The Indexable Inserts Market is Estimated To Witness High Growth Owing To Automation in Manufacturing Industries

 

Indexable Inserts Market

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 Overview:

Indexable inserts are replaceable cutting tips made of alloy steel or ceramics that are used as cutting tools in machining operations. They provide advantages such as economic cost per cutting edge, higher productivity through multi-edged geometry and customization as per application. Indexable inserts find wide application in industries such as automotive, aerospace, die & mould and general engineering.

 

Market key trends:

Growing demand from the biomass industry is one of the key trends driving the growth of the indexable inserts market. Biomass as a renewable source of energy is seeing increasing utilization worldwide and involves processes such as chipping, grinding and milling which require heavy-duty cutting tools. The self-replenishing nature of biomass also ensures continuous demand for indexable inserts used in biomass machinery. Furthermore, recent technological advancements have led to development of coated and uncoated indexable inserts with improved geometries, fracture toughness and wear resistance catering to wider range of applications including difficult-to-machine materials.

Segment Analysis

The global indexable inserts market is dominated by the solid carbide segment. This segment held more than 60% share of the overall market in 2022. Solid carbide inserts offer superior hardness and heat resistance as compared to ceramic and diamond inserts. They can withstand high cutting temperatures and pressure during metal cutting applications in various end-use industries such as automotive, aerospace, construction, electronics, and medical.

 

Key Takeaways

The Global Indexable Inserts Market Size is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing demand from automotive and construction industries.

 

Regional analysis

Asia Pacific dominated the global market in 2022 and is expected to witness fastest growth during the forecast period. Increasing automotive production in China, India and Japan is driving the demand for indexable inserts in the region. Additionally, growing construction activity in China and India is further fueling the market growth.

 

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, Â Ltd., Ceratizit Group, Ingersoll Cutting Tool Company, TaeguTec Ltd., Valenite LLC (Kennametal). Sandvik Coromant and Kennametal accounted for over 35% of the global market share in 2022. Both companies offer a wide range of solid carbide, ceramic and CBN inserts for various metal cutting applications in automotive and other industries.

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https://www.dailyprbulletin.com/indexable-inserts-market-size-share-growth-outlook-2023

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