Allied Market Research

2024

Indexable Tool Inserts Market

Indexable Tool Inserts Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: | Sonia Mutreja
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Indexable tool is made up of inserts or tips where the cutting edge is a changeable shaped component that is welded or fastened to the tool body. These are commonly used for processes, including milling, turning, and hole-making. Carbide inserts typically have many cutting edges. The cutting edge is replaced by twisting or flipping the insert as it becomes worn. Indexable tools are made of a steel body with machined features that enable precise insert location. Steel tool bodies have a clamping mechanism for inserts and a way to attach the completed body and inserts to the machine tool.

Furthermore, indexable drills provide several benefits over typical carbide twist drill or solid HSS when used on a lathe. A programmer may use an indexable drill to create a hole, then step off center and cut the hole to a bigger diameter, obviating the requirement for a boring bar. Misalignment of CNC lathe turrets is common due to wear and tear, and misalignment of the machine can damage conventional drills. Indexable drills are utilized on machines with problematic alignment are more tolerant than normal drills.

Market Scope and Structure Analysis

Description

Common types of indexable insert tools are end mills, milling cutters, boring bars, tool bits, drilling, and threading. Indexable tool inserts are used in production tools, which extend their lifespan, and their machined metal finish is superior and of high quality compared to traditional tools. They are essentially detachable cutting tips that are not bonded or brazed to the tool body. They are indexable, which means they can be rotated or flipped without affecting or disrupting the overall geometry such as tool length, diameter and offset of machine tools. These instruments help to save time and improve the production process. Furthermore, in manufacturing and metal cutting sectors, indexable inserts are required. They are commonly employed in machine shops by the manufacturing industry to make a variety of end-use components. Because of their design, indexable tools are known as tipped tools.

COVID-19 Impact analysis

  • The COVID-19 pandemic ceased the production of various products in the indexable tool inserts industry, which is attributed to the lockdown in countries worldwide. This has hampered the growth of indexable tool inserts market from the last few months and is likely to continue through 2022.
  • COVID-19 affected the sales of indexable tool inserts in the first quarter of 2022 and is anticipated to have a negative impact on the market growth throughout the year.
  • The major demand for indexable tool inserts was previously noticed from giant manufacturing countries, such as North America, Europe, Asia-Pacific, and South America, which are negatively affected by the spread of the coronavirus, thereby declining the demand for tool inserts.
  • Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Indexable tool inserts manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
  • Indexable tool inserts manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distance, and ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

In the near future, the indexable tool inserts market is expected to be dominated by the development of new materials for the ultimate lightweight and durable metal removal inserts. In addition, new techniques and technologies for producing upright and dependable indexable tool inserts that can be perfectly installed on any machine or manufacturing tool are likely to be major drivers for the growth of global indexable tool inserts market. In addition, rise in manufacture and fabrication of different end-use components with high surface finish and superior quality through the metal removal process is anticipated to boost the global indexable inserts market forward in the near future.

In addition, many leading market players in the global indexable tool inserts sector are focusing on manufacturing advanced indexable inserts tools to grow their respective customer bases. 

  • In September 2021, Kennametal Inc. launched KAR85AM-K, a carbide indexable insert tool. It is a corrosion resistant carbide grade for medal additive manufacturing. Combining the benefits of 3D printing, such as increased design freedom and shorter lead times, with the performance of traditional cemented carbide, it manufactures high-performance components for clients in oil & gas and power generation.
  • In November 2021, Sandvik Coromant introduced two new microdrill families, CoroDrill 462 and CoroDrill 862, where were developed exclusively for precise machining. These drills are ideal for sectors including medical, automotive, electronics, and aerospace that need compact component manufacture. These drills are designed to cover a wide range of working materials and provide accurate performance where precision is critical. 
  • In January 2020, TaeguTec launched TURN-SFEED, high-feed turning indexable inserts and holders. It is used in a machine for both left- and right-handed turning applications without the need to change the tool holder. It is built with anti-rotating groove and strong screw on the bottom side to provide better performance at tighter clamps and higher feed rotations.

Key Benefits of the Report

  • This study presents the analytical depiction of the indexable tool inserts industry along with the current trends and future estimations to determine the future investment pockets.
  • The report presents information related to key drivers, restraints, opportunities, and market share of indexable tool inserts.
  • A quantitative analysis highlights the indexable tool inserts growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed indexable tool inserts analysis based on competitive intensity and how the competition will take shape in coming years.

Indexable Tool Inserts Market Report Highlights

Aspects Details
Indexable Tool Inserts Market By Type
By Type
  • Cemented Carbides
  • Cermets
  • Ceramics
  • CBN & PCBN
  • Diamond Tools
Indexable Tool Inserts Market By Application
By Application
  • Building Turning
  • Milling
  • Boring
  • Contouring
  • Profiling
  • Threading
  • Drilling
  • Others
Indexable Tool Inserts Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

Indexable Tool Inserts Market

Global Opportunity Analysis and Industry Forecast, 2021-2030