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| Global Indexable Inserts Market Size |
Indexable inserts are a consumable tool that is used for milling, drilling, and
turning applications in various industries like automotive, aerospace,
electronics, medical devices and others. These inserts provide advantages like
high precision productivity due to their uniform cutting angles and ability to
withstand high pressures. 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 key trends:
Adoption of Industry 4.0 technologies across industries has been a major factor
driving demand for indexable inserts. Technologies such as robotics, industrial
IoT, 3D printing, and industrial automation require precise and consistent
cutting tools for various machining processes. Indexable inserts are
well-suited for these automated production environments as they provide long
service life, consistent performance and reduce downtime associated with tool
changes compared to solid carbide tools. The proliferating applications of
industry 4.0 is expected to accelerate market penetration of indexable inserts
over the forecast period.
Segment Analysis
The global indexable inserts market is dominated by the solid carbide
sub-segment. Solid carbide inserts account for over 60% of the market share as
they offer higher wear resistance, longer tool life, and better thermal
capability compared to other materials like ceramics and CBN. They are suitable
for a wide range of applications involving general machining of metallic
materials like stainless steel, cast iron, and low-alloy steel.
Key Takeaways
The Global
Indexable Inserts Market Size is expected to witness high growth over
the forecast period of 2023 to 2030 supported by rising demand from end-use
industries like automotive, aerospace, machinery, and electrical &
electronics.
Regional analysis - Asia Pacific dominates the global indexable inserts market
and is expected to continue its dominance over the forecast period. China,
India, Japan, and South Korea are major contributors to the regional market
owing to presence of a large manufacturing sector in these countries. China in
particular has a strong presence of automotive and electronics industries that
drive significant demand for indexable inserts. North America and Europe are
other major markets driven by well-established aerospace and machinery sectors.
Key players - 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, Ltd., Ceratizit Group, Ingersoll Cutting Tool Company, TaeguTec Ltd.,
Valenite LLC (Kennametal), Lamina Technologies, Vargus Ltd. The market remains
consolidated with top players accounting for over 50% of the global share.
These players focus on new product development and innovations to strengthen
their market position.
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