Press release
High Speed Steel To Dominate Demand With Over 40% Market Share Over The Next Ten Years
About the ReportThe global high speed steel market is projected to expand at a CAGR of close to 7% throughout the assessment period of 2021 to 2031, and cross a valuation of US$ 4.5 Bn in 2031. M grade high speed steel to dominate demand with over 40% market share over the next ten years.
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High speed steel contributes a broad application portfolio with dedicated product offerings down the line, and experience high demand in various end-use industries. The steel market is maneuvering forward as a driving train for high speed steel, with detailed application and diversified use cases. Enlarging requirement for cutting tools from varied industries kindles high speed steel demand with prosperity and perseverance.
High speed steel cutting tools witness esteemed recognition from end-use industries based on prolonged tool life and high wear and tear strength. Successfully executed product development strategies are adopted by market players to cater to this rising demand for high speed steel tools from end-use industries.
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Historical Vs Future Growth Projections
Over the past half-decade, high speed steel has portrayed absolute growth at a CAGR of over 4% from 2016 to 2020. This growth is on the back of new construction projects complemented by end-use industries and from diverse applications, including cutting tools, metal working, and milling.
The COVID-19 outbreak partially contracted demand for high speed steel in the second and third quarters of FY2020. Worldwide lockdowns and stoppages of production plants in key end-use industries, i.e. construction, manufacturing, and automotive, led to a domino effect on high speed steel requisites across regions. However, in the fourth quarter of 2020, overall demand witnessed a hike of 2.3%.
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Key Market Segments Covered
By Production Method
Conventional HSS
Powder Metallurgy ( PM) HSS
Spray Forming (SF) HSS
By Grade
M Grade
T Grade
Advance Grade
By Application
Cutting Tools
Drills
Taps
Milling Cutters
Tools Bits
Hobbing Cutters
Saw Blades
Router Bits
Metal Cutting
Milling
Others
By End-use Industry
Automobiles
Manufacturing
Aerospace
Mechanical Engineering
Construction
Others
Region
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa
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Which Grade High Speed Steel is More Sough-after?
Applications associated with high speed steel are purely based on the chemical composition and type of material instigated into it. The proportion of chromium, vanadium, molybdenum, or tungsten decides the type of application it will be used for. This chemical composition with deep study and research can be molded into effective results and applications. High speed steel also comes in advanced grade, where there is combination of alloyed elements together with cobalt to provide exemplary hardness and toughness over convention Molybdenum grade and tungsten grade high speed steel.
Key Companies Profiled
Erasteel
Kennametal
Voestalpine AG
Graphite India Ltd.
NACHI-FUJIKOSHI CORP.
Tiangong International Co. Ltd
ThyssenKrupp AG
Sandvik AB
Hitachi Metals Ltd.
DAIDO STEEL
For More Insights- https://www.einpresswire.com/article/557146132/asia-to-account-for-40-of-the-market-share-of-nano-lubricants-over-the-forecast-period
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