by Indexable inserts, also known as cutting inserts, are replaceable cutting tools used in machineries such as machine tools, milling cutters and drill bits. Indexable inserts provide advantages like high productivity, precision cutting and reduced production costs.
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 key trends:
The demand for indexable inserts from the automotive industry has been a major factor contributing to the growth of the indexable inserts market. Indexable inserts are widely used in automotive manufacturing for machining of engine blocks, transmission cases, crankshafts and connecting rods among other components. The growing automotive production globally especially in countries such as China, India and Mexico has resulted in increased demand for indexable inserts from this industry. Streamlining of automotive manufacturing processes using advanced CNC machining technologies utilizing indexable inserts has also augmented market growth.
SWOT Analysis
Strength: Indexable inserts can be used to machine a variety of materials like steel, cast iron, aluminum and plastic materials. This versatile application increases their demand.
Weakness: Frequent changing of inserts increases production cost and downtime. Improper selection of insert grade for material can damage both insert and workpiece.
Opportunity: Rising demand from automotive, aerospace and medical industries due to increased precision and surface finish requirement opens growth opportunities.
Threats: Availability of alternatives like solid carbide end mills poses competition. Economic slowdowns impact manufacturing sectors and reduce inserts demand.
Key Takeaways
The global indexable inserts market size is expected to witness high growth. 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 comprises North America dominates the market currently due to large automotive and aeronautics industries in the US and Canada. Asia Pacific is anticipated to grow at fastest pace attributed to expanding manufacturing sector in China and India.
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. Proper selection of insert grade and geometry matching application needs help achieve cost savings through least changes and efficient machining. Tool manufacturers focus on developing carbide grades with enhanced wear resistance and strength.
