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While injection-molded parts can be made by the tens of thousands in a negligible amount of time, the tools can take weeks, especially if your company is small enough that it doesn’t have dedicated toolmaking resources. Six to eight weeks is common, and during the global pandemic, I’ve heard quotes of up to 12 weeks. A three-month delay in manufacturing that can’t be worked around easily is, obviously, a nightmare.

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Emerging trends include the adoption of advanced coatings to extend tool life, the use of AI and IoT for predictive maintenance and tool management, and a shift towards sustainable and environmentally friendly manufacturing processes.

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However, the growing prevalence of cutting tools in many industries like automotive, aircraft, and others is leveling up the market shares in North America.

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The market is segmented into milling tools, drilling tools, turning tools, grinding tools, and others. Among these, milling tools hold the largest share due to their extensive use in various applications.

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Drilling and milling tools often employ high-speed steel (HSS). HSS tools resist high temperatures, making them ideal for stainless steel cutting. Due to their great temperature and wear resistance, ceramics like aluminum oxide and silicon nitride are becoming desirable cutting tools. Turning, milling, and drilling require ceramics. Super abrasives like PCD and CBN are used to process hard and complex materials in cutting tools. Aerospace and automotive production benefits from their wear resistance, thermal stability, and accuracy.

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Mantle is launching a new series of $350,000 machines that can 3D-print the mold inserts that are used to produce injection-mold plastics. It’s hard to overstate how important this will be — I caught up with the company’s founders to find out how and why this tech is going to put a serious dent in the speed-to-market for manufacturing.

To meet market demands for precision and effectiveness, companies must engage extensively in R&D, which may be costly. Cutting tools' competitiveness in the marketplace is another key constraint. E-commerce and globalization have given purchasers a wide selection of suppliers and options, making it harder for manufacturers to differentiate themselves and keep market dominance. Manufacturers must spend money and time on branding, marketing, and customer service to compete. 3D printing and additive manufacturing allow the fabrication of complicated parts and components that were hard to make with traditional cutting tools, impacting the traditional tools for the cutting business. Cutting tool makers must adapt to new technologies and combine their products with 3D printing and additive manufacturing. Finally, the global scarcity of competent labor restrains the cutting tools industry. There are fewer competent employees to operate and maintain modern cutting tools as demand rises. Manufacturers must train and retain skilled people, which is tough and expensive.

The market for cutting tools is constantly changing, with new business prospects constantly appearing. The increasing need for cutting tools in the medical and dentistry sectors is one of the most recent industry opportunities. The demand for precise equipment that can handle intricate and delicate tasks is growing as technology advances. Orthopedic surgery, neurosurgery, and dental implant placement are procedures that use cutting instruments.

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Sandvik AB, Kennametal Inc., Robert Bosch GmbH, Stanley Black & Decker Inc., Mitsubishi Materials Corporation, OSG Corporation, Kyocera Corporation, Guhring KG, ISCAR LTD and Seco Tools AB are some of the major companies in the global cutting tools market.

The technique for printing is really interesting as well. The company has developed an FDM-style process — much like the filament printers you may have seen from MakerBot etc. — that uses a paste-like material that uses a liquid carrier that carries metal powders. After printing a layer, the company goes through a drying process that gets rid of the liquid component, resulting in a densely packed body of metal powders. After 10 layers or so, the process then uses a high-speed cutting tool (much like a CNC mill) to cut away tiny amounts of the material, which creates the surface finish and tolerances needed. That happens every 10 layers or so.

Okay, let’s go deeply geeky for a moment, and take a look at one of the most interesting uses of 3D printing I’ve seen in a long while. To understand why this matters so much, you need to understand how manufacturing works; specifically, how injection molding works. Most plastic parts can be made by the hundreds of thousands, by injecting liquid plastic goo into a mold. This mold typically has water-cooling lines running through it, to bring down the temperature of the liquid, molten plastic quickly, so it solidifies. The mold opens, the plastic part is ejected, and you can go to the next cycle. Almost every small (and many large) plastic parts are made this way. The tools are usually made of extra hard “tool steel,” which needs to be extremely precise. The surface of this steel mold can be anything — smooth, textured, you name it — and anything that’s part of the mold cavity becomes part of the final plastic part. As you might imagine, creating these steel molds is extremely precise work, and it takes a long time (years) to become a tool maker. To become a truly excellent tool maker is a lifelong profession, at least as much art and experience as it is technology.

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“I was introduced to my co-founder who had started printing with silver conductive traces that were used to connect the backside of solar panels. From there, he started to try to print a physical object, not just the traces. When he started printing silver, I wasn’t interested in starting a jewelry company,” recalls Ted Sorom, CEO and co-founder at Mantle, excitedly sharing the genesis of the company. “About a month and a half later, he was printing low-carbon steel on very inexpensive equipment before anybody else had gotten close to doing that. I joined him to bring the technology to market back in 2015. We’ve been developing the technology for the last six years.”

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The machine solutions will cost around $350,000, which might sound expensive, but for the metal fabrication shops that make tooling, this is roughly in line with the EDM and high-end CNC machines they already use. They also operate in industries where a $350,000 machine to cut production time by 70% is an absolute bargain, so it’ll be interesting to see the adoption of these machines out in the world. Delivery of the first production systems is planned for the first half of 2023.

The global cutting tools market is expected to grow at 6.2% from 2024 to 2029 and the global market size is predicted to be valued at USD 24.59 billion in 2024 and increase to USD 33.21 billion by 2029.

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The cool thing about doing it this way is that CNC machines are extremely good at getting high-precision parts, but the challenge is that the tool steel is so hard, that the CNC machine’s cutting tools cut it only very slowly. By shaping the parts before sintering, the company gets the best of both worlds: they do the precision shaping on a much softer material, and then “bake” the part to harden it afterward.

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“Surface finish, tolerances and material durability requirements in the tooling space are extreme,” Sorom volunteers. “These tools are used millions of cycles to mass produce products. We’ve created a technology that the portion of the injection mold where the plastic hits the metal right. The insert that creates the final part. The materials we print today is similar to P20 tool steel — we call it P2x. The other is H13 steel.”

Engine, gearbox, and body panel output employ cutting tools. Cutting tools are also significant in aerospace and defense. Machining titanium alloys, nickel alloys, and composites need high-precision cutting tools. Due to the rising demand for aircraft and defense equipment, the aerospace and defense industries will require more cutting tools. Construction uses a lot of cutting equipment, especially drilling, sawing, and grinding. Construction, especially in emerging nations, will likely fuel the demand for cutting tools. Cutting tools also serve the wood sector. Wood uses cutting, shaping, and drilling tools. Furniture and other wood goods will likely fuel demand for cutting equipment in this market. The cutting tools market's application segment shares vary by industry and growth prospects. Due to their strong need for precision machining, the automotive, aerospace, and defense industries will continue to demand cutting tools.

BIG KAISER Precision Tooling Inc., Kennametal, Nachi-Fujikoshi Corp., OSG USA, INC., Sandvik AB, Ceratizit S.A., Dewalt, Fraisa SA, Guhring, Inc., Kilowood Cutting Tools, Xiamen Golden Egret Special Alloy Co. Ltd., Zhuzhou Cemented Carbide Cutting Tool Co. Ltd., Tiangong International Co., LIMITED, Ingersoll Cutting Tool Company, Sumitomo Electric Hartmetall GmbH, Kyocera Unimerco, and ISCAR LTD and Others.

Now, if you’re not enough of a tool steel nerd to know what P20 and H13 are, these are two of the commonly used steel types for injection molding uses, which can be used hundreds of thousands, if not millions, of times before they need to be replaced.

“At the end of the process, we have a body of densely packed metal powders held together by a tiny bit of glue or binder. We put it into a furnace and densify it into a solid metal part,” explains Sorom. “It’s a two-step process. We print and shape in one machine and then sinter the part in a furnace.”

“That is how we are able to get a product that has the surface finish and detail to go directly from the 3D printer into an application,” Sorom says. “That’s where we save a ton of time and cost for our customers. We’re seeing about a 70% reduction in the time to create these type of inserts and a 50% reduction in cost.”

Precision cutting tools are in great demand in aircraft, automobile, and medical device manufacture. In addition, advanced materials and technologies like composites and titanium alloys demand precise and efficient cutting tools. Businesses use cutting-edge cutting tools that may relate to robots and other automated systems to optimize output and save costs. Thus, cutting tool technologies like sensors and data analytics allow real-time monitoring and optimization of cutting processes. Sustainability and environmental responsibility also drive demand for energy-efficient and waste-reducing cutting tools. Due to stricter rules and requirements, companies actively seek cutting-edge techniques to reduce their carbon footprint and satisfy ecological objectives.

Metalworking processes frequently employ indexable inserts, including turning, milling, and drilling. They are composed of a tiny cutting edge attached to a larger substrate made of steel or another material, usually made of another hard substance like ceramic or carbide. With indexable inserts, fewer frequent tool changes are required, and efficiency is increased. The cutting edge may be shifted as it becomes worn or damaged. On the other hand, solid round tools are single piece cutting tools produced from a solid piece of material like high-speed steel or carbide. They are employed in several tasks, including drilling, boring, and reaming. Solid round tools are used in high-volume manufacturing processes because of their dependability and accuracy.

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You might ask yourself, “why don’t we just 3D-print these molds?” and the answer to that is complicated — the tools need to be extremely hard-wearing, precise, temperature-tolerant and the surface finish needs to be nigh-on perfect. There aren’t a lot of 3D printing technologies that tick all the boxes, but that’s exactly the space where Mantle is, erm, injecting itself.

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Cemented carbide is a popular cutting tool material due to its longevity, hardness, and strength. Turning, milling, drilling, and threading employ it. Hence, the cemented carbide segment prevails in the cutting tools market.

Cutting tools shape metal, wood, plastic, and other materials. These hand-held or piston-powered instruments serve a purpose in many sectors. Saws, drills, reamers, taps, end mills, lathe tools, milling cutters, and grinding wheels are cutting tools. Material, finish, and precision determine the cutting tool. Due to a growing demand for high-quality, precise instruments that could boost productivity and efficiency, the cutting tools market is a sector of the economy expanding quickly. In addition, cutting tools have improved in sophistication, tensile strength, and efficiency with the introduction of new technologies and materials.

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The expanding need for cutting tools in the aerospace sector represents another market potential. Tools that can work with unusual materials, such as titanium, aluminum, and composite materials, are needed in the aerospace sector. The move toward lightweight materials also drives the desire for cutting tools that can make accurate and clean cuts. In addition, cutting tool manufacturers now have new business potential in the renewable energy industry. Tools that can handle the materials used in these applications are becoming increasingly vital as the demand for wind turbines, solar panels, and other renewable energy technologies rises. The parts of these technologies, such as the blades for wind turbines, are produced using cutting tools. Finally, the demand for cutting tools that can be used with cutting-edge manufacturing technologies like CNC machines and robots is being driven by the rising trend towards Industry 4.0 and automation. Cutting tools with improved geometries or specialized coatings optimized for these technologies are in great demand.

The automotive industry significantly influences the market as it requires precise and efficient cutting tools for manufacturing complex components. The push towards electric vehicles (EVs) is also driving demand for specialized cutting tools.

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Key drivers include technological advancements in manufacturing processes, increasing demand from the automotive and aerospace sectors, and the growth of the industrial and construction sectors globally.

The tech is interesting because they found a technology that connected with Sorom’s background in manufacturing. When the duo started printing in low-carbon steel, Sorom immediately realized that there would be a very important niche that could use this tech. Instead of using the 3D printer to print low-volume parts (as, say, automotive manufacturers tend to do) or prototype parts (as every manufacturer does these days), they would instead be using the 3D printers to create parts crucial to the mass-manufacturing process, whether that’s stamping dies or injection molding tools. Both need extremely precise surface finishes and longevity.

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Manufacturing, notably automotive and electronics, has grown in the region, increasing the demand for cutting tools in the market. Major manufacturers in the region are also increasing their market share. Due to manufacturing industry investments, the cutting tools market in Latin America, the Middle East, and Africa is expected to expand. In addition, construction and oil and gas development in these locations will boost cutting tool market size.