enhances machinability characteristics. Heat observed by the tool hasn't ... In tEM, the machinability of hardened HCWCI was evaluated by measurements of ...
Available online at www.sciencedirect.com
ScienceDirect Procedia Materials Science 5 (2014) 2099 – 2104
,QWHUQDWLRQDO&RQIHUHQFHRQ$GYDQFHVLQ0DQXIDFWXULQJDQG0DWHULDOV(QJLQHHULQJ $00(
([SHULPHQWDOLQYHVWLJDWLRQRILQIOXHQFHRIWRROWHPSHUDWXUHRQ FXWWLQJIRUFHVLQ WKHWKHUPDOO\HQKDQFHGPDFKLQLQJRIKLJK FKURPHZKLWHFDVWLURQ 5DYL$0D60 0XULJHQGUDSSDD 3* 0XNXQGDE
D
'HSDUWPHQWRI0HFKDQLFDO(QJLQHHULQJ1DWLRQDO,QVWLWXWHRI7HFKQRORJ\.DUQDWDND6XUDWKNDO0DQJDORUH,QGLD E 'HSDUWPHQWRI0HWDOOXUJLFDO 0DWHULDOV(QJLQHHULQJ,QGLDQ,QVWLWXWHRI7HFKQRORJ\.KDUDJSXU,QGLD
$EVWUDFW
7KLVSDSHUSUHVHQWVWKHLQIOXHQFHRIWRROWHPSHUDWXUHRQFXWWLQJIRUFHVLQWKHWKHUPDOO\HQKDQFHGPDFKLQLQJ 7(0 RI KLJK FKURPH ZKLWH FDVW LURQ +&:&, XVLQJ FXELF ERURQ QLWULGH &%1 WRRO E\ H[SHULPHQWDOO\ ([SHULPHQWDO LQYHVWLJDWLRQUHYHDOVWKDWIRUFRQVWDQWGHSWKRIFXWDQGVXUIDFHWHPSHUDWXUHWRRO WLS WHPSHUDWXUH DQGFXWWLQJIRUFH GHFUHDVHV DV WKH FXWWLQJ VSHHG LQFUHDVHV 7KH DGGLWLRQ RI ORFDO KHDW ORZHUV WKH KDUGQHVV RI WKH ZRUNSLHFH DQG HQKDQFHVPDFKLQDELOLW\FKDUDFWHULVWLFV+HDWREVHUYHGE\WKHWRROKDVQ WH[FHHGHGLQ7(0
2014 Elsevier 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU /WGunder the CC BY-NC-ND license © Ltd. This is an open access article 6HOHFWLRQDQGSHHUUHYLHZXQGHUUHVSRQVLELOLW\RI 2UJDQL]LQJ&RPPLWWHHRI$00( (http://creativecommons.org/licenses/by-nc-nd/3.0/). Selection and peer-review under responsibility of Organizing Committee of AMME 2014 .H\ZRUGV +LJK&KURPH:KLWH&DVW,URQ &XELF%RURQ1LWULGH 7KHUPDOO\(QKDQFHG0DFKLQLQJ 7DJXFKL0HWKRG +DUGPHWDO
,QWURGXFWLRQ ,QPRGHUQWLPHVWKHPDLQREMHFWLYHRIDQ\LQGXVWU\LVWRPDQXIDFWXUHORZFRVWKLJKTXDOLW\SURGXFWVLQDVKRUW OHDGWLPH$GYDQFHGPDQXIDFWXULQJV\VWHPVDUHEHLQJHPSOR\HGLQQXPHURXVHQJLQHHULQJDSSOLFDWLRQVVWDUWLQJIURP 1RPHQFODWXUH G )F +5& 7S
GHSWKRIFXW PP PDLQFXWWLQJIRUFH 1 KDUGQHVVYDOXHE\5RFNZHOO WRROWLSWHPSHUDWXUH Σ&
I +&:&, 6 7V
&RUUHVSRQGLQJDXWKRU7HO ID[
(PDLODGGUHVV VPP#QLWNDFLQ
2211-8128 © 2014 Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/3.0/). Selection and peer-review under responsibility of Organizing Committee of AMME 2014 doi:10.1016/j.mspro.2014.07.545
IHHGUDWH PPUHY KLJKFKURPHZKLWHFDVWLURQ FXWWLQJVSHHG PPLQ ZRUNSLHFHVXUIDFHWHPSHUDWXUH Σ&
2100
A.M. Ravi et al. / Procedia Materials Science 5 (2014) 2099 – 2104
D VPDOO ZRUNVKRS WR D ELJ VKLS FRQVWUXFWLRQ RUJDQL]DWLRQ 6XQ HW DO 7R PDQXIDFWXUH FRPSRQHQWV HFRQRPLFDOO\LQGXVWULHVDUHFKDOOHQJHGWRILQGZD\VWRLPSURYHWKHPDFKLQDELOLW\RIDPDWHULDOZLWKRXWKDUPLQJLWV SHUIRUPDQFH &KU\VVRORXULVHWDO 1LOUXGUDHWDO ,Q7(0WKHPDFKLQDELOLW\RIKDUGHQHG+&:&,ZDV HYDOXDWHGE\PHDVXUHPHQWVRIWRROZHDUFXWWLQJIRUFHVDQGVXUIDFHILQLVKRIWKHZRUNSLHFHDQGZKLFK DUHGLUHFWO\ LQIOXHQFHGE\WKHWRROWHPSHUDWXUH $UPLWDJHHWDO 0DVRRGHWDO 7KHDGGLWLRQRIORFDOKHDWWRWKHVKHDU ]RQHHQKDQFHVWKHFXWWLQJWHPSHUDWXUHLQWXUQORZHUVWKHPHFKDQLFDOVWUHQJWKRIWKHPDWHULDO 2QWKHRWKHUKDQGLW PD\FKDQJHWKHSURSHUWLHVRIWKHWRROPDWHULDO+HQFHLWUHTXLUHVWKRURXJKVWXG\LQVHWWLQJXSRIFXWWLQJSDUDPHWHUV DQGVXUIDFHWHPSHUDWXUHV 0DVRQHWDO 5DYLHWDO 6WDWLVWLFDOWRROVOLNH7DJXFKLPHWKRG LV IRXQGWREH PRUHDSSURSULDWHWRGHVLJQWKHH[SHULPHQWDOZRUNDWRSWLPXPOHYHO 6XUHVKHWDO 5DYLHWDO 7KLVSDSHUIRFXVHV RQLQIOXHQFHRI VXUIDFHWHPSHUDWXUHRQWKHWRROWLSWHPSHUDWXUHDQGFXWWLQJIRUFHVGXULQJ 7(0 RI+&:&,XVLQJ&%1FXWWLQJWRRO 7KHH[SHULPHQWDWLRQVDUHFDUULHGRXWLQFRQMXQFWLRQZLWK 7DJXFKLWHFKQLTXHV ([SHULPHQWDOSURFHGXUH :RUNSLHFHPDWHULDODQGWRROLQJ 7KH ZRUNSLHFH FKRVHQ IRU WKH SUHVHQW H[SHULPHQWDWLRQ ZDV VDQG EODVWHG DLU TXHQFKHG +&:&, EDUV RI PP GLDPHWHUDQGPPORQJ7KHWHVWPDWHULDOLVRIDEUDVLRQZHDUUHVLVWDQWDQGLWVFKHPLFDOFRPSRVLWLRQVDUH & 6L0Q6 3&X &UDQG0R 7KHPLFURVWUXFWXUHRI+&:&, DVFDVWW\SH VKRZQLQ)LJFRQVWLWXWHVKDUGSULPDU\FDUELGHVRIFKURPLXPDQGLURQ 0& ZLWKVLPLODUHXWHFWLF0& GLVSHUVHG LQDVWURQJVXSSRUWLYHDXVWHQLWHPDWUL[ =KLHWDO ZKLFKH[KLELWVH[FHOOHQWZHDUUHVLVWDQFHFKDUDFWHU
3ULPDU\0&
$XVWHQLWHPDWUL[
)LJ 0LFURVWUXFWXUH RI +&:&, DV FDVW W\SH EHIRUHPDFKLQLQJ
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Σ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
2101
A.M. Ravi et al. / Procedia Materials Science 5 (2014) 2099 – 2104 T PP
)LJ &LUFXODUKROHVJHQHUDWHGRQWKHUDNHIDFHRIWKHFDUELGHLQVHUWWRPRXQWWKHUPRFRXSOHHQGV
,Q WKLV WHVW WKH SURFHVV FRQWURO IDFWRUV FRQVLGHUHG DUH FXWWLQJ VSHHG GHSWK RI FXW DQG IHHG UDWH DQG SURFHVV UHVSRQVHVDUHWRROWLSWHPSHUDWXUHDQGFXWWLQJIRUFH7KHHIIHFWRIWKHFXWWLQJSDUDPHWHUVRQUHVSRQVHV ZDVWHVWHG WKURXJKH[SHULPHQWVEDVHGRQVWDQGDUG7DJXFKL¶V/ 2UWKRJRQDODUUD\ 0DQWHJRPHU\ 5DYLHWDO 1LQH WULDOVZHUHPDGHDQGWKHLUUHVXOWVDUHOLVWHGLQ7DEOH6SHFLDOFDUHZDVWDNHQWRLGHQWLI\WKHFUDFNIRUPDWLRQRQWKH VXUIDFHRIWKHZRUNSLHFHDIWHUPDFKLQLQJ IURP DIODZHGGHWHFWRU 2ULRQPRGHO7\SH' 7DEOH / 2UWKRJRQDODUUD\FRQVLVWVRISURFHVVFRQWUROIDFWRUVDQGUHVSRQVHV 1USP
6 PPLQ
GPP
7V&
IPPUHY
7S&
)F1
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Σ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
2102
A.M. Ravi et al. / Procedia Materials Science 5 (2014) 2099 – 2104
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
)LJD 5HODWLRQVKLSEHWZHHQ7RROWLSWHPSHUDWXUH 7S DQG FXWWLQJVSHHG PHDVXUHGDWPPGHSWKRI FXWDQGΣ&VXUIDFHWHPSHUDWXUH
)LJE 5HODWLRQVKLS EHWZHHQ 7RRO WLS WHPSHUDWXUHV 7S DQG IHHG UDWH PHDVXUHG DW PP GHSWK RI FXW DQG Σ& VXUIDFH WHPSHUDWXUH
)LJD 5HODWLRQVKLSEHWZHHQFXWWLQJIRUFH )F DQG FXWWLQJ VSHHG PHDVXUHG DW PP GHSWK RI FXW DQGΣ&VXUIDFH WHPSHUDWXUH
)LJE 5HODWLRQVKLS EHWZHHQ FXWWLQJ IRUFH )F DQG IHHGUDWH PHDVXUHGDWPPGHSWK RIFXWDQGΣ&VXUIDFHWHPSHUDWXUH
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
A.M. Ravi et al. / Procedia Materials Science 5 (2014) 2099 – 2104
2103
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
)LJ D 5HODWLRQVKLSEHWZHHQ 7S DQG )FDQG FXWWLQJVSHHG 6 PHDVXUHGDW PPGHSWKRIFXWDQGΣ&VXUIDFHWHPSHUDWXUH
)LJ E 5HODWLRQVKLS EHWZHHQ 7S DQG )F DQG FXWWLQJ VSHHG 6 PHDVXUHG DW PP GHSWK RI FXW DQG Σ& VXUIDFHWHPSHUDWXUH
)LJ F 5HODWLRQVKLSEHWZHHQ 7S DQG )FDQG FXWWLQJVSHHG 6 PHDVXUHGDW PPGHSWKRIFXW DQGΣ&VXUIDFHWHPSHUDWXUH D
E
F
)LJ &RPSDULVRQRIWRROWLSWHPSHUDWXUHZKHQWXUQLQJRI+&:&,ZLWKDQGZLWKRXWIODPHKHDW & DWYDULRXVFXWWLQJVSHHGVNHHSLQJIHHGUDWHDVFRQVWDQW PPUHY ) )ODPH1)1RIODPH
2104
A.M. Ravi et al. / Procedia Materials Science 5 (2014) 2099 – 2104
&RQFOXVLRQ ,Q7(0RI+&:&,EDVHGRQWKHH[SHULPHQWDOVWXGLHVWKHIROORZLQJFRQFOXVLRQV DUHGUDZQ x ,Q FRQVWDQW GHSWK RI FXW DQG VXUIDFH WHPSHUDWXUH WRRO WLS WHPSHUDWXUH LQFUHDVHV DV WKH FXWWLQJ VSHHG LQFUHDVHV7KLVLVGXHWRORZIULFWLRQDOFRHIILFLHQWDWWKHWRROZRUNLQWHUIDFH x 6LPLODUO\IRUWKHVHWFXWWLQJFRQGLWLRQVFXWWLQJIRUFHGHFUHDVHVDVWKHFXWWLQJVSHHGLQFUHDVHV7KLV LVGXH WRWKHWUDQVIRUPDWLRQRISULPDU\FDUELGHLQWKHZRUNSLHFHLQWRVHFRQGDU\FDUELGHVPHDVXUHVORZHUKDUGQHVV YDOXH x 7KHDGGLWLRQRI ORFDOKHDWORZHUVWKHKDUGQHVVRIWKHZRUNSLHFHDQGHQKDQFHVPDFKLQDELOLW\FKDUDFWHULVWLFV $OVRVPDOODPRXQWRIKHDWWUDQVIHUWRWKHFXWWLQJWRRO FRQILUPV WKH PD[LPXPKHDWFDUULHGDZD\ E\ WKHFKLSV LQ7(0RI+&:&,SURFHVV $FNQRZOHGJPHQWV 7KH DXWKRUV ZLVK WR WKDQN 0U 'DPRGDU %DOLJD 0DQDJLQJ 'LUHFWRU RI 0V 9DVDYL )RXQGU\ 3YW /WG 6KLYDPRJJD .DUQDWDND ,QGLD DQG 0U%DVDYDUDM 3URS 0V 0DWKUXVUHH (QWHUSULVHV 3,$ %DQJDOXUX .DUQDWDND ,QGLDIRUWKHLULQYDOXDEOHVXSSRUWWRFDUU\RXWWKLVUHVHDUFKZRUN 5HIHUHQFHV $UPLWDJH.0DVRRG6%UDQGW0/DVHUDVVLVWHGPDFKLQLQJRIZHDUUHVLVWDQWZKLWHFDVWLURQV3URFHHGLQJVRIWKH WK ,QW&RQIRQ0DQXI ([FHOOHQFH0HOERXUQHS &KU\VVRORXULV * $QLIDQWLV 1 DQG .DUDJLDQQLV 6 /DVHU DVVLVWHG PDFKLQLQJ DQ RYHUYLHZ -RXUQDO RI 0DQXIDFWXULQJ 6FLHQFH (QJLQHHULQJ7UDQVDFWLRQVRIWKH$60( 9RO ,VV % S /LX=4$L;=KDQJ+:DQJ=7:DQ
