May 22, 2024
Indexable Inserts Market

The Global Indexable Inserts Market are Unlocking Advantages of Modern Machining

Indexable inserts are multi-edged cutting tools that find applications in metal cutting and face milling. Composed of highly durable materials such as tungsten carbide and ceramics, indexable inserts allow machinists to replace worn edges instead of discarding the entire tool. This provides significant cost benefits in terms of material savings. Indexable inserts are also responsible for superior surface finish and tolerances in machined parts due to their precise and sharply edged geometry. The ability to index the insert allows multiple cutting edges to be utilized before replacement. All of these factors combined make indexable inserts ideal for high production volumes across industries such as automotive, aerospace, and die and mold manufacturing.

The global Indexable Inserts Market is estimated to be valued at US$ 7.03 Mn in 2024 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:
One of the major trends spurring growth in the indexable inserts market size is the increasing demand from the automotive industry. The prominent use of indexable inserts in milling aluminum alloys and hardened steel used in engine and transmission components is propelling market revenue. Aluminum offers advantages such as reduced vehicle weight and improved fuel efficiency. However, stringent machining requirements demand reliable and sharp-edged tools such as indexable inserts. On the other hand, hardened steel parts require robust cutting inserts for milling at high speeds. Emergence of new aluminum alloy grades and heat treated steels developed specifically for automotive applications will continue augmenting sales of indexable inserts.

Porter’s Analysis

Threat of new entrants: New entrants face high capital requirements for R&D and manufacturing facilities which deters competition.

Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous established players but products offered are highly specialized.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as key raw materials are commoditized but certain technical ingredients witness supply constraints.

Threat of new substitutes: Threat of substitution is low as indexable inserts provide unique tooling solutions for precision machining applications.

Competitive rivalry: The market is consolidated with key global players competing intensely on innovation, quality and service.

Key Takeaways

The global Indexable Inserts market is expected to witness high growth over the forecast period. The global Indexable Inserts Market is estimated to be valued at US$ 7.03 Mn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific accounts for over 40% share led by China, Japan and India. Growing machinery and automotive sectors and adoption of advanced tooling systems drives the regional market. Latin America and MEA are emerging markets with over 6% CAGR during the forecast period.

Key players: 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., and Bioline Agrosciences ltd. The market leaders focus on expanding manufacturing capacities and introduction of new customized product solutions to strengthen their positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it