High Speed Steels Market Trends, Size, Industry Segments And Profit Growth By Forecast

Posted by Stephen Lobo on January 4th, 2023

High Speed Steels Market Scope and Demand 

High-speed steel (HSS) is a type of tool steel that is specifically designed for use in cutting and machining operations. It is characterized by its high resistance to wear, high red hardness, and ability to maintain a sharp cutting edge at high temperatures. These properties make HSS a suitable material for use in tools such as drills, milling cutters, taps, and reamers, as well as in cutting and shaping machines such as lathes and milling machines.

The demand for high-speed steel is driven by the growing need for efficient and precise cutting and machining operations in various industries, including automotive, aerospace, construction, and energy. The use of HSS helps to reduce the time and cost of manufacturing by enabling faster and more accurate cutting and machining processes.

There are various types of high-speed steel, including tungsten high-speed steel, molybdenum high-speed steel, and cobalt high-speed steel, each of which has unique properties and is suited for specific applications.

The global high-speed steel market is expected to continue growing in the coming years, driven by the increasing demand for precision machining and cutting tools in various industries. Factors such as technological advancements, the increasing adoption of automation in manufacturing processes, and the growing demand for lightweight and durable materials are also expected to contribute to the growth of the high-speed steel market. The report High Speed Steels Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others)& Region.

High Speed Steels Market Segmentation

The high speed steel market can be segmented based on the product type, end-use industry, and geographic region.

by Product Type:

  • Metal Cutting Tools
  • Cold Working Tools
  • Others

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Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR during the forecast period

Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising demand for cutting tools made from high speed steels as tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product. The advantages of high speed steels are their high strength to withstand cutting forces and low costs of the tools manufactured from high speed steels. 

by End-Use Industry:

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

High speed steels are widely used in the automotive industry.

Among end-use industries, the automotive industry segment is projected to lead the high speed steels market from 2016 to 2021. In the automotive industry, high speed steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. High speed steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. 

by Region:

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • South America

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The growth of the Asia-Pacific high speed steels market can be attributed to the high economic growth of the Asia-Pacific region as well as increased investments by various governments and leading market players in the Asia-Pacific region to carry out innovations in the field of high speed steels. Moreover, increasing income of the middle class population in the region is also driving the demand for different products, which is fueling the growth of numerous industries in the Asia-Pacific region. This, in turn, is leading towards continuous industrialization in the region, thereby fueling the growth of the Asia-Pacific high speed steels market.

High Speed Steels Market Key players

There are several companies that manufacture and sell high speed steel products, including

  • Hudson Tool Steel Corporation (U.S.)
  • Sandvik Materials Technology AB (Sweden)
  • Erasteel (France)
  • Nachi-Fujikoshi Corporation (Japan)
  • Daido Steel Co., Ltd. (Japan)
  • Friedr. Lohmann GmbH (Germany)
  • Kennametal Inc. (U.S.)
  • Voestalpine AG (Austria)
  • ArcelorMittal S.A. (Luxembourg)
  • ThyssenKrupp AG (Germany)

There are several trends that are expected to shape the market for high speed steels in the coming years:

  1. Increasing demand for high speed steels in the automotive industry
  2. Growing demand for high speed steels in the aerospace industry
  3. Increasing use of high speed steels in the manufacturing of medical devices
  4. Increasing adoption of high speed steels in the energy sector
  5. Growing demand for high speed steels in the construction industry

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Stephen Lobo

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Stephen Lobo
Joined: November 18th, 2022
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