High Speed Steel Market 2022| Key Reasons behind Higher Demand and Sales till 2028

Steel is a hard, durable bluish-grey alloy of iron. It contains iron and other elements and is used as structural or fabricating material. High-speed steel refers to a subset of tool sheets, primarily used for cutting tool material. It is mostly used in power-saw blades and drill bits. High-speed steel can withstand high temperatures without being effected on its hardness and therefore it can be cut faster than steel. This is the reason why they are termed as high speed steel.

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The increasing demand for high-speed steels for manufacturing cutting tools drives the growth of the high-speed steel market. Besides this, due to some high toughness, high strength, and wear resistance at high temperature, high-speed steel is in massive demand from the automotive industry, which in turn drives the growth of the market. However, increasing the use of carbide-based cutting tools in the various end restricts the growth of the high-speed steel market. An upsurge application of high-speed steel in the shipbuilding and energy sectors is expected to boost the growth of the high-speed steel market in the near future.

MARKET SCOPE

The "Global High Speed Steel Market Analysis to 2028" is a specialized and in-depth study of the Chemicals and Materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the high speed steel market with detailed market segmentation by product type, end use industry and geography. The global high speed steel market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading high speed steel market players and offers key trends and opportunities in the market.

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MARKET SEGMENTATION

The global high speed steel market is segmented on the basis of product type, grades and end use industry. On the basis of product type, the high speed steel market is segmented into metal cutting tools, cold working tools and others. As per grade the high speed steel market is bifurcated into T1, M1, M2, M7, M35 and others. On the basis of end use industry, the market is broken into automotive industry, plastic industry, aerospace industry, energy sector and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global high speed steel market based on various segments. It also provides market size and forecast estimates from the year 2020to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The high speed steel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the high speed steel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the high speed steel market in these regions.

MARKET PLAYERS

1. Arcelormittal S.A.
2. Daido Steel Co., Ltd.
3. Erasteel Inc.
4. Friedr. Lohmann GmbH
5. Hudson Tool Steel Corporation
6. Kennametal Inc.
7. Nachi-Fujikoshi Corporation
8. Sandvik Materials Technology AB
9. Tiangong International Co., Ltd.
10. Voestalpine AG

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