The amount of metal cutting is large, and industrial tools are consumables. Industrial cutting tools need to be used with machine tools and are mainly used for metal cutting operations. Metal cutting is the main method of mechanical processing, and its application in the entire manufacturing process accounts for more than 90%. Industrial cutting tools are consumables. During the cutting process, they will be worn due to the scoring of the workpiece material and the chemical reaction with the chips. The service life is usually short, ranging from a few hours to a month. The global market of cutting tools exceeds 37 billion US dollars (approximately 240 billion yuan), and the domestic market exceeds 42 billion yuan. With the continuous development of the global manufacturing industry, the market size of cutting tools has grown steadily:

Global market: According to the data of QY Research, the global consumption of cutting tools in 2020 will be about 37 billion US dollars (more than 240 billion yuan), and the CAGR will be 2.8% from 2016 to 2020. From the perspective of the consumer market, Europe and China have the largest consumption scale, accounting for 23% and 17% of global consumption in 2018, followed by Japan and the United States, accounting for 12% and 7%.

Domestic market: According to the data of China Machine Tool Industry Association, the scale of my country's cutting tool market in 2020 will be 42.1 billion yuan, a year-on-year increase of 7.1%. Conservatively assuming that the consumption of cutting tools in my country maintains a compound growth rate of 3%, the market size of cutting tools in my country will reach 48.8 billion yuan in 2025.

From the perspective of cutting tool materials, the market share of cemented carbide cutting tools is the largest, and the share of superhard cutting tools is slowly increasing. Out of the pursuit of production efficiency, production quality and economy, industrial cutting tools have gradually derived four categories of cutting tool materials: high-speed steel, cemented carbide, ceramics, and superhard materials.

（1) At present, the domestic application of high-speed steel accounts for about 21%, and the global application accounts for about 26%. Due to the low hardness of the matrix, high-speed steel tools are gradually replaced by new materials, and their market share is gradually declining; however, due to their very good toughness, they still occupy the leading position in the manufacture of tools with complex blade shapes such as hole processing tools, threading tools, broaches, and gear cutting tools. status.

（2) At present, the application of cemented carbide cutting tools accounts for about 53% in China, about 63% in the world, and more than 70% in developed countries. Cemented carbide cutting tools have a series of excellent properties such as high hardness, good toughness, wear resistance, high strength, heat resistance, and corrosion resistance, especially its high hardness and wear resistance, which basically remain unchanged at a temperature of 500°C , the hardness is still high at 1000 °C.

（3) At present, the domestic application of ceramic knives accounts for 8%, and the global application accounts for 2%. The hardness of ceramic tools is much higher than that of cemented carbide and high-speed steel, but its bending strength is low, its impact toughness is poor, and its application is limited. It is not suitable for low-speed rough machining, but suitable for high-speed finishing and semi-finishing.

（4) At present, the domestic application of superhard cutting tools accounts for about 14%, and the global proportion is about 7%. Superhard cutting tools mainly include two types, polycrystalline diamond (PCD) cutting tools and cubic boron nitride (PCBN) cutting tools. Superhard tools have the highest hardness. With more and more difficult-to-machine materials, their proportion of use is expected to increase. However, superhard tools have poor matrix toughness and are more suitable for high-speed finishing or semi-finishing, and PCD tools cannot Steel materials are processed, so the market share of superhard cutting tools is increasing slowly.