At 5.9% CAGR, North America Indexable Insert Market is Projected to be Worth US$ 3,551.83 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America indexable insert market was valued at US$ 2,250.41 million in 2023 and is expected to reach US$ 3,551.83 million by 2031, registering a CAGR of 5.9% from 2023 to 2031. Increasing efforts to improve performance of indexable inserts with utilization of advanced coatings and materials and rising demand for indexable tools in industrial applications are among the critical factors attributed to drive the North America indexable insert market.

The focus on research and development of advanced coatings and materials that improve the wear resistance and performance of indexable inserts is expected to be the key future trend in the market. Innovations in nanotechnology and surface engineering are resulting in the development of coatings that improve tool life, reduce friction, and increase heat resistance, expanding the capabilities of machining tools. Coatings such as titanium aluminum nitride, titanium carbide, diamond-like carbon, and titanium nitride are widely used to provide indexable inserts with properties such as hardness, heat resistance, wear resistance, and corrosion protection.

Each coating offers unique properties such as hardness, oxidation resistance, lubricity, and adhesion, which directly affect the performance of the indexable insert tool. These advanced coating technologies enable inserts to machine harder alloys and materials at high speeds while maintaining dimensional accuracy and reducing tool wear. For instance, in January 2024, Walter Tools introduced Tiger·tec Gold WSM33G grade. This physical vapor deposition grade was developed for high loads in grooving operations. It is also used in coating Indexable insert with the multi-layer coating structure with a titanium aluminum nitride (TiAlN) layer for high wear resistance, an aluminum oxide layer for high-temperature resistance, and Zirconium nitride (ZrN) gold color layer for minimized friction and best wear detection.

On the contrary, raw material price variations hamper the growth of North America Indexable Insert Market.

Based on insert shape, the North America indexable insert market is segmented into round, square, triangle, rhombic, and others. The rhombic segment held 44.7% market share in 2023, amassing US$ 1,005.59 million. It is projected to garner US$ 1,614.71 million by 2031 to register 6.1% CAGR during 2023–2031.

By application, the North America indexable insert market is segmented into milling, drilling, turning, threading, and others. The milling segment held 32.0% share of North America indexable insert market in 2023, amassing US$ 719.21million. It is projected to garner US$ 1,135.77 million by 2031 to expand at 5.9% CAGR from 2023 to 2031.

In terms of size, the North America indexable insert market is categorized into upto 10 mm, 10-20 mm, and above 20 mm. The upto 10 mm segment held 41.8% share of North America Indexable Insert Market in 2023, amassing US$ 940.21 million. It is projected to garner US$ 1,519.38 million by 2031 to expand at 6.2% CAGR from 2023 to 2031.

Based on insert material, the North America indexable insert market is segmented into carbide, ceramic and composites, PCD inserts, and others. The carbide segment held 51.8% market share in 2023, amassing US$ 1,165.80 million. It is projected to garner US$ 1,884.24 million by 2031 to register 6.2% CAGR during 2023–2031

Based on industry, the North America 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 6.3% market share in 2023, amassing US$ 489.70 million. It is projected to garner US$ 799.13 million by 2031 to register 17.1% CAGR during 2023–2031

Based on country, the North America indexable insert market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 67.6% share of North America indexable insert market in 2023. It was assessed at US$ 1,521.06 million in 2023 and is likely to hit US$ 2,492.97 million by 2031, registering a CAGR of 6.4% 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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