Indexable Inserts Market to Witness High Growth Owing to Increasing Demand from Automotive Industry
Indexable inserts are cutting tools that are clamped, brazed, or welded to tool holders used in machine tools. Indexable inserts are most commonly used in milling cutters, drilling, reaming, counterboring and countersinking machines. Each insert can be rotated in the tool holder to expose a new cutting edge, allowing multiple uses prior to being replaced. The inserts are available in a wide range of grades suited for machining a variety of materials such as plastics, steel, aluminum, cast iron and non-ferrous metals.
The global indexable inserts market is estimated to be valued at US$ 7.03 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for growth of the indexable inserts market is the increasing demand from the automotive industry. Indexable inserts find wide usage in machining of engine blocks and heads, transmissions, differentials, brake disks, suspension parts and other components. The growing automotive production driven by rising vehicle ownership, especially in developing regions of Asia Pacific and Latin America, is augmenting market growth. Furthermore, indexable inserts provide productivity and cost benefits over solid carbide tools due to their ability to be rotated and reused, thereby reducing machining costs. This factor is also fueling their adoption across various end use industries including aerospace, electronics and precision engineering. However, the high initial costs involved in purchasing indexable inserts and lack of skilled workforce in developing countries may restrain market growth over the forecast period.
SWOT Analysis
Strength: Indexable inserts are customizable and provide high accuracy and precision cutting. They offer enhanced tool life and reduce manufacturing costs through reduced tool changes. The modular design allows for easy replacement of damaged inserts.
Weakness: Indexable inserts require specialized machines for their application. Frequent insert changes are needed based on the material being cut. Troubleshooting damaged inserts increases non-productive time.
Opportunity: Growth of end-use industries such as automotive, aerospace, and electronics will drive the need for precise and customized machining operations. Adoption of indexable inserts in developing regions provides new market opportunities.
Threats: Availability of affordable substitutes such as solid carbide end mills poses competition. Economic slowdowns impact the capital expenditure budgets of end-users.
Key Takeaways
The global Indexable Inserts market share is expected to witness high growth over the forecast period of 2024 to 2031. The global indexable inserts market is estimated to be valued at US$ 7.03 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
Regional analysis shows Asia Pacific dominating the global market currently due to large automotive and electronics manufacturing bases in China, India, and Japan. The region is forecast to maintain its lead, expanding at a CAGR of 9% till 2031. North America is another major regional market supported by aerospace and defense manufacturing. European countries are steadily adopting indexable inserts in their automotive and machinery sectors.
Key players related content comprises
Key players operating in the Indexable Inserts market are BASF SE, Bayer AG, Syngenta AG, FMC Corporation, Novozymes, Koppert Biological Systems, Certis USA LLC, Andermatt Biocontrol AG, Som Phytopharma India Ltd, Valent Biosciences LLC, BioWorks Inc., Marrone Bio Innovations, Monsanto Company, Isagro Group, Camson Biotechnologies Limited, Lallemand Inc., Biobest Group NV, Stockton Group, Rizobacter Argentina S.A., Bioline Agrosciences ltd. These leading manufacturers are focused on new product launches and acquisitions to gain share in the growing market.
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