The global market for High-Speed Steel (HSS) Metal Cutting Tools, which was anticipated to be worth US$6.9 billion in 2022, is expected to expand to US$9.1 billion by 2028, with a CAGR of 4% between 2023 and 2028.
Cutting tools made of high-speed steel (HSS) are used for milling, tapping, drilling, cutting, shaping, grinding, boring, and casting steel goods. Drill bits, solid boring bars, chasers, counterbores, countersinks, extractors, knurls, saw blades, taps, and end mills are some of the most regularly used HSS cutting tools. HSS cutting tools, in comparison to its traditional counterparts, utilize particle metallurgy, have superior design, work at a high cutting speed, can operate at severe temperatures, and are corrosion and wear resistant. As a result, they're used in a wide range of sectors, including oil and gas, automotive, marine, aerospace, military, and energy and power.
HIGH-SPEED STEEL (HSS) METAL CUTTING TOOLS MARKET REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
4.0% |
Segments Covered |
By Type, Application, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Kennametal Inc (US),Bohler-Uddeholm (Austria),Nippon Koshuha Steel Group (Japan),OSG Korea Corp (South Korea),Sandvik Group (Sweden),Tiangong International (China),Walter AG (Germany),Tivoly (France),Sutton Tools (Australia),Somta Tools Pvt Ltd (South Africa) and Others. |
Industrialists are being forced to use advanced equipment to support efficient operations and deliver larger outputs in less time as a result of increased production demand to capitalize on the burgeoning worldwide requirements. This opens up possibilities for DCS (digital control system) and cutting tools to work together. A digitalized layout decreases the risk of compromising accuracy, which is critical for cutting tools, thereby increasing their application potential. Aside from the pricey PCD (polycrystalline diamond) tools, CRPF (Carbon-fiber reinforced polymer) is having a big effect in the cutting tool industry. It's great for automotive and aerospace applications due to its strength, endurance, and corrosion resistance. PVD coatings on different cutting tools are prolonging the tool's lifespan, giving the industrialist a financial advantage.
Lack of investment in R&D in the high-speed steels area, as well as the growing usage of carbide cutting tools in different end-use industries, are expected to stifle the industry's growth throughout the forecast period. High-speed steel's low manufacturing capacity is a significant constraint in the industry.
The rising demand from the automobile industry is a primary element driving the rise of HSS cutting tools. HSS cutting tools, which are used for milling, grinding, and broaching automotive automobile parts, have a large market share in the automotive sector. Because of their excellent accuracy, durability, and repeatability throughout industrial operations, HSS cutting tools are an efficient and cost-effective way to boost overall productivity. Light vehicle sales in the United States peaked in 2016 with 17.46 million units, and 2018 was the fourth consecutive year with sales over 17 million units. Global light car manufacturing units have been outstanding, according to industry insiders, and they are just continuing to rise. In terms of production quantities, it is estimated that Asia Pacific to increase at the fastest rate, followed by North America. Cutting tools and other production equipment are projected to be in high demand as a result of this scenario.
Cutting fluids are used by cutting tool providers and machine tool manufacturers to eliminate high temperatures, offer lubricity, reduce wear and rust, and provide chip evacuation. The usage of metal-cutting fluids in production settings is linked to health and environmental issues, which is a key factor limiting the cutting tools market's growth. Machine operators are exposed to possible health risks when these fluids are used on a daily basis in a working environment. However, with a steady and significant infusion of R&D funding, traditional substitutes are emerging, coupled with developments in industrial safety gear for operators.
HSS drilling tools are one of the most commonly used materials for drilling in woods, hot steels, and plastics, hence they dominate the HSS cutting tools market by (product) type category. Furthermore, for most maintenance drilling tasks, HSS drill bits are regarded as a cost-effective option. These instruments are safe to use at high speeds and provide long-term results. They're also resistant to the tremendous heat produced by the high-speed action. These characteristics have prompted several manufacturers and producers to make significant investments in the development of sophisticated HSS drilling equipment.
By 2026, the automobile industry is predicted to increase significantly. HSS cutting tools are utilised in the automotive industry for high-precision cutting, drilling, and other applications in the production and maintenance of various automotive car parts. Furthermore, throughout the projected period, an increase in the sales and manufacturing of lightweight and passenger vehicles would drive the growth of the HSS metal cutting tools market.
Over the projected period, the North American region is expected to grow significantly and emerge as a powerful region. As a result of the rise in manufacturing industries and the automobile industry. The automotive sector has been reorganising and changing as a result of the rise of electric vehicles. Increasing developments and innovation are significant elements driving the automobile sector and are projected to drive product demand in the next years. Due to the increased defence expenditure in the United States, the HSS tools market in North America is heavily driven by solid development across the aerospace industry. In addition, some significant players such as Kennametal, Inc., LMT Tools USA L.P, and Greenfield Industries, Inc. are present. The market is also being boosted by BIG Kaiser Precision Tooling.
Europe is expected to have significant growth in the future years as construction activities and industrialization intensify. The expansion of manufacturing hubs and construction equipment in the region may increase the market for HSS Tools. The government of this region has taken the initiative to reconstruct and repair the ancient structures, and as a result, they are investing much in this. In addition, the vehicle sector in this region is expanding rapidly. Germany, being a major automobile hub, has a significant demand for high-speed steel cutting equipment. As a result, product demand in this region is rapidly increasing.
The Asia-Pacific area is expected to grow significantly due to increased product demand from the aerospace and automobile industries. Few variables, such as increased passenger traffic, which is influenced by the rise of the middle class in nations like China and India, are fueling the region's aircraft industry expansion. This region consumes the most high-speed steel, which is used in a variety of different end-use industries such as plastic, automobile, and aerospace. The market for HSS tools is likely to be influenced by stable commodity prices, increasing global GDP development, and an increase in passenger travel, particularly in Asia Pacific countries.
In the forecast years, the Middle East is expected to grow strongly. Increased industrialization and urbanisation are two powerful factors that will enhance the market shortly. In addition, the major players are concentrating their efforts in this region. Africa, on the other hand, may experience moderate growth due to a lack of industry and advanced technologies.
BIG Kaiser Precision Tooling is the largest manufacturer in the global High-Speed Steel Cutting Market, while Addison & Co is the largest service provider in the global market.
The overall outlook of the HSS cutting tools industry was weakened by the novel coronavirus pandemic. The temporary halt in industrial operations and movement restrictions can be ascribed to this. Furthermore, a global drop in automotive sales in 2020 had a significant impact on the HSS cutting tool sales.
Key Players in the Market:
Major Key Players in the Global High-Speed Steel Cutting Tools Market are
Frequently Asked Questions
By 2028, it is predicted that the global High-Speed Steel Cutting Tools market can reach a valuation of US$ 9.1 billion.
The Global High-Speed Steel Cutting Tools market can expand with a CAGR of 4.0% during the forecast period.
Kennametal Inc (US), Bohler-Uddeholm (Austria),Nippon Koshuha Steel Group (Japan),OSG Korea Corp (South Korea), Sandvik Group (Sweden), Tiangong International (China),Walter AG (Germany),Tivoly (France),Sutton Tools and Others.
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