by The global Indexable Inserts Market is estimated to be valued at US$ 6.10 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indexable inserts are consumable cutting tools attached in CNC machines that are used for mass production of components through machining processes like turning, drilling, milling and others. Indexable inserts offer advantages like increased productivity, better surface finish, improved material removal rates and reduced manufacturing cost.
Market key trends:
Growing adoption of indexable inserts in die and mold manufacturing segment is one of the key trends witnessed in the indexable inserts market. Indexable inserts have wider applications in machining of molds and dies used for plastic injection molding and die casting processes. Transition from solid carbide tools to indexable inserts for mold and die making brings advantages like reduced cycle times, optimal material removal rates and versatility through modular tooling systems. The shift towards indexable inserts will continue to drive the mold and die manufacturing applications of indexable inserts market over the forecast period. The indexable inserts market has been witnessing rising demand from industries such as automotive, aerospace, manufacturing, and metalworking. One of the key trends driving the market’s growth is increasing demand for high precision and accuracy in machining processes across various end-use industries. Indexable inserts provide precision cuttings with extended tool life and consistent performance during heavy-duty machining operations. Additionally, the growth in adopting advanced manufacturing technologies and automation is further fueling the need for efficient cutters and inserts.
SWOT Analysis:
Strength: Indexable inserts provide high precision, consistency and extended tool life compared to solid carbide tools.
Weakness: Frequent replacement of worn out inserts increases maintenance costs.
Opportunity: Growth of automotive, aerospace and machinery industries in developing countries increases scope for indexable insert manufacturers.
Threats: Availability of cheaper alternatives such as solid carbide tools can hamper the market growth. Volatility in raw material prices poses threat to profit margins.
Key Takeaways:
The Global Indexable Inserts Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing demand from automotive and aerospace industries.
The automotive industry accounts for a major share of the global indexable inserts market. Growing automotive production driven by rising vehicle ownership, especially in developing countries of Asia Pacific is boosting market growth.
Regionally, Asia Pacific dominated the global indexable inserts market and is expected to maintain its lead over 2023-2030. Rapidly expanding automotive and machinery sectors along with availability of low labor costs make Asia Pacific most lucrative market for indexable insert manufacturers.
Key players operating in the indexable inserts market are Sandvik Coromant, Kennametal Inc., Iscar Ltd., Mitsubishi Materials Corporation, Seco Tools, Walter AG, Kyocera Corporation, Tungaloy Corporation, Sumitomo Electric Industries, Â Ltd., Ceratizit Group, Ingersoll Cutting Tool Company, TaeguTec Ltd., Valenite LLC (Kennametal).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
