High-Speed Steel (HSS) Metal Cutting Tools Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4373
Global High-Speed Steel (HSS) Metal Cutting Tools Market size is anticipated to gain momentum in the projected time frame as a result of rising aerospace and automotive industry worldwide.
Tooling is among the most important part of manufacturing process as they are used in boring, grinding, mills, taps, cutting, shaping casting and determining the product quality. Increasing manufacturing sector is expected to trigger the demand for high speed steel tools market in the near future. Rising concerns for customer satisfaction and quality of the product is also contributing positively to the overall high-speed steel (HSS) metal cutting tools market growth. Increasing demand for HSS tools is also influenced by advantages including enhanced machining accuracy, less product defects, improved surface finish, lower manufacturing costs and short lead time.
Global high-speed steel metal cutting tools market is majorly driven by surging manufacturing activities so as to stabilize demand for a range of goods such as automotive, aircraft and other heavy equipment. HSS tools have been significantly improving the ability for cutting heavy metals. The high-speed steel (HSS) metal cutting tools market is highly influenced by rising manufacturing and production activities in aerospace, automobile, industrial machinery and infrastructural equipment. Rising demand for air travel, massive new aircrafts production and increasing business of jet sector are few factors driving the product demand across the aerospace sector. Customer demand has also been following an upward trend as a result of improving operational efficiency, advanced cabin design and other facilities.
The market growth can be hindered by the presence of various substitutes in the market. High speed steel can easily be replaced with conventional steel for the manufacturing process as a result of low cost and easy accessibility. Moreover, growing awareness about HSS benefits and technological advancements will augment the market growth in the near future.
Based on product type, high-speed steel (HSS) metal cutting tools market is segmented into HSS milling tools, tapping tools, drilling tools, gear cutting tools and others. HSS is one of most used material for drilling in sot steels, woods and plastics. These tools serve as an economical alternative for several drilling and maintenance applications. The product is often utilized in power blades and in drill bits. It is better than high carbon steel tools as it can withstand higher temperature while maintaining its hardness, which allows high speed steel tools to cut faster.
On the basis of end user segments, the high-speed steel metal cutting tools market is segmented into aerospace, heavy equipment and machinery, automobile, infrastructure, and others. In aerospace industry, HSS tools are used in manufacturing aircraft drill bits to be used in fixtures and portable drilling. Recovering global GDP growth, stable prices of commodities and growing passenger travelling mainly in Asia Pacific countries is likely to influence the HSS tools demand in the aerospace industry. Moreover, automotive industry has been reshaping from a while with the growth of electric vehicles in the industry. Growing advancements and innovation are driving the automotive industry which in turn is expected to trigger the product demand in the sector in the coming years.
North America are Asia pacific have emerged as key high-speed steel metal cutting tools market in 2018. Product demand in North America is highly influenced by strong growth across aerospace industry as a result of increasing defense budget in the U.S. Also, Asia pacific is expected to witness significant gains due to rising product demand from automobile and aerospace industry. The aerospace industry in the region is anticipated to grow in the near future as a result of rising passenger traffic which is influenced by growth in middle class population of countries like India and China.
Global high-speed steel metal cutting tools market is quite fragmented due to the presence of various large and small players in the industry. Some of the key market players are Addison & Co., Ltd., Greenfield Industries, Inc, Kennametal, Inc., LMT Tools USA L.P., Sutton Tools, BIG Kaiser Precision Tooling, etc.
High Speed Steel (HSS) Metal Cutting Tools Market, By Type, 2014-2025 (USD Million)
- HSS Milling Tools
- HSS Drilling Tools
- HSS Tapping Tools
- HSS Gear Cutting Tools
High Speed Steel (HSS) Metal Cutting Tools Market, By End User, 2014-2025 (USD Million)
- Heavy Equipment/ Machinery
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- 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
- Sandvik AB
- Sumitomo Electric Industries
- Dormer Tools, Inc., Ltd.
- Tiangong International
- Walter AG
- Tivoly, Inc.
- Greenfield Industries, Inc
- LMT Tools USA L.P
- Sutton Tools
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