Global High Speed Steels Market to Reach $10.2 Billion by 2030
The global market for High Speed Steels estimated at US$8.1 Billion in the year 2023, is expected to reach US$10.2 Billion by 2030, growing at a CAGR of 3.3% over the analysis period 2023-2030. Metal Cutting Tools, one of the segments analyzed in the report, is expected to record a 4.1% CAGR and reach US$5.1 Billion by the end of the analysis period. Growth in the Cold Working Tools segment is estimated at 2.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.2 Billion, While China is Forecast to Grow at 5.7% CAGR
The High Speed Steels market in the U.S. is estimated at US$2.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.7% and 2.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.3 Billion by the year 2030.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook