Global High Speed Steels Market Size By Product Type (Metal Cutting Tools, Cold Working Tools), By End-User (Plastic Industry, Energy Sector), By Geographic Scope And Forecast

High Speed Steels Market Size And Forecast

High Speed Steels Market size was valued at USD 3.87 Billion in 2021 and is projected to reach USD 5.95 Billion by 2030, growing at a CAGR of 4.9% from 2023 to 2030.

With the increasing need for high-speed steels in the aerospace and energy sectors, and in a variety of industrial application is the primary factor propelling the growth of the market. The Global High Speed Steels Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global High Speed Steels Market Definition

The high-speed steels is the cutting tool material used to serve the purpose of power saw blades and drill bits. Cutting tools play a vital part in the process of manufacturing in industries for drill, cut, grind, mill, bore, tap, and other variety of other use. The high-speed steels are capable of resisting higher temperatures without losing the hardness. It provides enhanced performance in comparison to conventional high-carbon steel tools. It is used extensively in various end-user industries such as aerospace, automotive, and others.

Global High Speed Steels Market Overview

In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

The increasing need for high-speed steel in the aerospace and energy sectors, and in a variety of industrial applications is the primary factor propelling the growth of the market. In addition, the growing demand for manufacturing cutting tools is another factor that contributes to accelerating the growth of the market. Moreover, the increasing demand from the consumer for high-quality products led to imposing a positive outlook on the growth of the market. However, factor such as intensified competition and availability of the product alternatives such as carbide-based cutting tools is expected to hinder the growth of the market.

Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global High Speed Steels Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Global High Speed Steels Market Segmentation Analysis

The Global High Speed Steels Market is Segmented on the basis of Product Type, End-User, And Geography.

High Speed Steels Market, By Product Type

• Metal Cutting Tools
• Cold Working Tools
• Others

Based on Product Type, the market is segmented into Metal Cutting Tools, Cold Working Tools, and Others. Metal Cutting tools accounted for the largest share of the market in 2021. Metal cutting tools provide better performance, cost-effectiveness, and longer lifespan and can help in increasing overall production rates by providing high cutting rates.

High Speed Steels Market, By End-User

• Plastic Industry
• Energy Sector
• Automotive Industry
• Aerospace Industry
• Others

Based on End-User, the market is segmented into Plastic Industry, Energy Sector, Automotive Industry, Aerospace Industry, and Others. The automotive industry accounted for the largest share of the market in 2021. This is mostly attributable to ongoing research and development along with the rising demand for automobiles across various sectors.

High Speed Steels Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Geography, the Global High Speed Steels Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region holds the largest share in the high-speed steel industry owing to the rapid industrialization and surging demand for high-speed steel in various residential and commercial projects under the governments of developing economies such as China, India, Indonesia, and Vietnam. The abundant availability of raw materials along with the huge labor force working at very affordable prices further adds to the growth of the industry in the region.

Key Players

The “Global High Speed Steels Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Nachi-Fujikoshi Corporation, Friedr. Lohmann GmbH, Sandvik Materials Technology AB, Hudson Tool Steel Corporation, Erasteel, Daido Steel Co., Ltd., Kennametal Inc., Voestalpine AG, ArcelorMittal S.A., and ThyssenKrupp AG.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2020, Dormer Pramet purchased Miranda Tools, an Indian maker of high-speed steel (HSS) and solid carbide cutting tools. This acquisition helped to improve Dormer’s production capacity and boost the company’s round tool offering for the general engineering, automotive component manufacturing, and MRO industries.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global High Speed Steel market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global High Speed Steel market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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