Indexable Inserts Market Size – By Material, By Coating Type, By Shape, By Application, By End-Use, Analysis, Share, Growth Forecast, 2024 - 2032

Indexable Inserts Market Size

The global Indexable Inserts market was valued at USD 2.09 billion in 2023 and is estimated to grow at a CAGR of over 4.1% from 2024 to 2032. Manufacturers are creating indexable inserts featuring advanced coatings like CVD (Chemical Vapor Deposition) and PVD (Physical Vapor Deposition).
 

These innovations enhance wear resistance, prolong tool life, and facilitate faster machining speeds. There's a rising popularity of inserts crafted from ceramics, CBN (Cubic Boron Nitride), and PCD (Polycrystalline Diamond). This trend is especially pronounced in challenging applications such as hard turning and high-speed machining. The superior performance of these materials in cutting hard metals and alloys is propelling the market's expansion.
 

Indexable Inserts Market Trends

The rising production of electric vehicles (EVs) necessitates the precise machining of specialized components, such as battery housings and electric motor parts, driving the demand for indexable inserts. To cater to these specialized needs, manufacturers are increasingly turning to high-performance tools. A notable advantage of indexable inserts is their sustainability: only the worn cutting edge is replaced, allowing the rest of the tool to be retained. This characteristic resonates with the heightened emphasis manufacturing firms are placing on sustainable practices and minimizing material waste.
 

Indexable Inserts Market Analysis

Emerging smart insert technologies, equipped with sensors, facilitate real-time data collection on parameters such as temperature and vibration. These insights, driven by data, assist in optimizing cutting conditions and extending the life of inserts. Numerous manufacturers are adopting digital tool management systems. These systems not only monitor tool wear but also predict maintenance needs and optimize tool longevity. By ensuring peak performance and minimizing unforeseen downtime, these systems enhance the appeal of indexable inserts.
 

High-performance indexable inserts, particularly those featuring advanced coatings or crafted from specialized materials such as CBN (Cubic Boron Nitride), ceramics, or PCD (Polycrystalline Diamond), command a premium price. This poses a considerable challenge for small and medium-sized enterprises (SMEs) that struggle to allocate funds for such costly tooling. Moreover, achieving optimal performance and efficiency with indexable inserts demands precise setup and specialized knowledge.
 

Based on material, the carbide inserts segment accounted for revenue of around USD 1.3 billion in 2023 and is estimated to grow at a CAGR of around 4.3% from 2024 to 2032. Carbide inserts, known for their exceptional hardness and wear resistance, are ideal for high-speed and heavy-duty applications. Their robust durability allows them to endure the intense pressures and temperatures produced during cutting, particularly when working with tough metals. Thanks to their hardness and thermal stability, carbide inserts facilitate quicker cutting speeds. This acceleration translates to shorter production cycles, boosting productivity for manufacturers aiming to optimize operations and cater to rising demand.
 

Based on the application, the turning segment held around 44% share of the indexable inserts market in 2023 and is anticipated to grow at a CAGR of 4.3% through 2032. Industries such as automotive and aerospace heavily rely on turning to produce precision components, including shafts, engine parts, and bearings. These sectors demand high-precision parts in large quantities, a need efficiently met by indexable inserts due to their consistent cutting performance. Turning often deals with challenging materials, including stainless steel, titanium, and superalloys, particularly in the aerospace and energy sectors. Crafted from robust materials like carbide, ceramics, and CBN (Cubic Boron Nitride), indexable inserts adeptly handle these demanding machining tasks.
 

U.S. region dominated around 78% share of the indexable inserts market in 2023. The U.S. boasts a diverse manufacturing landscape, spanning sectors such as automotive, aerospace, defense, medical devices, and heavy machinery. The automotive sector stands out as a primary consumer of indexable inserts, driven by its need for high-volume machining and intricate part designs. As production ramps up and the industry pivots towards lightweight materials, indexable inserts play a pivotal role, facilitating the high-speed turning and milling of aluminum, titanium, and other demanding materials, thereby bolstering the sector's expansion.
 

Country-level Analysis

North America: The U.S. boasts significant automotive and aerospace sectors, both demanding precision components and rapid production capabilities. Meanwhile, Canada’s robust aerospace industry sees major manufacturers depending on precision tools to machine high-strength metals and alloys. Indexable inserts play a pivotal role, facilitating efficient, high-precision machining to meet industry’s stringent standards.
 

Europe: Germany's industrial machinery sector, known for its production of high-quality equipment utilized across diverse industries, adheres to stringent quality standards necessitating precise and reliable machining. Indexable inserts, known for their repeatable and high-quality cutting performance, perfectly align with the rigorous demands of Germany's manufacturing standards. As the medical equipment industry in Germany expands, there's an increasing demand for precision tools tailored for intricate, small-part machining.
 

Asia Pacific: As the "world's factory," China drives a significant demand for machining tools, particularly indexable inserts, to facilitate its high-volume, continuous production across various industries. Sectors such as electronics, consumer goods, and textiles prioritize the need for high-speed, durable, and efficient cutting tools. Furthermore, China's burgeoning aerospace and medical device sectors are increasingly seeking high-precision machining solutions. Advanced indexable inserts provide the necessary precision and durability to machine intricate parts from materials like titanium and stainless steel, ensuring compliance with the stringent quality standards of these industries.
 

Middle East: Saudi Arabia's Vision 2030 initiative has spurred a remarkable surge in infrastructure projects, spotlighting mega-developments like NEOM, The Red Sea Project, and Qiddiya. These ambitious undertakings rely on robust construction equipment and machinery, which in turn depend on durable indexable inserts for machining steel, concrete, and other high-strength materials. As construction projects proliferate, so does the demand for construction equipment, necessitating regular maintenance and timely replacement of tools, including indexable inserts.
 

Indexable Inserts Market Share

The global indexable inserts industry showcases a competitive landscape teeming with a mix of players, from multinational giants to regional manufacturers and specialized niche companies. Predominantly fragmented, the market sees major players like Sandvik Coromant, Kennametal Inc., Carbide Tool Solutions, Mitsubishi Materials Corporation, and Sumitomo Electric Industries, Ltd. These companies command significant market shares, bolstered by their vast product portfolios and robust brand recognition. The surge of e-commerce has broadened online sales channels, allowing brands to tap into wider audiences and boost customer engagement via digital marketing.
 

Indexable Inserts Market Companies

Major players operating in the Indexable Inserts industry are:

• Carbide Tool Solutions
• Gühring KG
• Hitachi Tool Engineering, Ltd.
• Hoffmann Group
• Iscar Ltd.
• Kennametal Inc.
• Kyocera Corporation
• Mitsubishi Materials Corporation
• OSG Corporation
• Sandvik Coromant
• Schaeffler Group
• Seco Tools
• Sumitomo Electric Industries, Ltd.
• Tungaloy Corporation
• Walter AG
   

Indexable Inserts Industry News

• In May 2024, Mitsubishi Materials Corporation (MMC) marked a significant milestone in its global manufacturing strategy by completing the expansion of its Cemented Carbide Tool Plant in Valencia, Spain. This expansion directly addresses the surging demand for high-performance cutting tools across industries like automotive, aerospace, and general manufacturing. It underscores MMC's dedication to delivering innovative, precision-engineered solutions to its worldwide clientele.
   
• In May 2023, Kennametal Inc. bolstered its portfolio of metal cutting tools and solutions by unveiling eight innovative products. These launches aim to elevate performance, precision, and efficiency in metalworking applications. Notable introductions encompass the Drill Fix PRO, KenDrill Deep HPR, and KenDrill Micro. Engineered to cater to the surging demand, these tools promise high-quality, reliability, and versatility in cutting solutions.
   

This Indexable Inserts market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Million Units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Material

• Carbide Inserts
• Ceramic Inserts
• CBN (Cubic Boron Nitride) Inserts
• PCD (Polycrystalline Diamond) Inserts
• Cermet Inserts
• High-Speed Steel (HSS) Inserts

Market, By Coating Type

• PVD (Physical Vapor Deposition) Coated Inserts
• CVD (Chemical Vapor Deposition) Coated Inserts:
• Uncoated Inserts

Market, By Shape

• Square Inserts
• Triangle Inserts
• Diamond Inserts
• Round Inserts
• Others (Hexagonal Inserts, Etc)

Market, Application

• Turning
• Milling
• Drilling
• Grooving
• Others (Threading, Boring, Etc)

Market, End-Use

• Automotive
• Aerospace & Defense
• Construction
• General Engineering
• Oil & Gas
• Power Generation
• Others (Mining, Medical Equipment Manufacturing, Etc)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa