High-Speed Steel Metal Cutting Tools Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4373
Global high-speed steel metal cutting tools market is projected grow through 2027 with increasing demand for these products across various end-user industries like aerospace, automotive, and others. HSS metal cutting tools find extensive importance in the manufacturing process and also determine the quality of the finished product.
The demand for HSS is gradually rising for manufacturing cutting tools owing to its intrinsic characteristics such as high durability, high working hardness, good retention of hardness, and high wear hardness. The utility of these tools has increased the cutting speed by four times as compared to the formerly used carbon steel. The aforementioned factors are thus expected to push the growth of HSS metal cutting tools market over the span of 2021-2027.
HSS metal cutting tools industry growth is expected to observe hinderance in the ensuing years due to the presence of various alternatives in the market. High speed steel can easily be replaced with traditional steel for the production process as a result of easy accessibility and low cost. Such trends would obstruct the growth path for the market.
Based on the product type, HSS metal cutting tools market is characterized by HSS drilling tools as it is one of the most used materials for drilling in woods, hot steels, and plastics. Moreover, HSS drill bits are considered to be an economical solution for most maintenance drilling applications. These tools are safe to operate at high speeds and offer long-lasting performance. They are also highly resistant to the high heat generated from the fast speed operation. These features have urged various producers and manufacturing companies to invest heftily in developing advanced HSS drilling tools. For instance, Spyder, had in 2020, launched its novel STINGER Mach-Blue HSS bits for metal and wood drilling. It was reported that the new bits from Spyder could last up to 100 times longer in tough metal-drilling applications compared to titanium bits.
In terms of the end-user vertical, high-speed steel (HSS) metal cutting tools market from automotive sector is expected to gain notable growth through 2027. HSS cutting tools in the sector are used for high precision cutting, drilling, applications for various automotive car parts production or maintenance activities. Moreover, an upsurge in the sales and production of light weight and passenger vehicles worldwide would impel the growth of HSS metal cutting tools market over the forecast period.
Regionally, Asia Pacific HSS metal cutting tools market, led by China, would grow at a considerable rate throughout the analysis timespan. The growth is estimated to come from China’s vast manufacturing industry. Additionally, the thriving automotive business in the country is projected to augment the demand for HSS cutting tools in the regional sector. As per credible reports, China continues to be the world’s largest vehicle market with the government anticipating the automobile output to surpass 35 million by 2025. These factors are touted to lead the growth curve of HSS metal cutting tools market across the APAC.
Some of the prominent leaders operating in the global HSS metal cutting tools industry are Greenfield Industries, Inc., Addison & Co., Ltd, LMT Tools USA L.P., Kennametal, Inc., BIG Kaiser Precision Tooling, and more. These market vendors have been engaged in industry practices like product launches, acquisitions, partnerships, and others, to gain a competitive edge in the global market space.
Impact on COVID-19 on HSS metal cutting tools market trends
The novel coronavirus outbreak has had a negative impact on the overall outlook of HSS metal cutting tools market. This can be reasoned to the temporary halt in the manufacturing operations and movement restrictions. Besides, a gradual decline in automobile sales worldwide during 2020 also drastically affected the sales of HSS metal cutting tools.
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