Cutting tools are tools used for cutting processes in mechanical manufacturing. As a fundamental supporting industry for mechanical manufacturing, their products are handheld or machine-mounted tools used for cutting, grinding, drilling, scraping, lapping, or other machining operations. Cutting tools are core components of machining, widely used in high-end manufacturing fields such as automobiles and aerospace, and their application scope has penetrated almost all core areas of industrial manufacturing. The Chinese cutting tool market has maintained steady growth in recent years, reaching a market size of 53.8 billion yuan in 2023, with cemented carbide tools accounting for 52.1% of the market share. In 2025, the revenue of Chinese cutting tool companies (industry) is projected to reach 108.1 billion yuan.
Tool materials need to possess high hardness, wear resistance, heat resistance, and sufficient strength and toughness. Major materials include high-speed steel, cemented carbide, ceramics, and superhard materials. Among these, coating technology has become one of the three core technologies of modern cutting tools, with coated cemented carbide tools accounting for over 80%. Coating technology is developing towards diversification of film materials, diversification of process combinations, and nano-scale microstructure. According to the machining method, they can be divided into turning tools, milling cutters, and hole-making tools. Driven by technological advancements and market demand, the cutting tool industry is exhibiting new development trends, with intelligentization becoming a key direction. The deep integration of cutting tools with artificial intelligence and sensing technologies is propelling the industry's transformation from providing single products to offering integrated solutions encompassing "tools + software + services." The growing acceptance of green manufacturing concepts is driving the development of green cutting technologies such as dry cutting and high-speed cutting. Policy support for manufacturing upgrades and self-reliance is propelling the industry towards high performance and intelligentization.
