The first spinning-tool technology was developed jointly by Mori Seiki and Kennametal around 2008.
Designed to distribute heat and wear more effectively than a single-point lathe tool, the new turning spinning-tool technology can increase productivity by up to 500% and tool life by up to 2,000%. This cutting technology employs a specialized insert similar in design to a round, or full-radius insert mounted at the bottom of a cylindrical tool shank held in a rotary spindle.

The advantage of the spinning tool is that there is no one single point on the tool that is in contact with the work piece all the time. The big advantage is that this is very good for heat dissipation and tool wear. Cutting conditions are no longer limited by the heat generated in the process, but by power available in the machine.

On a single point insert the heat is concentrated in the tip of the insert, by allowing the round insert of the spinning tool to rotate the heat and wear is spread out all around the insert.
Cutting forces generated while machining with single-point tools impart a bending movement on the tool and can give rise to vibrations. In the case of axially loaded tools, such as a spinning tool, most of the cutting forces are directed axially into the spindle and hence significantly reduce vibrations. The point of this tool is to reduce vibration and chatter, and to increase tool life and productivity.

For spinning tool turning operations, it is typical to set the tool spindle and turning spindles to the same revolutions per minute (RPM). The user has the option of creating the tool path in +Y or –Y in the YZ plane, and also has the ability to rotate the cutting plane about the Z axis to allow machining above or below the center line.

Cam supplier and developer ESPRIT have developed software to support the spinning tools technology. Computer-aided-manufacturing (CAM) industry innovator DP Technology, creator of ESPRIT®, put the new spinning turning tool to the test with a successful test cut that was the first to use the ESPRIT Spinning Turning Tool Add-In to generate tool path for the spinning tool.

Although this technology has many advantages, especially in the machining of stainless steels and Heat resistant super alloys (HRSA) it is not seen much on the market.

Links.

https://www.youtube.com/watch?v=nGXUFFOWn9M

https://www.youtube.com/watch?v=aZDGb7wYuCU

http://www.espritcam.com/solutions/technology/spinning-tool-technology