Market Size of High Speed Steel Cutting Tools Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Speed Steel Cutting Tools Market Analysis
The size of the High-Speed Cutting Tools market is USD 6.81 billion in the current year and is anticipated to register a CAGR of over 3% during the forecast period
- The growth of the market is majorly driven by the increasing demand from several end-user industries, such as automotive, aerospace, and others, across the world. Tooling is an important part of the manufacturing process since machine tools are used to bore, mill, grind, tap, drill, etc., and determine the quality of the manufactured product. Following a few years of quiet moderation, the worldwide production of machine tools underwent explosive growth. Since cutting is an integrated part of the machine tools in the final operation, the growth of the machine tool market demands more tools. Generally, HSS cutting tools are fixed on CNC machine tools to develop complex products and shapes.
- China is the global leader in the machine tool market. Worldwide, the machine tool-cutting sector represents a major share in terms of production volume compared to forming technology.
- The demand for high-speed steel (HSS) is growing for manufacturing cutting tools due to its properties such as high working hardness, durability, high wear hardness, and good retention of hardness. The use of HSS has increased the cutting speed by four times compared to previously-used carbon steels. The need for efficient and reliable machining is increasing for manufacturers. Due to the above-mentioned properties, HSS cutting tools are making their way for mass production and high-temperature operations. The growing focus on customer satisfaction and product quality is also helping to boost the market for high-performance cutting tools.
- Adapting new coating technologies and adjusting their composition accordingly, HSS tools continue to gain ground, thereby retaining their position as vital materials in the machining and metal-cutting industries.
High Speed Steel Cutting Tools Industry Segmentation
High-speed tool steel comprises a set of tool steel alloys named for their capacity to cut materials faster than traditional high-carbon steels previously used in cutting tools. This is because of exceptional hardness, abrasion resistance, and resistance against softening at high temperatures, owing to the alloying metals and heat treatment used. The High-Speed Steel Cutting Tools Market is segmented by Type (Milling, Drilling, Tapping, and Other Tools), End-user (Manufacturing and Automotive, Oil and Gas, Mining, and Quarrying, Agriculture, Fishing, and Forestry, Construction, Distributive Trade, Healthcare and Pharmaceutical, and Other End Users) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America). The report offers market size and forecasts for the High-Speed Steel Cutting Tools Market in value (USD Million) for all the above segments.
| By Type | |
| Milling | |
| Drilling | |
| Tapping | |
| Others |
| By End-user | |
| Manufacturing and Automotive | |
| Oil and Gas | |
| Mining, and Quarrying | |
| Agriculture, Fishing, and Forestry | |
| Construction | |
| Distributive Trade | |
| Healthcare and Pharmaceutical | |
| Other End Users |
| Geography | ||||||||
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High Speed Steel Cutting Tools Market Size Summary
The high-speed steel (HSS) cutting tools market is experiencing growth driven by increasing demand from key industries such as automotive and aerospace. These tools are integral to the manufacturing process, particularly in machine tools used for various operations like milling, grinding, and drilling. The resurgence in machine tool production globally has spurred the demand for HSS cutting tools, which are favored for their high working hardness, durability, and efficiency in high-speed applications. The automotive sector, in particular, relies heavily on HSS tools for their precision and cost-effectiveness, contributing significantly to market expansion. The market is characterized by a mix of large global players and smaller local entities, with companies like BIG Kaiser Precision Tooling, Erasteel, and Kennametal, Inc. playing prominent roles.
The market landscape is further shaped by advancements in coating technologies and the strategic expansion of distribution networks by key players to meet growing demand. Regions such as Asia-Pacific are expected to witness the highest growth rates in production volumes, driven by robust industrial activities and investments in steel production capacity. The global steel industry, with major players like China and Japan, continues to influence the demand for HSS cutting tools, as steel remains a critical material in construction and automotive manufacturing. The market's fragmented nature allows for competitive dynamics, with ongoing mergers and acquisitions, such as ARCH Cutting Tools Corp.'s acquisition of Custom Carbide Cutter, Inc., highlighting the industry's focus on enhancing product offerings and market reach.
High Speed Steel Cutting Tools Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Current Market Scenario
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1.2 Market Dynamics
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1.2.1 Drivers
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1.2.2 Restraints
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1.2.3 Opportunities
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Industry Value Chain Analysis
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1.5 Global Manufacturing Sector (Overview, Trends, R&D, Key Statistics, etc.)
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1.6 Key Government Regulations and Initiatives for Manufacturing Sector
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1.7 Steel Industry Snapshot (Overview, Key Metrics, Developments, etc.)
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1.8 Technology Snapshot
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1.9 Spotlight on Powder Metallurgy
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1.10 Insights on Tool Posts and Tool Holders
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1.11 Impact of COVID - 19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Milling
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2.1.2 Drilling
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2.1.3 Tapping
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2.1.4 Others
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2.2 By End-user
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2.2.1 Manufacturing and Automotive
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2.2.2 Oil and Gas
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2.2.3 Mining, and Quarrying
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2.2.4 Agriculture, Fishing, and Forestry
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2.2.5 Construction
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2.2.6 Distributive Trade
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2.2.7 Healthcare and Pharmaceutical
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2.2.8 Other End Users
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 Japan
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2.3.1.3 India
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2.3.1.4 South Korea
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2.3.1.5 Rest of APAC
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 United Kingdom
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2.3.3.2 Germany
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Spain
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2.3.3.6 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East & Africa
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High Speed Steel Cutting Tools Market Size FAQs
What is the current High Speed Steel Cutting Tools Market size?
The High Speed Steel Cutting Tools Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in High Speed Steel Cutting Tools Market?
BIG Kaiser Precision Tooling, Erasteel, Kennametal, Inc., OSG Korea Corporation and Niagara Cutter, Inc. are the major companies operating in the High Speed Steel Cutting Tools Market.
