A SURVEY HAS PROJECTED THAT THE METAL cutting tools market to increase from USD 78.05 billion in 2022 to USD 123.46 billion by 2023, exhibiting a compound annual growth rate of 59% from 2023 to 2030. Technological advancements, such as automation, digitalisation, and precision engineering, have revolutionised the metal cutting tools market. Advancements in cutting tool materials, such as tungsten carbide, ceramics, and diamond, have increased tool life, productivity, and efficiency.
As manufacturers strive for improved efficiency, cost-effectiveness, and predictability, it begs the question: What lies ahead for cutting tools and tool holders? This article explores the driving factors behind new tool development, the significance of realtime feedback, and the potential impact of Industry 4.0 and IIoT.
The metal cutting tools market plays a crucial role in the overall growth of the manufacturing sector, which is the backbone of many industries such as automotive, heavy equipment, military, aerospace, and casting. These industries rely heavily on the efficiency and reliability of metal cutting tools to support their operations.
According to Michinari ASANO, Managing Director of SUMITOMO Electric Hardmetal India Pvt. Ltd, the material specifications on the shop floor have undergone significant changes in recent years. There is a notable presence of new materials with high chrome and high nickel content. Additionally, there has been an increase in the machining of Super alloys such as Titanium and Inconel, which pose challenges due to their toughness.
This story is from the July 2023 edition of Manufacturing Today.
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This story is from the July 2023 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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