Market Size of High Speed Steel Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.13 Billion |
| Market Size (2029) | USD 3.14 Billion |
| CAGR (2024 - 2029) | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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High Speed Steel Market Analysis
The High Speed Steel Market size is estimated at USD 3.13 billion in 2024, and is expected to reach USD 3.14 billion by 2029, growing at a CAGR of greater than 4% during the forecast period (2024-2029).
The COVID-19 pandemic significantly impacted the global high-speed steel (HSS) market, causing disruptions in supply chains and reducing demand. However, since 2021, the market has been gradually recovering as economies reopened and industrial activities resumed. There is a renewed focus on supply chain resilience. As industries like automotive and aerospace regain momentum, the demand for HSS is expected to increase, driving further recovery in the market.
- The major factors driving the market’s growth are the growing number of industrial uses and the increasing demand from the aerospace industry.
- The growing use of carbide-based cutting tools in different end-use sectors is likely to slow the market's growth.
- In the coming years, the high-speed steel market is expected to grow due to the rapid changes in technology.
- Asia-Pacific is expected to dominate the high-speed steel market over the forecast period.
High Speed Steel Industry Segmentation
High-speed steel (HSS) is an alloy steel that incorporates tungsten and the alloying element vanadium for enhanced strength. High-speed steel is frequently used for metal cutting and woodturning because of its high wear resistance, hard work, and shock absorption, making it durable and precise.
The high-speed steel (HSS) market is segmented by type, product type, end-user industry, and geography. By type, the market is segmented into tungsten high-speed steel, molybdenum high-speed steel, and other types (cobalt high-speed steel, chromium high-speed steel, and vanadium high-speed steel). By product type, the market is segmented into metal-cutting tools, cold-working tools, and other product types (milling tools, drilling tools, etc.). By end-user industry, the market is segmented into automotive, aerospace, plastics, and other end-user industries (mining, manufacturing, tool making, etc). The report also covers the market size and forecasts in 27 countries across major regions. For each segment, market sizing and forecasts were made on the basis of value (USD).
| Type | |
| Tungsten High Speed Steel | |
| Molybdenum High Speed Steel | |
| Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and Vanadium High-Speed Steel) |
| Product Type | |
| Metal Cutting Tools | |
| Cold Working Tools | |
| Other Product Types (Milling Tools, Drilling Tools, etc.) |
| End-user Industry | |
| Automotive | |
| Aerospace | |
| Plastics | |
| Other End-user Industries (Mining, Manufacturing, Tool Making, etc) |
| Geography | |||||||||||
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High Speed Steel Market Size Summary
The high-speed steel market is poised for steady growth over the forecast period, driven by increasing demand from the automotive and aerospace industries. The market is recovering from the disruptions caused by the COVID-19 pandemic, with a renewed focus on supply chain resilience as industrial activities resume. High-speed steel's superior mechanical properties make it a preferred choice in the automotive sector, where it is used to enhance vehicle performance by reducing weight and improving fuel efficiency. Despite the growing adoption of carbide-based cutting tools, the demand for high-speed steel remains robust due to its unique advantages over regular steel, particularly in structural applications within vehicles.
The Asia-Pacific region is expected to dominate the high-speed steel market, with countries like China, India, and Japan leading the charge due to their burgeoning automotive industries. The region's focus on increasing electric vehicle production further fuels the demand for high-speed steel. Major players in the market, such as Sandvik AB and voestalpine BÖHLER Edelstahl GmbH & Co. KG, continue to innovate and expand their offerings to meet the evolving needs of these industries. Strategic acquisitions and collaborations, like the acquisition of Erasteel by Syntagma Capital, highlight the market's dynamic nature and the ongoing efforts to enhance production capabilities and product offerings.
High Speed Steel Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Usage in Different Industrial Applications
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1.1.2 Increasing Demand from Aerospace industry
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 The Rising Use of Carbide-based Cutting Tools Across Various End-use Sectors
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Type
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2.1.1 Tungsten High Speed Steel
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2.1.2 Molybdenum High Speed Steel
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2.1.3 Other Types (Cobalt High-Speed Steel, Chromium High-Speed Steel, and Vanadium High-Speed Steel)
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2.2 Product Type
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2.2.1 Metal Cutting Tools
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2.2.2 Cold Working Tools
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2.2.3 Other Product Types (Milling Tools, Drilling Tools, etc.)
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2.3 End-user Industry
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2.3.1 Automotive
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2.3.2 Aerospace
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2.3.3 Plastics
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2.3.4 Other End-user Industries (Mining, Manufacturing, Tool Making, etc)
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Malaysia
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2.4.1.6 Thailand
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2.4.1.7 Indonesia
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2.4.1.8 Vietnam
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2.4.1.9 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Spain
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2.4.3.6 NORDIC
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2.4.3.7 Turkey
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2.4.3.8 Russia
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2.4.3.9 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Colombia
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2.4.4.4 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Nigeria
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2.4.5.4 Qatar
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2.4.5.5 Egypt
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2.4.5.6 United Arab Emirates
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2.4.5.7 Rest of Middle East and Africa
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High Speed Steel Market Size FAQs
How big is the High Speed Steel Market?
The High Speed Steel Market size is expected to reach USD 3.13 billion in 2024 and grow at a CAGR of greater than 4% to reach USD 3.14 billion by 2029.
What is the current High Speed Steel Market size?
In 2024, the High Speed Steel Market size is expected to reach USD 3.13 billion.
