HIGH SPEED STEEL CUTTING TOOLS Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

HIGH SPEED STEEL CUTTING TOOLS Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The high speed steel cutting tools market is expected to register a moderate growth during the forecast period (2019-24). The growth of the market is majorly driven by the increasing demand from several end-user industries such as automotive, aerospace and others, across the world. Tooling is an important part of the manufacturing process since machine tools are used to bore, mill, grind, tap, drill, etc., and determine the quality of manufactured product. Following two years of quiet moderation, the worldwide production of machine tools underwent explosive growth in 2017. Since cutting is an integrated part of the machine tools in the final operation, the growth of the machine tool market demands more tools. Generally, HSS cutting tools are fixed on CNC machine tools to develop complex products and shapes. China is the global leader in the machine tool market. Worldwide, the machine tool cutting sector represented a major share in terms of production volume when compared to forming technology.The demand for high speed steel (HSS) is growing for manufacturing cutting tools due to its properties such as high working hardness, durability, high wear hardness, and good retention of hardness. The uses of HSS has increased the cutting speed by four times when compared with the previously used carbon steels. The need for efficient and reliable machining is increasing for manufacturers. Due to the above mentioned properties, HSS cutting tools are making their way for mass production and high-temperature operations. The growing focus on customer satisfaction and product quality is also helping to boost the market for high performance cutting tools. Adapting new coating technologies and adjusting their composition accordingly, HSS tools continue to gain ground, thereby retaining their position as vital materials in machining and metal cutting industries.

Key Market TrendsPositive Outlook for the Automotive Industry

The major factor boosting the growth of HSS cutting tools is the increasing demand from the automotive industry. HSS cutting tools have a dominant share in the automotive industry and are used for milling, grinding, and broaching automotive car parts. HSS cutting tools provide an efficient and economical option to increase overall productivity, owing to their high precision, durability, and repeatability during manufacturing operations. Despite some headwinds, the automotive industry is looking bright globally. U.S. light vehicle sales peaked in 2016 with 17.46 million and 2018 marked the fourth straight year with over 17 million unit sales. According to industry sources, global light vehicle production units have been remarkable and it only continues to grow. APAC is expected to register the highest growth rates in terms of production volumes followed by North America. This scenario is expected to create demand for the cutting tools and other equipment associated with the manufacturing process.

Asia-Pacific to Dominate the High Speed Steel Cutting Tools Market

According to analysis, Asia-Pacific (APAC) is estimated to hold the highest market share in the current market studied. China is expected 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. According to industry sources, the growing adoption of cemented carbides poses a threat to the current market studied. There is room for major developments. Additionally, automotive is one of the country’s pillar industries, and it continues to be the largest vehicles market in the world. The country’s total automotive production reached 27.8 million units in 2018, which is far ahead of the United States (11.3 million units), Japan (9.7 million units), and Germany (5.1 million units.

Competitive Landscape

The high speed steel cutting tools market is fairly fragmented in nature with the presence of large global players and small and medium sized local players with quite a few players who occupy the market share. When analyzing major countries’ manufacturing establishments, it is revealed that many of the global companies have footprint in the major countries. Key players operating in the HSS tools market are focusing on strengthening their distribution footprint to keep pace with growing demand and gain coverage in lucrative locations. Detailed analysis of major companies, which include company overview, financials, products offerings, recent developments, etc. are covered in the report.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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Companies Mentioned

BIG Kaiser Precision Tooling
Erasteel
Kennametal, Inc.
Nachi America, Inc.
OSG Korea Corporation
Niagara Cutter, Inc.
Addison & Co., Ltd
Sumitomo Electric Industries
Tiangong International
Walter AG
NACHI
FUJIKOSHI CORP
DeWALT
Somta Tools (Pty) Ltd
Morse Cutting Tools
Sandvik Group*
*List not Exhaustive

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