High Speed Steels Market

Global High Speed Steels Market Size (2024 to 2032)

The global High Speed Steels Market size was valued at USD 5.20 billion in 2023, and the market size is expected to reach USD 9.97 billion by 2032 from USD 5.59 billion in 2024. The market's promising CAGR for the predicted period is 7.5%.

Current Scenario of the Global High Speed Steels Market

HSS is having an increased demand from manufacturers because of its properties like high wear resistance and more toughness. This includes escalated investments not only in the development of new products but also in research and development activities, which has led to greater reliability of high-speed steel tools with fewer failures and higher production costs, along with lower and shorter delivery times. High-speed steels (HSS) are employed as materials for cutting tools on power saw blades. HSS are alloys and have properties similar to tungsten or molybdenum. High-speed steel is known to maintain hardness even at very high temperatures. The main application of steels is the manufacture of drills, taps, milling cutters, bits, gear cutters, and various saw blades. You can avoid mechanical shocks to the teeth during milling operations and cope with varying lubrication conditions that can lead to thermal changes. This facilitates the machining of difficult materials, provides less work hardening of austenitic stainless steels and nickel alloys, and results in better surface quality and tolerances of machined parts. Because the metal is cut and not torn, it extends the life of the tool with lower cutting temperatures. It also requires lower cutting forces, which ultimately means less machine tool power consumption. From a tool life perspective, high-speed steel works very well with intermittent cutting applications; however, it has a limited cutting speed range that is much lower than that of carbide tools.

The metal-cutting tools segment in the high-speed steel industry is foreseen to develop with the highest CAGR over the envisioned period of 2020 to 2025. This expansion can be attributed to the escalating call for tools Cutting machines made of high-speed steel tools are an important part of the manufacturing process, as machine tools are employed for drilling, grinding, milling, threading, forming, cutting and casting, and determining the quality of the product produced. The advantages of high-speed steel are its high resistance to shear forces and the low cost of tools made from high-speed steel.

MARKET DRIVERS

The main expansion factors of the high-speed steel market are the escalating use in different industrial applications and the rising need of the aerospace industry. The call for high-speed steel in the shipbuilding and energy sectors is one of the main drivers of the industry. The growing awareness of the benefits of high-speed steel is also escalating the call for its use in different industries. The increasing use of high-speed steel for the manufacture of cutting tools is driving a call in this industry. Furthermore, the growing applications of high-speed steel in the shipbuilding and energy sector will support its call during the foreseen period.

MARKET RESTRAINTS

Lack of investments to carry out R&D activities in the high-speed steel field and the escalating use of carbide-cutting tools in various end-use industries are predicted to slow the expansion of the high-steel industry over the foreseen period. The low production capacity of high-speed steel is an important limitation in the industry.

MARKET OPPORTUNITIES

The automotive segment has dominated the industry and is predicted to experience significant expansion during the outlook period. This is mainly due to innovation and development, as well as an increase in the production of light vehicles worldwide.

MARKET CHALLENGES

The decline in car production worldwide is likely to hamper industry expansion. Escalating the use of alternatives such as carbide-based cutting tools in the automotive industry.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global High-Speed Steels Market By Product Type

Among product types, the metal-cutting tools segment of the high-speed steel industry is predicted to grow at the highest annual rate of expansion during the foreseen period, 2020 to 2025. The rise in this segment can be attributed to the fact that metal cutting tools made from high-speed steels ensure efficient manufacturing of critical and complex components with ease and with maximum precision.

Global High-Speed Steels Market By End-use Industry

Among end-use industries, the automotive industry segment is predicted to dominate the high-speed steel industry during the foreseen period. The expansion of the automotive industry segment in the high-speed steel industry can be attributed to the escalating call for high-end industrial machinery and equipment in the automotive sector. High-speed steels are widely employed in the manufacture of spare parts and components for railways and passenger and utility vehicles, due to the various properties they offer, including high strength, escalated hardness, and high strength. to wear and abrasion.

REGIONAL ANALYSIS

The Asia-Pacific high-speed steel industry is predicted to grow to the highest CAGR during the foreseen period, 2020 to 2025. The expansion in the Asia-Pacific industry can be attributed to the strong economic expansion in the region, as well as escalated investments by various governments and major industry players in the Asia-Pacific area to innovate high-speed steels. Furthermore, the rising incomes of the middle-class population in the region are also stimulating the call for different products, which is driving the expansion of many industries in the Asia-Pacific region. This, in turn, leads to continued industrialization in the region, thereby driving expansion in the Asia Pacific high-speed steel market.

KEY MARKET PLAYERS

Some of the significant players at this moment operating in the High-speed steels industry include NACHI-FUJIKOSHI CORP, Daido Steel Co., Ltd, voestalpine AG, Sandvik AB, Kennametal Inc, Hudson Tool Steel, ERASTEEL, Arcelormittal S.A., Thyssenkrupp AG, Tiangong International Co., Ltd, Guhring, Inc., Heye Special Steel Co., Ltd, Nippon Koshuha Steel Co., Ltd, OSG Corporation, Graphite India Limited, Tivoly SA, Crucible Industries LLC, Jiangsu Fuda Special Steel Co., Ltd., West Yorkshire Steel Co. Ltd, Big Kaiser Precision Tooling Inc, among others.

RECENT HAPPENINGS IN THE MARKET

• HSS Forum participated in the development of the HSS practical guide that has just been released to the market. It is a publication intended for all professionals involved or interested in the work of metal cutting tools and mainly addresses the practical and informative aspect of everything that has to do with the different materials and tools employed in this activity.

• The Chinese manufacturer of high-speed trains starts operations in India. China CRRC Corporation Ltd., the nation's biggest maker of high-speed trains, declared that its first joint venture industry in the region of India has been initiated.

DETAILED SEGMENTATION OF THE GLOBAL HIGH-SPEED STEELS MARKET INCLUDED IN THIS REPORT

This research report on the global high-speed steel market has been segmented and sub-segmented based on product type, end-use industry, and region.

By Product Type

• Metal Cutting Tools
• Cold Working Tools
• Others

By End-user Industry

• Automotive industry
• Plastic industry
• Aerospace industry
• Energy sector
• Others

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa