Indexable Inserts Market is Estimated to Witness High Growth Owing to Increasing Use in Machine Tools
Indexable inserts are cutting inserts held in toolholders that are commonly used on machine tools for metallic material removal processes such as turning, drilling, milling and other metal cutting processes. Indexable inserts allow the cutting blade to be easily swapped as it wears down, extending the life of the more expensive tool holder. The inserts are negatively indexed to maintain the cutting performance as each new cutting edge is engaged in the machining process.
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 Dynamics:
One of the key drivers for the growth of the indexable inserts market is the increasing use of machine tools across various end-use industries. Indexable inserts find wide application in CNC machines and other computer controlled machine tools used in automotive, aerospace, electronics and other manufacturing sectors. As the demand for precision and efficiency increases, the demand for indexable inserts that provide sharp, long-lasting cutting edges is also growing. The expanding machine tool industry is thus estimated to boost the consumption of indexable inserts globally over the forecast period. Furthermore, the advent of new grades and geometries of indexable inserts that can machine difficult-to-cut materials at high speeds and feeds is also estimated to support the market growth.
SWOT Analysis
Strength: Indexable inserts provide significant machining advantages over solid carbide tools. Their replaceable cutting edges allow for extending tool life and reducing downtime for changing tools. Many indexable inserts also offer chip-breaking geometries that improve surface finish and cutting temperatures.
Weakness: Indexable inserts require more setup time during machining operations as the cutting edges need to be indexed to fresh edges periodically. This increases non-cutting time. The inserts themselves also have a higher unit cost compared to solid carbide tools.
Opportunity: Growth of complex machining operations in automotive and aerospace industries will drive demand for indexable inserts that can handle tough materials and provide precision finishes. Indexable inserts that offer self-sharpening abilities through complex geometries also present an opportunity.
Threats: Volatility in raw material prices can squeeze margins for indexable insert manufacturers. Sustained economic slowdowns in key industries may negatively impact demand. Substitutes like solid carbide tools and CNC machines with longer tool life also pose a competitive threat.
Key Takeaways
The Global Indexable Inserts Market Size is expected to witness high growth over the forecast period supported by expansion in core end-use industries. Rapid automation trends will further propel tool consumption.
Regional analysis: Asia Pacific dominates the indexable inserts market currently and is expected to maintain its lead through 2030. China, India, Japan and South Korea are major consumers driven by their large automotive, industrial machinery and electronics manufacturing base. The region's low production costs and availability of skilled labor also attract tooling companies.
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). The market remains consolidated with the top five players accounting for over 50% share. Players focus on product innovation, application expertise and global expansion.
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