High-speed steel is a subset of tool steels, used as cutting tool material. It is used in power-saw blades and drill bits. Usually, these tools can withstand higher temperatures without losing its hardness. This property allows HSS to cut faster as compared to other high carbon steel. At room temperature, HSS grades generally display high hardness and abrasion resistance due to the tungsten and vanadium content used in HSS. High-speed cutting tools provide exceptional sharp cutting edges that withstand vibration and the limitations of many of conventional machine tools. The next generation of HSS cutting tools operates on particle metallurgy and improved designs to optimize productivity, and availability of multi-layer coatings offers superior performance. According to a study published by Insure Insights, the high-speed steel cutting tools market is projected to grow at a CAGR of 8.6% during the forecast period.

Top Driver: Expanding Applications and Technological Advancements

The growing use of high-speed steels for cutting tools is impeding the demand for this market. Moreover, expanding applications of high-speed steel in the sectors such as shipbuilding and energy sector will fuel its demand over the forecast period. With the technological advancements in the machine tool, high-speed steel metal tools have gained more traction. The extensive adoption of high-speed steel cutting tools has also been supported by added advantages, such as the requirement of machining precision and fewer defects in manufactured products. Moreover, these tools offer excellent surface finish, fewer risks in bur formation, and lead to considerably lower production costs and shorter lead time.

However, increasing the use of carbide-based cutting tools in various end-use industries might hinder the high-speed steel market growth.

The Automobile Segment was Found to be the Fastest Growing Segment

On the basis of end use the global high-speed steel cutting tool market can be segmented into Energy, Auto Mobiles, Manufacturing, Household Appliances, Other. The automobile segment is expected to be the fastest growing segment in the market owing to the rising demand for the steel cutting tools in the automobile industry.  On the basis of application, the market is segmented into Transformers, Motors, Inductors, Others. On the basis of type the market is segmented into Grain-Oriented Steel, Non Grain-Oriented Steel.

 Rising Investments in Cognitive Intelligence and Research to Benefit North America Market

North American countries such as the US are predicted to maximize their spending on AI and cognitive intelligence technologies in future. This could prepare a strong foundation for the developed region to secure a leading position in the global cognitive computing market. The strong presence of AI and cognitive scientists and research institutes could be another factor strengthening the growth of the regional cognitive computing market.

Players to Focus on Expanding Applications in Complex Computing, Healthcare, Finance

The global cognitive computing market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Intel, IBM, and Microsoft among others could be at the forefront of the competition in the global cognitive computing market.

Intel: In its 2020 Vision series, Intel has broadly explained the evolution of cognitive computing. The tech giant has made heavy investments in neuromorphic systems. Late in 2019, it announced the inclusion of Hitachi, GE, Airbus, and Accenture in the Intel Neuromorphic Research Community. In July 2019, it announced the availability of its 64-Loihi research chip neuromorphic system Pohoiki Beach for neural-inspired algorithm applications such as path planning, SLAM, and sparse coding.

IBM: IBM Watson cognitive computing technologies are popular in the global market. In March 2020, IBM Watson Health partnered with EBSCO Information Services to combine cloud-based tools, NLP, and drug and disease content to improve clinical decision support in healthcare. In the same month, IBM announced the addition of new capabilities to IBM Watson to help businesses better analyze, understand, and identify the most challenging aspects of human language.

Microsoft: Microsoft and insurance company Swiss Re formed an alliance mainly focusing on the creation of Swiss Re’s new Digital Market Center with the help of Microsoft Azure AI, IoT, data analytics, and cloud technologies. Microsoft’s commercial strength helped the tech leader to achieve a 14% increase in FY20 Q2 revenue with net income reaching US$11.6 billion.

Scope of the Report

By Type

• Grain-Oriented Steel
• Non Grain-Oriented Steel

By Application

• Transformers
• Motors
• Inductors
• Others

By End-User

• Energy
• Auto Mobiles
• Manufacturing
• Household Appliances
• Other

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.