The global demand for High Speed Steel Market is presumed to reach the market size of nearly USD XX MN by 2027 from USD XX MN in 2020 with a CAGR of XX% under the study period of 2021 - 2027. Regarding volume, the market was calculated XX Kilo Tons in 2020 and forecast to touch XX Kilo Tons by 2027 with a CAGR of XX% during 2021-2027.
High speed steel is defined as the subset of tool steels alloys frequently used as cutting tool material. It consists of a set of tool steel alloys known for their ability to cut materials quicker than conventional high-carbon steel. Typically, they comprise carbon steel alloyed with molybdenum or tungsten with percentages of vanadium, chromium, and cobalt. It offers exceptional hardness, abrasion resistance, and resistance against softening at high temperatures. High-speed steels (HSS) are utilized in numerous industrial applications such as drilling, reaming, tapping and dyeing, forming, broaching, and milling. It offers ease with which they can be shaped in both the soft and hardened state.
The growing usage in different industrial applications and increasing demand from the aerospace industry are the primary factor driving the High speed steel market. There is an enormous adoption of high speed steel for metal cutting and woodturning due to its properties such as wear-resistance and absorption of shocks, high work hardness, which make them strong and specific, thus augmented the high market demand. The expanding manufacturing sector and rising concerns for customer satisfaction and enhancing quality of the product is positively impacting the High speed steel market's growth. Moreover, the mounting applications of high speed steels in the energy sectors and shipbuilding with an increase in awareness regarding HSS benefits are likely to create lucrative growth opportunities for key players of the High speed steel market in the coming years.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of high speed steel. The growth and trends of High Speed Steel Industry provide a holistic approach to this study.
This section of the high speed steel market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Product Type
By End-Use Industry
- Metal Cutting Tools
- Cold Working Tools
- Automotive Industry
- Plastic Industry
- Aerospace Industry
- Energy Sector
This section covers the regional outlook, which accentuates current and future demand for the High Speed Steel market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global High Speed Steel Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the high speed steel market include Bohler Uddeholm Corporation, Sandvik AB, OSG Korea Corporation, Tiangong International, Tivoly Inc., BIG Kaiser Precision Tooling, Hitachi Metals Ltd., Niagara Cutter Inc., Addison & Co. Ltd., Walter AG, Nippon Koshuha Steel Group, and BIG Kaiser Precision Tooling. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information based on primary and secondary research. Secondary research has been done using various sources, including (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications. Additionally, our team conducts extensive primary research with key industry participants to gather first-hand data. The data is then analyzed and validated by industry experts.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.