Global Stationary Tool Inserts Market 2017-2021

Overview of the global stationary tool inserts market

Technavio’s market research analyst predicts the global stationary tool inserts market to grow steadily at a CAGR of above 6% by 2021. One of the primary drivers for this market is the constantly increasing need to develop superior-quality products. Manufacturers across the world are focusing on adopting state-of-the-art tools to minimize the production time without compromising on the quality of the product. Also, customers are now insisting on coordinating measuring machine reports to verify the quality of products as well as their adherence to specifications. Consequently, HSS metal cutting tools are widely adopted by several companies across various industries to develop products with increased precision. The increasing customer demand for high-quality products has made HSS metal cutting tools indispensable in organizations. The effective deployment of HSS metal cutting tools enables the development of products with increased dimensional accuracy. This growing inclination toward the use of superior quality metal cutting tools is expected to propel growth in the global stationary tool inserts market during the forecast period.

One of the latest trends gaining traction in this market is the rapid adoption of 3D printing, 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. This results in significant reduction of capital costs, raw material costs, and costs to reclaim scrap. This rising popularity of additive manufacturing is expected to augment growth in the global stationary tool inserts market in the coming years.

Competitive landscape and key vendors