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.
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.
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 This Study Provides:
- Global market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
- Regional market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
- National market and submarket forecast covering the period of 2016 to 2028, with accompanying analysis
- Extensive details and analysis of contracts, projects, and program
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- Analysis of game-changing technological trends and how these will shape the industry
- Explanation or political, regulatory and technical factors to consider
- Barriers to entry analysis for markets around the world
- Profiles of leading companies operating within the sector with market share analysis
- SWOT analysis of the market, together with the opportunities available and the key threats faced
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- Market conclusions & recommendations
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
Years Considered In The Study
|
Historic Year |
2016, 2017 |
|
Base Year |
2018 |
|
Forecast Period |
2019-2028 |
|
CAGR %(2019-2028) |
6.1 |
Key Questions Answered By This Report:
- How is the high-speed steel market evolving?
- What is driving and restraining high-speed steel dynamics?
- How will each high-speed steel submarket segment grow over the forecast period and how much Sales will these submarkets account for in 2028?
- How will market shares of each high-speed steel submarket develop from 2019-2028?
- Which high-speed steel submarket will be the main driver of the overall market from 2019-2028?
- How will political and regulatory factors influence regional high-speed steel markets and submarkets?
- Will leading national high-speed steel broadly follow macroeconomic dynamics, or will individual country sectors outperform the rest of the economy?
- How will market shares of the national markets change by 2028 and which nation will lead the market in 2028?
- Who are the leading players and what are their prospects over the forecast period?
- How will the sector evolve as alliances form during the period between 2019 and 2028?
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
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
For more information, contact: sales@quincemarketinsights.com