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.

Automotive Segment is Expected to Drive the Market Widely in the Forecast Period

The global high speed stell cutting tool market can be segmented on the basis of end use into Infrastructure, Heavy Equipment/ Machinery, Automotive, Aerospace, Others. Automotive segment is expected to anticipate the market due to rising demand for stell cutting tools in the market. The infrastructure segment was found to be the fastest growing segment. On the basis of type the market can be segmented into HSS Milling Tools, HSS Drilling Tools, HSS Tapping Tools, HSS Gear Cutting Tools, others.

Rising Investments To Benefit Asia Pacific Market

Asia-Pacific (APAC) is anticipated to gain highest revenue shares to hold the highest market share in the current market in the coming years. China is anticipated to be the major country in the region owing to its vast manufacturing sector. Although the world has entered the era of cemented carbide tools, domestically in China, high-speed steel tools still occupy a fairly strong share. However, China’s high-speed steel tools are still mainly ordinary high-speed steel, and the grade of high-speed steel needs to be upgraded. In developed countries, the proportion of high-performance high-speed steel is more than that of China.

Players to Focus on High Speed Steel Cutting Tool Market

The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Addison & Co., Ltd., Inc., Bohler Uddeholm Corporation, BIG Kaiser Precision Tooling, Erasteel SAS, Kennametal, Inc., Nippon Koshuha Steel Group, Nachi America, Inc., OSG Korea Corporation, Niagara Cutter, Inc., and Sandvik AB among others could be at the forefront of the competition in the global market.

Kennametal: In October 2018, Kennametal announced release of new milling cutter to help lower machining forces and improve cutting time. This is anticipated to help the market to grow in the coming years.

Nippon Steel: In 2017, ArcelorMittal and Nippon Steel’s joint venture, AM/NS India​, won​ the Deal of the Year Award from the S&P Platts 2020 Global Metals Awards for completing the $5.7 billion acquisition of Essar Steel India Limited last year, a fully integrated steel producer in India that entered insolvency.

Scope of the Report

By Type

• HSS Milling Tools
• HSS Drilling Tools
• HSS Tapping Tools
• HSS Gear Cutting Tools
• others

By End-User

• Infrastructure
• Heavy Equipment/ Machinery
• Automotive
• Aerospace
• Others

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.