Indexable inserts are cutting tools that are used in machine tools for various metal cutting processes like milling, turning, and drilling. They consist of a tool shank with an insert seat and one or more insert pockets. The inserts, made of tungsten carbide or ceramics, can be easily indexed to provide a new cutting edge. Indexable inserts offer advantages like extended service life, high wear resistance, ability to perform multiple machining operations, convenience of replacing worn inserts, and economy over solid carbide tools. Their use is growing in various industries like automotive, aerospace, dies and molds, electronic, medical, and general metal fabrication due to superior machining capabilities.
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 Opportunity:
The rising demand from the automotive industry is expected to offer significant growth opportunities for the indexable inserts market. Indexable inserts find widespread application in machining automotive components like engines, transmission components, brake parts, suspension components, and chassis. The growing automotive production globally to meet the rising vehicle demand is augmenting the need for high-precision automotive parts, which is driving the consumption of indexable inserts. Moreover, the trend of light-weighting of vehicles using advanced materials like aluminum and plastics is further propelling the demand for effective cutting tools like indexable inserts that can machine these advanced materials efficiently. The global automotive production is anticipated to grow at a CAGR of over 3% during the forecast period, thereby generating substantial demand for indexable inserts.
Porter’s Analysis
Threat of new entrants: Indexable inserts have high initial set up cost and also require substantial investment in R&D for new product development. Companies need to achieve economies of scale to compete in this market.
Bargaining power of buyers: Indexable inserts have wide applications in various end-use industries. Buyers can negotiate on pricing due to availability of substitutes and presence of various manufacturers.
Bargaining power of suppliers: Raw material suppliers have limited bargaining power due to availability of substitute materials. However, technological changes allow suppliers to charge premium pricing.
Threat of new substitutes: Advancements in material science may lead to new substitutes such as PCBN, PCD and CBN which offer improved performance over indexable inserts.
Competitive rivalry: The market is highly competitive due to presence of global as well as regional players. Players differentiate through brand, product quality and innovation.
SWOT Analysis
Strength: Indexable inserts offer improved tool life, productivity and consistency. They enable hassle-free operations and uniform cutting load.
Weakness: High initial set up cost. Dependence on economic cycles for demand fluctuations.
Opportunity: Growth in automotive, construction and general engineering industries. Expanding application scope in industries such as mould manufacturing offers opportunities.
Threats: Changing substrate and coating technology leads to new product development risk. Economic slowdowns impact capital expenditure.
Key Takeaways
The Global Indexable Inserts Market Size is expected to witness high growth over the forecast period owing to rapid industrialisation and demand from end-use industries globally. Regional analysis shows that Asia Pacific dominates the market currently owing to strong presence of manufacturing industries in China, India, Japan and South Korea. Growth in automotive sector and infrastructure development projects will drive the region's dominance over the forecast period.
North America and Europe are other major consumers of indexable inserts. Presence of key players such as Sandvik Coromant, Kennametal Inc., Iscar Ltd. and dominance of automotive industry are major drivers for these regions.
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), Lamina Technologies, Vargus Ltd. These players are focusing on new product development through investments in R&D as well as partnerships with end-use industries to strengthen their market presence.
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Global Cutting Tools Market Research Report, by Tool Type (Indexable Inserts(IndexableTurning & Boring, Indexable Milling, Indexable Holemaking and Indexable Threading) and Solid Round Tools), By Material Type (Cemented Carbide, High Speed Steel, Ceramics, Stainless steel, Polycrystalline Diamond, Cubic Boron Nitride and Exotic materials), by Application(Automotive, Aerospace & Defence , Construction, Electronics, Oil & Gas, Power Generation, Wood, Die and Mold and Others), By Region – Forecast to 2023
The global cutting tools market will surpass a valuation of USD 16,700 Mn by the end of 2023.
Robust industrialization and expansion of the sectors such as manufacturing and construction in fast-developing countries delivers a highly optimistic narration for market players.
The cutting tools market is expected to witness a sound growth over the next five years.
Modern manufacturing involves high level of intricacy and precision, which is partly driving the adoption of leading-edge cutting and molding solutions worldwide.
The insights gathered through the study will allow investors to identify the key market dynamics.
