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High-Speed Steel Metal Cutting Tools Market is anticipated to carve a profitable growth trajectory over 2023-2032, owing to the increasing product demand across various end-user industries including aerospace, automotive, and others. HSS metal cutting tools find extensive importance in the manufacturing process and 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, exceptional 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 ten years.
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.
In addition, the Russia-Ukraine war had disrupted the supply chain, leading to a major shortage of steel worldwide. This had brought about a negative impact on the sales of HSS metal cutting tools in early 2022, severely impacting the business landscape.
Based on the product type, HSS metal cutting tools market is characterized by the HSS drilling tools as it is one of the most widely 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. Such features have encouraged various producers and manufacturing companies to invest heftily in developing advanced HSS drilling tools and similar machinery.
To illustrate, Somta Tools announced investment in a USA-developed PerformCoat PfC540 PVD coating machine. The coating technology used will optimize tooling for machining applications of deep-hole drilling, hard milling, tapping, and more for stainless steel and titanium.
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 2032. HSS cutting tools in the sector are used for high precision cutting and 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. As per OICA statistics, more than 56 million passenger vehicles were sold in 2021.
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 and construction 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. In fact, it has been estimated that if China reached the motorization rate of the EU by 2050, there would be approximately 500 million more vehicles by the projected timeline. 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 (Amalgamations Group), 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.