High Speed Steels Market Analysis | 2023-2028

Market Insights

The high speed steels market was estimated at USD 2.26 billion in 2022 and is likely to grow at a CAGR of 6.6% during 2023-2028 to reach USD 3.36 billion in 2028.

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Market Dynamics

Introduction

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.

Market Drivers

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.

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Key Players

The following are the key players in the high speed steels market:?

• Kennametal Inc.
• Nachi-Fujikoshi Corporation
• Daido Steel Co., Ltd.
• Voestalpine AG
• Sandvik Materials Technology A
• Hudson Tool Steel Corporation
• ArcelorMittal S.A.
• Thyssenkrupp AG.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Metal-cutting tools segment is estimated to register the highest growth during the forecast period"

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

"Automotive segment is expected to lead the market during the forecast period"

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.

Regional Analysis

"Asia-Pacific is expected to depict the highest growth of the high speed steel market during the forecast period"

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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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional high speed steels market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 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 high speed steels market is segmented into the following categories:

By Product Type

• Metal Cutting Tools
• Cold Working Tools
• Others

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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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.