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High Speed Steels Market By Type, By Production Method HSS, By Grade, By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 370 Pages
  • October 2023
  • Region: Global
  • Allied Market Research
  • ID: 5916108
Description Jump to:
The global high speed steels market is anticipated to reach $9,387.00 million by 2032, growing from $5,342.90 million in 2022 at a CAGR of 6.2% from 2023 to 2032.

High speed steel (HSS) is an iron alloy made with tungsten, molybdenum, chromium, vanadium, carbon, cobalt, manganese, nickel, silicon, titanium, and niobium (also known as columbium). High speed steel is one of the most popular materials used in the manufacturing of cutting tools owing to its combination of hardness and longevity. This factor makes it perfect for cutting and drilling operations.

The increasing use of high-speed steel in various industrial applications, as well as the growing demand from the aerospace industry, are the primary growth factors for the market. The rising demand for high speed steel in the shipbuilding and energy sectors is another major driver for the industry growth. The increased knowledge of the advantages of high-speed steel is also increasing the demand for its use in various industries. The growing usage of high-speed steel in the production of cutting tools is driving the growth in this market.

However, factors such as increased competition and the availability of product alternatives such as carbide-based cutting tools are projected to hamper market expansion. As demand for cutting tools and related applications grows, more companies enter the market, leading to increase in competition. Customers may be drawn away from high-speed steel products if new players offer competitive pricing, creative product designs, or enhanced performance qualities. These factors are anticipated to restrain the market growth in the upcoming years.

The global highspeed steels market is primarily driven by increased manufacturing operations to balance demand for a variety of items such as aircraft, automobiles, and heavy equipment. These instruments have significantly improved the capacity to cut heavy metals. The development in production and manufacturing activities in automobile, aircraft, infrastructural equipment, and industrial machinery has had a significant impact on the highspeed steels (HSS) market. Several factors, including rising need for new aircraft manufacturing, air travel, and the growing business of the jet industry, are influencing high speed steel demand in the aerospace sector. Furthermore, customer demand has increased as a result of upgraded cabin design, improved operational efficiency, and other facilities. All these factors are anticipated to create several growth opportunities in the high-speed steels market during the forecast years.

The COVID-19 pandemic had a significant impact on various industries worldwide. The pandemic disrupted global supply chains, affecting the availability of raw materials, components, and finished products. High-speed steel manufacturers faced challenges in procuring raw materials and ensuring a smooth production process. This led to supply shortages and delays in delivering high-speed steel products to customers. Many industries experienced temporary shutdowns or reduced operations during the pandemic due to lockdowns, social distancing measures, and reduced consumer demand. This decline in industrial activities directly impacted the demand for high-speed steel products, as their primary applications are in manufacturing, construction, and automotive sectors.

The key players profiled in this report include Sandvik AB, NIPPON KOSHUHA STEEL CO., LTD., Proterial, Ltd., ArcelorMittal, Amada Co., Ltd, OSG corporation, Kennametal, Kyocera, Walter AG, and RUKO GmbH.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the high speed steels market analysis from 2022 to 2032 to identify the prevailing high speed steels market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the high speed steels market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global high speed steels market trends, key players, market segments, application areas, and market growth strategies.

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  • Product Benchmarking / Product specification and applications
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  • Regulatory Guidelines
  • Strategic Recommedations
  • Additional company profiles with specific to client's interest
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  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Key player details (including location, contact details, supplier/vendor network etc. in excel format)
  • Market share analysis of players at global/region/country level
  • SWOT Analysis

Key Market Segments

By Grade

  • M Grade
  • T Grade
  • Advance Grade

By End User

  • Automotive
  • Manufacturing
  • Aerospace
  • Mechanical Engineering
  • Construction
  • Others

By Type

  • Tungsten High Speed Steel
  • Molybdenum High Speed Steel
  • Cobalt High Speed Steel
  • Others

By Production Method

  • Conventional HSS
  • Powder Metallurgy (PM) HSS
  • Spray Forming (SF) HSS

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • UK
  • France
  • Switzerland
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Rest of MENA
  • Key Market Players
  • Sandvik AB
  • NIPPON KOSHUHA STEEL CO., LTD.
  • Proterial, Ltd.
  • ArcelorMittal
  • Amada Co., Ltd
  • OSG corporation
  • Kennametal
  • Kyocera
  • Walter AG
  • RUKO GmbH

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.5. Average Selling Price
3.6. Market Share Analysis
3.7. Brand Share Analysis
3.8. Trade Data Analysis
3.9. Product Consumption
3.10. Value Chain Analysis
3.11. Key Regulation Analysis
3.12. Patent Landscape
3.13. Regulatory Guidelines
3.14. Reimbursement Scenario
CHAPTER 4: HIGH SPEED STEELS MARKET, BY TYPE
4.1. Overview
4.2. Tungsten High Speed Steel
4.3. Molybdenum High Speed Steel
4.4. Cobalt High Speed Steel
4.5. Others
CHAPTER 5: HIGH SPEED STEELS MARKET, BY PRODUCTION METHOD
5.1. Overview
5.2. Conventional HSS
5.3. Powder Metallurgy (PM) HSS
5.4. Spray Forming (SF) HSS
CHAPTER 6: HIGH SPEED STEELS MARKET, BY GRADE
6.1. Overview
6.2. M Grade
6.3. T Grade
6.4. Advance Grade
CHAPTER 7: HIGH SPEED STEELS MARKET, BY END USER
7.1. Overview
7.2. Automotive
7.3. Manufacturing
7.4. Aerospace
7.5. Mechanical Engineering
7.6. Construction
7.7. Others
CHAPTER 8: HIGH SPEED STEELS MARKET, BY REGION
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2022
CHAPTER 10: COMPANY PROFILES
10.1. Sandvik AB
10.2. NIPPON KOSHUHA STEEL CO., LTD.
10.3. Proterial, Ltd.
10.4. ArcelorMittal
10.5. Amada Co., Ltd
10.6. OSG corporation
10.7. Kennametal
10.8. Kyocera
10.9. Walter AG
10.10. RUKO GmbH
List of Tables
Table 01. Global High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 02. High Speed Steels Market for Tungsten High Speed Steel, by Region, 2022-2032 ($ Million)
Table 03. High Speed Steels Market for Molybdenum High Speed Steel, by Region, 2022-2032 ($ Million)
Table 04. High Speed Steels Market for Cobalt High Speed Steel, by Region, 2022-2032 ($ Million)
Table 05. High Speed Steels Market for Others, by Region, 2022-2032 ($ Million)
Table 06. Global High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 07. High Speed Steels Market for Conventional Hss, by Region, 2022-2032 ($ Million)
Table 08. High Speed Steels Market for Powder Metallurgy (Pm) Hss, by Region, 2022-2032 ($ Million)
Table 09. High Speed Steels Market for Spray Forming (Sf) Hss, by Region, 2022-2032 ($ Million)
Table 10. Global High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 11. High Speed Steels Market for M Grade, by Region, 2022-2032 ($ Million)
Table 12. High Speed Steels Market for T Grade, by Region, 2022-2032 ($ Million)
Table 13. High Speed Steels Market for Advance Grade, by Region, 2022-2032 ($ Million)
Table 14. Global High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 15. High Speed Steels Market for Automotive, by Region, 2022-2032 ($ Million)
Table 16. High Speed Steels Market for Manufacturing, by Region, 2022-2032 ($ Million)
Table 17. High Speed Steels Market for Aerospace, by Region, 2022-2032 ($ Million)
Table 18. High Speed Steels Market for Mechanical Engineering, by Region, 2022-2032 ($ Million)
Table 19. High Speed Steels Market for Construction, by Region, 2022-2032 ($ Million)
Table 20. High Speed Steels Market for Others, by Region, 2022-2032 ($ Million)
Table 21. High Speed Steels Market, by Region, 2022-2032 ($ Million)
Table 22. North America High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 23. North America High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 24. North America High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 25. North America High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 26. North America High Speed Steels Market, by Country, 2022-2032 ($ Million)
Table 27. U.S. High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 28. U.S. High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 29. U.S. High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 30. U.S. High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 31. Canada High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 32. Canada High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 33. Canada High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 34. Canada High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 35. Mexico High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 36. Mexico High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 37. Mexico High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 38. Mexico High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 39. Europe High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 40. Europe High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 41. Europe High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 42. Europe High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 43. Europe High Speed Steels Market, by Country, 2022-2032 ($ Million)
Table 44. Germany High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 45. Germany High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 46. Germany High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 47. Germany High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 48. UK High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 49. UK High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 50. UK High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 51. UK High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 52. France High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 53. France High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 54. France High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 55. France High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 56. Switzerland High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 57. Switzerland High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 58. Switzerland High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 59. Switzerland High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 60. Italy High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 61. Italy High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 62. Italy High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 63. Italy High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 64. Rest of Europe High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 65. Rest of Europe High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 66. Rest of Europe High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 67. Rest of Europe High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 68. Asia-Pacific High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 69. Asia-Pacific High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 70. Asia-Pacific High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 71. Asia-Pacific High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 72. Asia-Pacific High Speed Steels Market, by Country, 2022-2032 ($ Million)
Table 73. China High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 74. China High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 75. China High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 76. China High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 77. Japan High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 78. Japan High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 79. Japan High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 80. Japan High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 81. India High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 82. India High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 83. India High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 84. India High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 85. South Korea High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 86. South Korea High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 87. South Korea High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 88. South Korea High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 89. Australia High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 90. Australia High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 91. Australia High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 92. Australia High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 93. Rest of Asia-Pacific High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 94. Rest of Asia-Pacific High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 95. Rest of Asia-Pacific High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 96. Rest of Asia-Pacific High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 97. LAMEA High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 98. LAMEA High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 99. LAMEA High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 100. LAMEA High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 101. LAMEA High Speed Steels Market, by Country, 2022-2032 ($ Million)
Table 102. Brazil High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 103. Brazil High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 104. Brazil High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 105. Brazil High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 106. Saudi Arabia High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 107. Saudi Arabia High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 108. Saudi Arabia High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 109. Saudi Arabia High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 110. United Arab Emirates High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 111. United Arab Emirates High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 112. United Arab Emirates High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 113. United Arab Emirates High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 114. South Africa High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 115. South Africa High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 116. South Africa High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 117. South Africa High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 118. Rest of Mena High Speed Steels Market, by Type, 2022-2032 ($ Million)
Table 119. Rest of Mena High Speed Steels Market, by Production Method, 2022-2032 ($ Million)
Table 120. Rest of Mena High Speed Steels Market, by Grade, 2022-2032 ($ Million)
Table 121. Rest of Mena High Speed Steels Market, by End-user, 2022-2032 ($ Million)
Table 122. Sandvik Ab: Key Executives
Table 123. Sandvik Ab: Company Snapshot
Table 124. Nippon Koshuha Steel Co. Ltd.: Key Executives
Table 125. Nippon Koshuha Steel Co. Ltd.: Company Snapshot
Table 126. Proterial, Ltd.: Key Executives
Table 127. Proterial, Ltd.: Company Snapshot
Table 128. Arcelormittal: Key Executives
Table 129. Arcelormittal: Company Snapshot
Table 130. Amada Co. Ltd: Key Executives
Table 131. Amada Co. Ltd: Company Snapshot
Table 132. Osg Corporation: Key Executives
Table 133. Osg Corporation: Company Snapshot
Table 134. Kennametal: Key Executives
Table 135. Kennametal: Company Snapshot
Table 136. Kyocera: Key Executives
Table 137. Kyocera: Company Snapshot
Table 138. Walter Ag: Key Executives
Table 139. Walter Ag: Company Snapshot
Table 140. Ruko Gmbh: Key Executives
Table 141. Ruko Gmbh: Company Snapshot
List of Figures
Figure 01. High Speed Steels Market, 2022-2032
Figure 02. Segmentation of High Speed Steels Market, 2022-2032
Figure 03. Top Impacting Factors in High Speed Steels Market
Figure 04. Top Investment Pockets in High Speed Steels Market (2023-2032)
Figure 05. Bargaining Power of Suppliers
Figure 06. Bargaining Power of Buyers
Figure 07. Threat of Substitution
Figure 08. Threat of Substitution
Figure 09. Competitive Rivalry
Figure 10. Global High Speed Steels Market: Drivers, Restraints and Opportunities
Figure 11. Impact of Key Regulation: High Speed Steels Market
Figure 12. Patent Analysis by Company
Figure 13. Patent Analysis by Country
Figure 14. Regulatory Guidelines: High Speed Steels Market
Figure 15. High Speed Steels Market, by Type, 2022 and 2032 (%)
Figure 16. Comparative Share Analysis of High Speed Steels Market for Tungsten High Speed Steel, by Country 2022 and 2032 (%)
Figure 17. Comparative Share Analysis of High Speed Steels Market for Molybdenum High Speed Steel, by Country 2022 and 2032 (%)
Figure 18. Comparative Share Analysis of High Speed Steels Market for Cobalt High Speed Steel, by Country 2022 and 2032 (%)
Figure 19. Comparative Share Analysis of High Speed Steels Market for Others, by Country 2022 and 2032 (%)
Figure 20. High Speed Steels Market, by Production Method, 2022 and 2032 (%)
Figure 21. Comparative Share Analysis of High Speed Steels Market for Conventional Hss, by Country 2022 and 2032 (%)
Figure 22. Comparative Share Analysis of High Speed Steels Market for Powder Metallurgy (Pm) Hss, by Country 2022 and 2032 (%)
Figure 23. Comparative Share Analysis of High Speed Steels Market for Spray Forming (Sf) Hss, by Country 2022 and 2032 (%)
Figure 24. High Speed Steels Market, by Grade, 2022 and 2032 (%)
Figure 25. Comparative Share Analysis of High Speed Steels Market for M Grade, by Country 2022 and 2032 (%)
Figure 26. Comparative Share Analysis of High Speed Steels Market for T Grade, by Country 2022 and 2032 (%)
Figure 27. Comparative Share Analysis of High Speed Steels Market for Advance Grade, by Country 2022 and 2032 (%)
Figure 28. High Speed Steels Market, by End-user, 2022 and 2032 (%)
Figure 29. Comparative Share Analysis of High Speed Steels Market for Automotive, by Country 2022 and 2032 (%)
Figure 30. Comparative Share Analysis of High Speed Steels Market for Manufacturing, by Country 2022 and 2032 (%)
Figure 31. Comparative Share Analysis of High Speed Steels Market for Aerospace, by Country 2022 and 2032 (%)
Figure 32. Comparative Share Analysis of High Speed Steels Market for Mechanical Engineering, by Country 2022 and 2032 (%)
Figure 33. Comparative Share Analysis of High Speed Steels Market for Construction, by Country 2022 and 2032 (%)
Figure 34. Comparative Share Analysis of High Speed Steels Market for Others, by Country 2022 and 2032 (%)
Figure 35. High Speed Steels Market by Region, 2022 and 2032 (%)
Figure 36. U.S. High Speed Steels Market, 2022-2032 ($ Million)
Figure 37. Canada High Speed Steels Market, 2022-2032 ($ Million)
Figure 38. Mexico High Speed Steels Market, 2022-2032 ($ Million)
Figure 39. Germany High Speed Steels Market, 2022-2032 ($ Million)
Figure 40. UK High Speed Steels Market, 2022-2032 ($ Million)
Figure 41. France High Speed Steels Market, 2022-2032 ($ Million)
Figure 42. Switzerland High Speed Steels Market, 2022-2032 ($ Million)
Figure 43. Italy High Speed Steels Market, 2022-2032 ($ Million)
Figure 44. Rest of Europe High Speed Steels Market, 2022-2032 ($ Million)
Figure 45. China High Speed Steels Market, 2022-2032 ($ Million)
Figure 46. Japan High Speed Steels Market, 2022-2032 ($ Million)
Figure 47. India High Speed Steels Market, 2022-2032 ($ Million)
Figure 48. South Korea High Speed Steels Market, 2022-2032 ($ Million)
Figure 49. Australia High Speed Steels Market, 2022-2032 ($ Million)
Figure 50. Rest of Asia-Pacific High Speed Steels Market, 2022-2032 ($ Million)
Figure 51. Brazil High Speed Steels Market, 2022-2032 ($ Million)
Figure 52. Saudi Arabia High Speed Steels Market, 2022-2032 ($ Million)
Figure 53. United Arab Emirates High Speed Steels Market, 2022-2032 ($ Million)
Figure 54. South Africa High Speed Steels Market, 2022-2032 ($ Million)
Figure 55. Rest of Mena High Speed Steels Market, 2022-2032 ($ Million)
Figure 56. Product Mapping of Top 10 Players
Figure 57. Competitive Dashboard
Figure 58. Competitive Heatmap: High Speed Steels Market
Figure 59. Top Player Positioning, 2022

Executive Summary

According to the report, the high speed steels market was valued at $5.3 billion in 2022, and is estimated to reach $9.4 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

High-speed steels (HSS) are a type of tool steels known for their ability to machine and cut materials at high speeds (high hot hardness). It is frequently found in power-saw blades and drill bits. In comparison to older high-carbon steel tools, high-speed steel can sustain higher temperatures without losing its temper (hardness). High-speed steels are complex iron-based alloys containing carbon, chromium, vanadium, molybdenum, or tungsten in various combinations.

High-speed steel's key advantage is its resistance to wear and tear at high speeds. Therefore, it is perfect for use in cutting tools since it can survive the high temperatures generated when cutting at fast speeds. Furthermore, high-speed steel has a better heat resistance than tool steel, making it excellent for use in applications requiring extremely high temperatures. In addition, the automotive industry is a major consumer of high-speed steel tools due to the demand for precision machining and premium components. The demand for HSS tools is increasing as the vehicle industry expands, particularly in emerging economies. Furthermore, high-speed machining procedures are becoming increasingly important as technology progresses in order to increase productivity and efficiency.

High-speed steel has the disadvantage of being more expensive than tool steel. This is projected to be the major restraining factor for the market expansion in the future. Furthermore, high-speed steel may not be as robust as tool steel, making it unsuitable for heavy-duty applications. The increase in use of carbide-based cutting tools in various end-use sectors, as well as the low manufacturing capacity of high-speed steel, are likely to act as major limitations on the market growth rate during the forecast period.

High-speed steel (HSS) tool manufacturers are seeing appealing opportunities owing to increased research activities, the presence of large players, and the developing automotive industry in various nations. These factors contribute to overall demand for HSS tools and foster a positive market environment for manufacturers. High-speed steel tool demand is being driven by R&D initiatives aimed at improving automotive production processes, especially machining. Automotive manufacturers need innovative tooling solutions such as HSS tools as they aim for increased production, efficiency, and cost savings. The increased research activity in this field creates a market for HSS tool manufacturers to provide novel and high-performance products. The presence of established key players in the automotive and manufacturing industries adds to the prospects for HSS tool manufacturers.

The high speed steels market share is segmented on the basis of type, production method, grade, end user, and region. By type, it is classified into tungsten high speed steel, molybdenum high speed steel, cobalt high-speed steel, and others. By production method, it is classified into conventional HSS, powder metallurgy (PM) HSS, and spray forming (SF) HSS. By grade, it is classified into M grade, T grade, and advance grade. By end user, it is classified into automotive, plastic, aerospace, energy, manufacturing, mechanical engineering, construction, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the high-speed steels market report include Sandvik AB, NIPPON KOSHUHA STEEL CO., LTD., Proterial, Ltd., ArcelorMittal, Amada Co., Ltd, OSG corporation, Kennametal, Kyocera, Walter AG, and RUKO GmbH.

The report offers a comprehensive analysis of the global high-speed steels market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global High Speed Steels Industry

Automotive production, one of the largest consumers of high-speed steel, has been negatively impacted due to the COVID-19 pandemic, while declining energy prices have resulted in significantly reduced demand for high speed steels from the oil & gas sector. Many non-essential construction projects were halted as a result of the COVID-19 pandemic, which also hampered the steel demand.

The pandemic caused fluctuations in demand for various industrial products. Sectors heavily reliant on HSS tools, such as manufacturing, construction, and automotive, experienced slowdowns or temporary shutdowns, leading to reduced demand for HSS products.

As economies started recovering, certain sectors like construction and manufacturing picked up pace again, leading to a gradual rebound in demand for HSS tools. The pandemic accelerated certain long-term trends, such as the adoption of automation and digital technologies in manufacturing.

Key Findings of the Study

Based on type, the molybdenum high speed steel sub-segment emerged as the global leader in 2022 and the tungsten high speed steel sub-segment is anticipated to be the fastest growing during the forecast period.

Based on production method, the powder metallurgy (PM) HSS sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing sub-segment during the forecast period.

Based on grade, the M grade sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing sub-segment during the forecast period.

Based on end user, the automotive sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.

Based on region, North America registered the highest market share in 2022 and is projected to maintain its position during the forecast period.

Companies Mentioned

  • Sandvik AB
  • NIPPON KOSHUHA STEEL CO., LTD.
  • Proterial, Ltd.
  • ArcelorMittal
  • Amada Co., Ltd
  • OSG corporation
  • Kennametal
  • Kyocera
  • Walter AG
  • RUKO GmbH

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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