At 4.8% CAGR, Middle East & Africa Indexable Insert Market is Projected to be Worth US$ 508.26 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa Indexable Insert Market was valued at US$ 349.12 million in 2023 and is expected to reach US$ 508.26 million by 2031, registering a CAGR of 4.8% from 2023 to 2031. Increasing use in metalworking and machining applications and rising demand for indexable tools in industrial applications are among the critical factors attributed to drive the Middle East & Africa Indexable Insert Market.

An indexable insert is a type of machine tool used to create precise shapes and profiles in metals. The heads are interchangeable so that one can choose the right size of indexable insert for the job. Indexable cutting tools are commonly used in machining operations such as drilling, reaming, and facing. Indexable inserts are attached to the cutting tools with a clamp or other holding system. In some cases, the inserts can also be treated with different coatings, such as titanium nitride, to increase their wear resistance and longevity.

Indexable cutting tools provide an efficient and cost-effective way to create complex shapes while maintaining accuracy and repeatability. These tools have become increasingly popular in recent decades due to their ability to quickly produce intricate shapes with minimal material waste. Their indexable cutting parts also make them extremely versatile and durable, making them an overall efficient choice for many machining tasks. By using indexable inserts, manufacturers can ensure projects are completed in less time while maximizing quality and efficiency. Hence, the increasing use of indexable inserts in metalworking and machining applications drives the market growth

On the contrary, raw material price variations hamper the growth of the Middle East & Africa Indexable Insert Market.

Based on insert shape, the Middle East & Africa indexable insert market is segmented into round, square, triangle, rhombic, and others. The rhombic segment held 45.0% market share in 2023, amassing US$ 157.14 million. It is projected to garner US$ 233.11 million by 2031 to register 5.1% CAGR during 2023–2031.

By application, the Middle East & Africa indexable insert market is segmented into milling, drilling, turning, threading, and others. The milling segment held 33.3% share of Middle East & Africa indexable insert market in 2023, amassing US$ 116.39 million. It is projected to garner US$ 169.70 million by 2031 to expand at 4.8% CAGR from 2023 to 2031.

In terms of size, the Middle East & Africa indexable insert market is categorized into upto 10 mm, 10-20 mm, and above 20 mm. The upto 10 mm segment held 42.2% share of Middle East & Africa indexable insert market in 2023, amassing US$ 147.17 million. It is projected to garner US$ 219.43 million by 2031 to expand at 5.1% CAGR from 2023 to 2031.

Based on insert material, the Middle East & Africa indexable insert market is segmented into carbide, ceramic and composites, PCD inserts, and others. The carbide segment held 53.7% market share in 2023, amassing US$ 187.40 million. It is projected to garner US$ 279.41 million by 2031 to register 5.1% CAGR during 2023–2031

Based on industry, the Middle East & Africa 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 22.3% market share in 2023, amassing US$ 77.88 million. It is projected to garner US$ 116.53 million by 2031 to register 5.2% CAGR during 2023–2031

Based on country, the Middle East & Africa indexable insert market is categorized into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 36.3% share of Middle East & Africa indexable insert market in 2023. It was assessed at US$ 126.82 million in 2023 and is likely to hit US$ 183.48 million by 2031, registering a CAGR of 4.7% 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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