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The indexable inserts market size is projected to reach US$ 14,567.92 million by 2031 from US$ 9,016.44 million in 2023. The market is expected to register a CAGR of 6.2% during 2023–2031. Increased utilization of advanced coatings and materials to improve the performance of indexable inserts is likely to emerge as a new trend during the forecast period.
Indexable Inserts Market Analysis
Indexable cutting tools provide an efficient and cost-effective way to create complex shapes while maintaining accuracy and repeatability. These tools have become increasingly popular in recent decades due to their ability to quickly produce intricate shapes with minimal material waste. Their indexable cutting parts also make them extremely versatile and durable, making them an overall efficient choice for many machining tasks. By using indexable inserts, manufacturers can ensure projects are completed in less time while maximizing quality and efficiency. Hence, the increasing use of indexable inserts in metalworking and machining applications drives the market growth.
The increasing need for automation in the manufacturing industry is driving the expansion of the indexable inserts market. Milling machines can perform multiple tasks simultaneously, reducing the need for a manual workforce and increasing overall productivity. Furthermore, technological advancements have contributed significantly to the growth of the indexable inserts market. By integrating CNC technology, precise cuts and shapes can be easily produced, increasing the popularity of indexable inserts in the metalworking and machining industry.
The prices of raw materials, particularly metals such as steel, aluminum, and copper, are influenced by various key factors such as global supply and demand dynamics, geopolitical tensions, currency fluctuations, and trade policies. The inherent volatility in these markets poses challenges for machine manufacturers and other end users. Variations in raw material prices can directly impact the cost of production for indexable inserts, machining tools, and cutting tools, leading to a reluctance among end users to buy these machines. When prices rise, manufacturers may face higher input costs, which can reduce profit margins.
Indexable Inserts Market Overview
Indexable inserts are an important component in modern machining and manufacturing and are revolutionizing the way tools are used in cutting, shaping, and finishing materials. These indexable inserts, also called replaceable cutting edges, are designed to be physically attached to a tool holder and allow for quick replacement without having to replace the entire tool. A typical insert has multiple edges, often three to eight, depending on the shape and design. If an edge is worn or damaged, the indexable inserts can be rotated to a new edge, maximizing material utilization and reducing downtime. The indexable tool holder and insert are designed to provide a secure fit, with the insert sitting in the pocket of the holder and clamped tightly. This design ensures that the insert remains stable during machining and prevents movement that could affect precision and surface quality.
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Indexable Inserts Market: Strategic Insights
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Speak to AnalystIndexable Inserts Market Drivers and Opportunities
Rising Demand for Indexable Tools in Industrial Applications
Indexable inserts are increasingly used in industries such as automotive, aerospace, medical, and general manufacturing in various applications, including milling, drilling, grooving, and threading. Indexable inserts represent a significant advancement in cutting tool technology and offer numerous advantages over traditional tooling methods. Easy interchangeability, high performance, and versatility of cutting edges make indexable inserts indispensable in modern machining. Manufacturers can optimize their machining processes, improve productivity, and reduce costs by understanding operating principles, benefits, and applications of indexable inserts. Automobile production is steadily increasing worldwide, especially in Asian and European countries, increasing the demand for indexable inserts. In the industry, indexable inserts are widely used in the metal machining of crankshafts, face milling and hole drilling, and other machining operations in producing auto parts. Indexable inserts are used for a variety of purposes in the aerospace industry. They are particularly used in milling operations that require high precision and smooth surfaces. Indexable inserts are commonly employed in this industry as they can cut through materials such as titanium, aluminum, steel alloy, and plastics. They are crucial in manufacturing aircraft components such as engines, wings, fuselage structures, and landing gears.
Technological Advancements in Manufacturing Operations
The importance of efficient and cost-effective manufacturing operations is increasing with the growing demand for process automation across the manufacturing sector. Automated manufacturing processes and high-end technologies such as computer numerical control (CNC) offer several advantages over traditional manual manufacturing techniques. By integrating computer-aided design (CAD) and computer-aided manufacturing (CAM) systems with automated manufacturing processes, tasks such as cutting, drilling, milling, welding, and bending can be streamlined and automated while reducing the need for manual labor and improving overall efficiency. Automated processes can also enhance the quality of products by minimizing errors and differences associated with manual production.
Indexable Inserts Market Report Segmentation Analysis
Key segments that contributed to the derivation of the indexable inserts market analysis are type, system, and application.
- Based on insert shape, the indexable inserts market is segmented into round, square, triangle, rhombic, and others. The rhombic segment held the largest market share in 2023.
- Based on application, the indexable inserts market is segmented into milling, drilling, turning, threading, and others. The milling segment held the largest market share in 2023.
- Based on size, the market is divided into up to 10 mm, 10–20 mm, and above 20 mm. The up to 10 mm segment held the largest share of the market in 2023.
- Based on Insert Material, the market is divided into Carbide, Ceramic and Composites, PCD Inserts and Others. Carbide segment held the largest share of the market in 2023.
- Based on Industry, the market is divided into Aerospace and Defense, General Industry, Oil and Gas, Power Generation, Automotive, Electric and Electronics, Medical and Others. Automotive segment held the largest share of the market in 2023.
Indexable Inserts Market Share Analysis by Geography
The geographic scope of the indexable inserts market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America. Europe is the second-largest contributor to the global indexable inserts market. The indexable inserts market in Europe is segmented into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Western Europe is a highly developed region with different types of companies. Europe has a well-established manufacturing industry that uses cutting-edge technologies, such as automation, robotics, the Industrial Internet of Things (IIoT), and Industry 4.0. Across Europe, technological advancements have created a highly competitive market for indexable inserts. Europe is one of the most important automobile manufacturers in the world. The presence of world-leading automobile manufacturers such as Volkswagen AG, Stellantis NV, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, and Renault SA is driving the industry's growth. As per the European Automobile Manufacturers Association (ACEA), new car registrations in Europe increased by 18.6% from 12.93 million units in 2022 to 15.33 million units in 2023. Germany accounted for the highest share in new car registration in the region, followed by the UK, France, and Italy. Such a rise in car and other vehicle sales in the region is expected to fuel the demand for cutting tools, such as indexable inserts, in metalworking operations in the region.
Indexable Inserts Market Report Scope
Indexable Inserts Market News and Recent Developments
The indexable inserts market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the indexable inserts market are listed below:
Kennametal Inc. expanded its turning portfolio with the introduction of new inserts and cutting tools that significantly broaden its machining capabilities in the small parts and medical machining space. The three new products—TopSwiss Turning Inserts, Micro Boring Solid (MBS) tooling, and KCU25B Turning Inserts—are designed to improve output, enhance component quality, reduce errors, and help customers achieve accurate and clean results. (Source: Kennametal Inc., Press Release, October 2024)
On the occasion of EMO 2023 in Hanover, CERATIZIT kicked off the introduction of the first Product Carbon Footprint (PCF) Standard for carbide products. Since September 18, the PCF classification of the first wave of products has been displayed in the shop. Products from the upGRADE family, which are made from 100% secondary raw materials and have a particularly low PCF, also take on a special position. With these products, detailed PCF information is already included in the purchase price. The CT-GS20Y grade for rods for cutting tools and the KLC20+ grade for wood working are made from strictly selected secondary raw materials and combine premium performance with a particularly low PCF. (Source: CERATIZIT S.A, Press Release, September 2023)
Indexable Inserts Market Report Coverage and Deliverables
The "Indexable Inserts Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Intelligent transportation system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Intelligent transportation system market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Intelligent transportation system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the indexable inserts market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Asia Pacific dominated the global indexable inserts market in 2023.
Increasing use in metalworking and machining applications, rising demand for indexable tools in industrial applications, and growing government spending on military infrastructure development and reinforcement are the driving factors in the market.
Increasing efforts to improve performance of indexable inserts with utilization of advanced coatings and materials is the key future trend of the Global indexable inserts market.
Sandvik AB# Kennametal Inc.# Iscar Ltd.# Paul Horn GmBH# Kyocera Corporation# Ingersoll# Zhuzhou Cemented Carbide Cutting Tools Co., Ltd.# MITSUBISHI MATERIALS Corporation# Guhring, Inc.# YG-1 Co., Ltd.# Ceratizit Group# and Boehlerit GmbH & Co.KG are the leading players operating in the global indexable inserts market.
The estimated value of the global indexable inserts market by 2031 is US$ 14.57 billion.
The List of Companies - Indexable Inserts Market
- Sandvik AB
- Kennametal Inc
- ISCAR LTD
- Hartmetall-Werkzeugfabrik Paul Horn GmbH
- Kyocera Corporation
- Ingersoll Rand Inc
- Zhuzhou Cemented Carbide Cutting Tools Co., Ltd
- Mitsubishi Materials Corporation
- Gühring KG
- YG-1 Co., Ltd.
- CERATIZIT S.A.
- Boehlerit GmbH & Co.KG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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