High Speed Steel Cutting Tools Market Outlook
High-speed steel (HSS) cutting tools refer to a range of mechanical equipment that are used for milling, tapping, shaping, grinding, drilling, cutting, boring, and casting multiple steel products. It includes an assortment of drills, countersinks, reamers, taps, milling cutters, saw blades, router bits and planers as standard devices.
The global high speed steel cutting tools market size reached US$ 8.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.6 Billion by 2027, exhibiting a growth rate (CAGR) of 3.6% during 2022-2027.
As compared to conventional counterparts, these HSS cutting tools use particle metallurgy, have a superior design and high cutting speed, and can function at severe temperatures, as they are corrosion and wear and tear resistant.
High Speed Steel Cutting Tools Market Trends:
The global HSS cutting tools market is primarily driven by ongoing production activities across various industries to manufacture various finished items, including automobiles, airplanes, and other heavy machinery. Additionally, growing product demand, owing to their exceptional endurance, and operating, retention, and wear hardness, is favoring the market growth.
Furthermore, the increasing need for lightweight vehicles has prompted manufacturers to utilize HSS cutting tools to perform high-precision drilling and cutting of components during maintenance activities. Moreover, the large-scale uptake of HSS tools in the aerospace and aviation industry to engineer aircraft featuring, and innovative cabin design, is favoring the market growth. Besides this, rising concerns regarding product quality and customer satisfaction are propelling the employment of HSS tools. Such tools ensure fewer defects in finished goods while providing optimal machining precision, better surface polish, and shorter lead times at minimized operational cost, which is contributing to the market growth.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players.
- Addison & Co. Ltd. (Amalgamations Group)
- Big Kaiser Precision Tooling Inc. (Heinz Kaiser AG)
- Black & Decker Corporation (Stanley Black & Decker Inc.)
- Erasteel Inc. (Eramet-SLN)
- Kennametal Inc.
- Nachi America Inc. (Nachi-Fujikoshi Corp.)
- Niagara Cutter LLC (Seco Tools AB)
- OSG Korea Corporation
- Sandvik AB and Sumitomo Electric Industries
Key Market Segmentation:
The report has categorized the market based on type, technology and end use industry.
Breakup by Type:
- Milling
- Drilling
- Tapping
- Reaming and Counterboring
- Broaching
- Others
Based on Technology:
- Conventional
- CNC (Computerized Numerical Control)
Breakup by End Use Industry:
- Automotive
- Aerospace and Defense
- Oil and Gas
- Energy and Power
- Marine
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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