The global high-speed steel market is projected to reach USD 5.66 billion by 2028, at a CAGR of 6.1% during the forecast period.

High-speed steels (HSS) are high-performance steels having a high hardness at temperatures up to 500°C and high wear resistance due to the addition of alloys such as tungsten and molybdenum. They are commonly used in cutting tool materials, as they are resistant to abrasion and can perform under high temperatures and speeds without losing hardness. This allows them to cut faster and hence, the name high-speed steels.

Global High Speed Steel Market
Global High Speed Steel Market

High-speed steel is widely used for metal cutting and wood turning due to its properties such as wear resistance, high work hardness, and absorption of shocks, which make them durable and precise. However, the demand from the metal cutting applications has reduced due to the use of composites instead of metal parts across many industries.

Global High Speed Steel Market
Global High Speed Steel Market

The highest demand for high-speed steel is from the automotive industry due to the vast number of cutting operation involved in the production of automobiles. Furthermore, many of these processes require precision at high speeds, which are provided by HSS.

The Asia Pacific is expected to be the largest market during the forecast period due to the continuous shift of global production activities. Moreover, the automobile industry in the Asia Pacific region is growing due to an increase in the sales of passenger cars in this region.

A key factor restraining market growth is the increasing use of carbide tools for cutting operations, which enables efficient operations at higher speeds than HSS cutting tools.

Key Factors Impacting Market Growth:

  • Functions at high speed and temperatures without losing hardness
  • Growth of the automotive industry
  • Increasing manufacturing in the Asia Pacific region due to industrialization
  • Use of carbide tools

Key Developments:

  • In November 2018, Sandvik AB (Sweden) acquired Dura-Mill (US) and OSK (China) to increase its capacity to provide precision tools. This acquisition was mainly for its carbide tools portfolio. However, this will also increase its HSS tool production capacity. 

What Does This Report Provide?

This report provides a detailed understanding of the global high-speed steel market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type:

  • Tungsten
  • Molybdenum
  • Cobalt
  • Others

By Tool Type:

  • Metal Cutting Tools
  • Cold Working Tools
  • Others

By End-Use Industry:

  • Automotive
  • Aerospace
  • Plastic
  • Energy
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Tool Type
    • By End-Use Industry
  • Western Europe:
    • By Country (Germany, UK, France, Spain, Rest of Western Europe)
    • By Type
    • By Tool Type
    • By End-Use Industry
  • Eastern Europe:
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Tool Type
    • By End-Use Industry
  • Asia Pacific
    • By Country (China, Japan, India, Rest of Asia Pacific)
    • By Type
    • By Tool Type
    • By End-Use Industry
  • Middle East:
    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
    • By Type
    • By Tool Type
    • By End-Use Industry
  • Rest of the World
    • By Region (Latin America, Brazil, Rest of the World)
    • By Type
    • By Tool Type
    • By End-Use Industry 

Companies Covered: Hudson Tool Steel Corporation, Sandvik AB, Bohler Uddeholm Corporation, Villares Metals S.A., Nippon Koshuha Steel Group, Carpenter Technology, Graphite India Limited, and OSG Korea Corporation 

Reasons to Buy This Report:

  • Market size estimation of the global high-speed steel market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market


We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

For more information, contact: [email protected]

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