At 6.3% CAGR, Europe Indexable Insert Market is Projected to be WWorth US$ 3,990.26 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the Europe indexable insert market was valued at US$ 2,453.08 million in 2023 and is expected to reach US$ 3,990.26 million by 2031, registering a CAGR of 6.3% from 2023 to 2031. Technological advancements in manufacturing operations and growing government spending on military infrastructure development and reinforcement are among the critical factors attributed to drive the Europe indexable insert market.

The importance of efficient and cost-effective manufacturing operations is increasing with the growing demand for process automation across the manufacturing sector. Automated manufacturing processes and high-end technologies such as computer numerical control (CNC) offer several advantages over traditional manual manufacturing techniques. By integrating computer-aided design (CAD) and computer-aided manufacturing (CAM) systems with automated manufacturing processes, tasks such as cutting, drilling, milling, welding, and bending can be streamlined and automated while reducing the need for manual labor and improving overall efficiency. Automated processes can also enhance the quality of products by minimizing errors and differences associated with manual production. The increasing need for automation in the manufacturing industry is driving the expansion of the indexable inserts market. Milling machines can perform multiple tasks simultaneously, reducing the need for a manual workforce and increasing overall productivity. Furthermore, technological advancements have contributed significantly to the growth of the indexable insert market. By integrating CNC technology, precise cuts and shapes can be easily produced, increasing the popularity of indexable inserts in the metalworking and machining industry.

CNC technology has also helped automate the milling process, increasing overall efficiency. Companies such as Boeing, Ford, Airbus, Caterpillar, Toyota, Apple, and Samsung have managed to increase their productivity through such advancements in their manufacturing processes. For example, the Boeing company has been using CNC machining technology for several years in reducing the production time and cost significantly. Moreover, the integration of the Internet of Things and artificial intelligence is changing the utilization of indexable inserts in milling, drilling, grooving, and threading. Smart indexable inserts with sensors can monitor tool wear in real time and provide data-driven insights for predictive maintenance and optimization of cutting parameters. Therefore, the adoption of automated manufacturing processes and advanced technology is expected to provide significant opportunities for the growth of the indexable inserts market during the forecast period.

On the contrary, raw material price variations hampers the growth of the Europe indexable insert market.

Based on insert shape, the Europe indexable insert market is segmented into round, square, triangle, rhombic, and others. The rhombic segment held 45.1% market share in 2023, amassing US$ 1,107.05 million. It is projected to garner US$ 1,833.83 million by 2031 to register 6.5% CAGR during 2023–2031.

By application, the Europe indexable insert market is segmented into milling, drilling, turning, threading, and others. The milling segment held 33.9% share of Europe indexable insert market in 2023, amassing US$ 832.63 million. It is projected to garner US$ 1,356.90 million by 2031 to expand at 6.3% CAGR from 2023 to 2031.

In terms of size, the Europe indexable insert market is categorized into upto 10 mm, 10-20 mm, and above 20 mm. The upto 10 mm segment held 43.7% share of Europe Indexable Insert Market in 2023, amassing US$ 1,071.71 million. It is projected to garner US$ 1,783.83 million by 2031 to expand at 6.6% CAGR from 2023 to 2031.

Based on insert material, the Europe indexable insert market is segmented into carbide, ceramic and composites, PCD inserts, and others. The carbide segment held 55.1% market share in 2023, amassing US$ 1,352.03 million. It is projected to garner US$ 2,252.09 million by 2031 to register 6.6% CAGR during 2023–2031

Based on industry, the Europe indexable insert market is segmented into aerospace and defense, general industry, oil and gas, power generation, automotive, electrics and electronics, medical, and others. The automotive segment held 20.5% market share in 2023, amassing US$ 502.71 million. It is projected to garner US$ 838.90 million by 2031 to register 6.6% CAGR during 2023–2031

Based on country, the Europe indexable insert market is categorized into Germany, France, Italy, the UK, Russia, and the rest of Europe. Our regional analysis states that Germany captured 26.1% share of Europe indexable insert market in 2023. It was assessed at US$ 641.44 million in 2023 and is likely to hit US$ 1,065.40 million by 2031, registering a CAGR of 6.5% during 2023 to 2031.

Key players operating in the indexable insert market are Sandvik AB; Kennametal Inc; ISCAR LTD; Hartmetall-Werkzeugfabrik Paul Horn GmbH; Kyocera Corporation; Ingersoll Rand Inc; Zhuzhou Cemented Carbide Cutting Tools Co., Ltd; Mitsubishi Materials Corporation; Gühring KG; YG-1 Co., Ltd; CERATIZIT S.A; and Boehlerit GmbH & Co.KG, among others.

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