Machine tools play a crucial role in manufacturing nearly all commonly utilized products such as mobile phones and automobiles. These tools require an adapter to mount the cutting tools in machine-tool equipment to perform functions such as the grinding, cutting, or drilling of metal materials which is amongst the initial processes carried out at production sites. Tool holders are said to influence the accuracy of machine tools and play a crucial role in the overall quality of the product. Owing to this, there is an increasing demand for high precision to minimize the errors in said applications. There are several type of tool holders available in the market with respect to size and grip requirements. Owing to the application-specific design and precision in performance, the tool holders find their application in several end-use industries including automotive, chemical processing, construction, paper and pulp industry, power generation, general machining, oil and gas, medical, defense, aerospace and others.
Increased Investments in R&D for Efficient Tool Holders
The continuous investments made in the field of research is expected to create major future opportunities for the tool holder market in the coming years. The increasing demand for advanced tool holders and the growing prevalence of strong manufacturers of tool holders is influencing leading manufacturers of tool holders to make efforts in the area of research and development. Moreover, the influence of automation on the manufacturing sector is propelling the manufacturing of advanced tool holders. For instance, Sandvik AB is amongst the leading manufacturers of tool holders who have been engaging in research and development activity and has made major investments in this field. The company recently invested in the Sandvik Coromant Centre that is focused on facilitating applications, machining, productivity, and research in manufacturing. Similar investments are also made by CERATIZIT Group, another manufacturer of tool holders.
Laser Cutting Tools Could Inhibit Tool Holders Utility
While the adoption of tool holders remains considerate, the prevalence of next-gen laser cutting tools in the manufacturing sector is expected to impact the sale of tool holders in the global tool holders landscape. The high precision and accuracy provided by the laser cutting tools in the processing cutting have resulted in a significant prevalence of these tools. As the laser cutting tools do not require conventional tool holders for mounting them during their application, they are expected to pose a threat to the tool holders market growth. Despite being relatively expensive than traditional cutting tools, the laser cutting tools are being preferred over them owing to the said attributes. Companies are further developing and introducing new tools such as Seco Tools, LLC which are designed to eliminate the traditional challenges faced in cutting processes.
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