High-Speed Steel Metal Cutting Tools Market is anticipated to carve a profitable growth trajectory over 2023-2032, owing to the increasing product demand across various end-user industries including aerospace, automotive, and others. HSS metal cutting tools find extensive importance in the manufacturing process and determine the quality of the finished product.
The demand for HSS is gradually rising for manufacturing cutting tools owing to its intrinsic characteristics such as high durability, exceptional working hardness, good retention of hardness, and high wear hardness. The utility of these tools has increased the cutting speed by four times as compared to the formerly used carbon steel. The aforementioned factors are thus expected to push the growth of HSS metal cutting tools market over the span of ten years.
HSS metal cutting tools industry growth is expected to observe hinderance in the ensuing years due to the presence of various alternatives in the market. High speed steel can easily be replaced with traditional steel for the production process as a result of easy accessibility and low cost. Such trends would obstruct the growth path for the market.
In addition, the Russia-Ukraine war had disrupted the supply chain, leading to a major shortage of steel worldwide. This had brought about a negative impact on the sales of HSS metal cutting tools in early 2022, severely impacting the business landscape.
High-speed steel (HSS) is a widely used material in the metal cutting tools industry, especially for drilling tools. HSS drill bits are popular because they're cost-effective for everyday drilling tasks in materials like wood, hot steel, and plastic. HSS drill bits are known for their durability and safety when operating at high speeds. They can withstand the heat generated from drilling without breaking down. These qualities have made HSS cutting tools a preferred choice for businesses looking to invest in advanced drilling technology.
To illustrate, Somta Tools announced investment in a USA-developed PerformCoat PfC540 PVD coating machine. The coating technology used will optimize tooling for machining applications of deep-hole drilling, hard milling, tapping, and more for stainless steel and titanium.
In terms of the end-user vertical, high-speed steel (HSS) metal cutting tools market from automotive sector is expected to gain notable growth through 2032. HSS cutting tools in the sector are used for high precision cutting and drilling applications for various automotive car parts production or maintenance activities. Moreover, an upsurge in the sales and production of light weight and passenger vehicles worldwide would impel the growth of HSS metal cutting tools market over the forecast period. As per OICA statistics, more than 56 million passenger vehicles were sold in 2021.
Regionally, Asia Pacific HSS metal cutting tools market, led by China, would grow at a considerable rate throughout the analysis timespan. The growth is estimated to come from China’s vast manufacturing and construction industry. Additionally, the thriving automotive business in the country is projected to augment the demand for HSS cutting tools in the regional sector.
As per credible reports, China continues to be the world’s largest vehicle market. In fact, it has been estimated that if China reached the motorization rate of the EU by 2050, there would be approximately 500 million more vehicles by the projected timeline. These factors are touted to lead the growth curve of HSS metal cutting tools market across the APAC.
Some of the prominent leaders operating in the global HSS metal cutting tools industry are Greenfield Industries, Inc., Addison & Co., Ltd (Amalgamations Group), LMT Tools USA L.P., Kennametal, Inc., BIG Kaiser Precision Tooling, and more. These market vendors have been engaged in industry practices like product launches, acquisitions, partnerships, and others, to gain a competitive edge in the global market space.
What Information does this report contain?
Historical data coverage 2018 to 2022; Growth Projections 2023 to 2032.
Expert analysis industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts major segments covering applications, top products and geographies.
Competitive landscape reporting market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
