High Speed Steels Market is Segmented by Product Type (Metal Cutting Tools, Cold Working Tools, and Others), by End-Use Industry Type (Automotive, Plastic, Aerospace, Energy Sector, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
High Speed Steels Market is Segmented by Product Type (Metal Cutting Tools, Cold Working Tools, and Others), by End-Use Industry Type (Automotive, Plastic, Aerospace, Energy Sector, and Others), and by Region ...
The high speed steels market is estimated to grow from USD 2.26 billion in 2022 to USD 3.36 billion by 2028 at a CAGR of 6.6% during the forecast period.
High-speed steel (HSS), a type of tool steel renowned for having an exceptional balance of toughness, heat resistance, and hardness, is frequently utilized in the industrial industry for cutting tools such as drills, milling cutters, taps, reamers, and saw blades.
Due to the unique characteristics of high-speed steel, it can be used in applications where the tool must survive extreme mechanical stresses and high temperatures. In order to preserve the durability and sharpness of cutting tools during high-speed machining, high-speed steel must be able to keep its hardness even at extreme temperatures.
High Speed Steels Market Report Overview
Market Size in 2028
USD 3.36 billion
Market Size in 2022
USD 2.26 billion
Market Growth (2023-2028)
CAGR of 6.6%
Base Year of Study
2022
Trend Period
2017-2021
Forecast Period
2023-2028
Key Players
The following are the key players operating in the market-
The market is driven by a host of factors, some of which are noted below:
Increase in demand for High-Speed Machining
To boost productivity and efficiency, high-speed machining operations are becoming more and more necessary as technology advances. The high cutting rates and temperatures involved in high-speed machining can be tolerated by high-speed steel tools, which makes them the perfect option for these applications.
Development of Infrastructure
Machining and cutting tools are needed for a variety of tasks in infrastructure projects, such as those involving building, transportation, and energy. Drilling, milling, and other cutting operations are frequently performed in these industries using high-speed steel tools, which stimulates the market's need for High-speed steel (HSS).
Expanding Automotive Industry
Due to the demand for precision machining and premium components, the automotive industry is a significant consumer of high-speed steel tools. The need for HSS tools rises in line with the expansion of the automobile sector, particularly in emerging markets.
Development in Tool Coating Technologies
High-speed steel tools now perform and last longer because of advanced cutting-edge tool coating technologies, including diamond-like carbon (DLC), titanium nitride (TiN), and titanium carbonitride (TiCN). HSS tools are more appealing to end users, as these coatings have increased wear resistance, decreased friction, and a longer tool life.
The market is segmented as metal cutting tools, cold working tools, and others. The metal-cutting tools segment is estimated to register the highest growth in the coming five years. The growth is attributed to the practice that metal cutting tools built from high speed steels deliver proper manufacturing of intricate components marked with precision and effortlessness.
By End-Use Industry Type
The market is segmented into automotive, plastic, aerospace, energy sector, and others. The automotive segment is expected to lead the market during the forecast period. The growth of this segment is owing to the rising demand for high-end industrial equipment from the automotive sector. High speed steels are extensively employed in the manufacturing of components and spare parts for railways and of commercial and passenger vehicles, because of the numerous properties offered by them, such as elevated hardness, excellent strength, and high abrasion and wear resistance.
By Region
Asia-Pacific is expected to depict the highest growth of the high speed steel market in the coming five years. China, Japan, India, and South Korea are the growth engines of the region. The market is driven by the high consumption of high-speed steels in various end-use industries, such as automotive, aerospace, and plastic in the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
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Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market
The market is segmented into the following categories:
By Product Type:
Metal Cutting Tools
(Product Type Analysis: Drill Bits, Broachers & Reamers, Taps, End Mills, and Saws)
Cold Working Tools
(Product Type Analysis: Blanking & Fine Blanking Tools, Extrusion Tools, Drawing & Deep Drawing Tools, and Others)
Others
(Product Type Analysis: Screws & Barrels, Molds, and Pumps)
By End-Use Industry Type:
Automotive
Plastic
Aerospace
Energy Sector
Others
By Region:
North America(Country Analysis: the USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
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Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the High Speed Steels Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to 3 players)
SWOT analysis of key players (up to 3 players)
Market Segmentation
Current market segmentation of any one of the product types by end-use industry type.
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
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High speed steels are mainly tool steels that are used as a cutting tools. It is much superior in properties in comparison to traditional steel.
High speed steels can be metal cutting tools, cold working tools, and others. The automotive, plastic, aerospace, energy sector, and others are the industries where high-speed steels are used.
Some of the major players in the high-speed steels market are Nachi-Fujikoshi Corporation, Daido Steel Co., Ltd., Voestalpine AG, Sandvik Materials Technology AB, Kennametal Inc., Hudson Tool Steel Corporation, Arcelormittal S.A., and Thyssenkrupp AG.
The growing demand for equipment built from high speed steels in various end-use industries, such as automotive, aerospace, and plastics is driving the market globally.
