forefront of innovation in the advanced material solutions sector.”

Immediate Delivery Available, Buy Now @ https://www.consegicbusinessintelligence.com/secure-checkout/1211

Image

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

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.

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.

Join thousands of other PM professionals and get the latest industry news, deep dive articles and more, to your inbox.

Over the past decade, Element Six has successfully navigated a wide range of challenges and opportunities, fulfilling many strategic developments, including broadening its oil & gas product offering to a wider customer pool, accelerating the market penetration of tungsten carbide and synthetic diamond solutions, and the expansion of CVD production capabilities to satisfy growing markets in semiconductors, defence and high-power laser applications.

Element Six (E6), part of the De Beers Group, has announced that Walter Huehn will stand down as Chief Executive Office, effective January 31, 2023. The process to recruit Huehn’s successor is reportedly underway.

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

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.

“Walter has led Element Six with distinction for the best part of a decade and has continued to deliver excellent value for our business, successfully guiding Element Six through its strategic journey, despite a range of global challenges to contend with,” stated Bruce Cleaver, CEO, De Beers Group. “He is passionate about innovation, and about the potential for synthetic diamonds to provide novel solutions to some of the world’s most intractable problems.”

Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.

Some of the most significant milestones over the last few years, noted by the company, include the expansion and sustainability efforts implemented across E6’s global HPHT, Carbide and CVD production sites, as well as the introduction of a new, fully automated manufacturing line in Germany, and the delivery of one of the world’s largest, most advanced CVD-scale manufacturing facilities in the US.

Discover suppliers of these and more in our advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

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.

September 04, 2023 12:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports: