High Speed Steel (HSS) Tools Market Anticipates a Surge to US$ 10.6 Billion in Revenues by 2033, Unveiled in Exclusive FMI Report

In 2022, the market for high-speed steel (HSS) tools was valued at US$5.6 billion. Between 2023 and 2033, the market's value is projected to rise at a 6% compound annual growth rate (CAGR). By the end of the 2023 to 2033 period of assessment, the high-speed steel (HSS) tools market is projected to reach US$ 10.6 billion, according to Future Market Insights.

Due to rising demand from a variety of manufacturing and production industries, the HSS tools market is anticipated to continue on a healthy trend. Additionally, throughout the projection period, investments in machinery for the industrial sectors will ensure growth.

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The unprecedented challenges triggered by the COVID-19 outbreak had a severe impact on the global economy. It has completely shut down supply chain networks and manufacturing activities.

Amid the crisis, the HSS tools market recorded tepid growth in sales. However, it is expected to recover sharply through 2021 as economic activities resume post the containment of the pandemic.

Manufacturers are focusing on research and development to launch advanced products with higher levels of durability and improved life cycles. These factors are expected to positively influence growth in demand for HSS tools during the assessment period.

Key Takeaways of the HSS Tools Market Study

Drills are projected to account for over 30% of the HSS tools sold through 2031 owing to strong demand from the metal cutting industry.
Coated fabrication accounts for more than 67% of the market on the back of higher durability of end products.
Germany holds the lead in the Europe market accounting for a valuation of US$ 249.2 Mn in 2021 owing to the presence of key manufacturing and processing facilities.
The U.S. holds 86% of the overall North American market, supported by robust supply chains and access to updated technologies.
India will account for a valuation of US$ 287.3 Mn in 2021, driving the South Asia and Pacific market to surpass North America by the end of 2031.

Who is Winning?

The HSS tools market is moderately fragmented, in which the leading players account for more than 50% of the market share. The penetration of small regional players makes this market more competitive.

These players have higher shares in the global market, and have longstanding relationships with a number of distributors and end users, giving them an upper hand among their peers.

Key Companies Profiled:

Sandvik AB
Mitsubishi Materials Corporation
OSG Corporation
Kennametal Inc.
YG-1 Co. Ltd.
TTI Group
Stanley Black & Decker Inc.
Tiangong International Co. Ltd.
Sumitomo Electric Hartmetall GmbH
TDC Cutting Tools Inc.
CERATIZIT S.A.
KYOCERA Corporation
Gühring KG
Walter AG
RUKO GmbH

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High-Speed Steel (HSS) Tools Market by Category

By Tool Type:

Drill Taps
Combo Taps
Spiral Flute Taps
Spiral Point Taps
Taper Pipe Taps
Fluteless Taps
Machine Taps
Hand Taps
Round Dies
Drills
Extra Length Drill
Double Ended Body Drill
Straight Flute Drill
Spiral Drill
Slow Helix
Taper Pin Drills
Straight Shank Drills
Taper Shank Drills
Parallel Shank Drills
Aircraft Extension Drills
Worm Pattern Drills
Central Drills
Spade Drills
Step Drills
Sheet Drill
Spot Drills
Slot Drills
Mills
End Mills
Hollow Mills
Threaded Mills
Countersinks
Single Flute Based
Three Flute Based
Deburring Countersinks
Cutters
Back Spot Face Cutters
Slot Cutters
Routing Cutters
Corner Rounding Cutter
Single Flute Deburring Cutter
Annular Cutter
Dovetail Cutter
Woodruff Cutters
Reamers
Drill Reamers
Socket Reamers
Ball Pin Reamers
Taper Shank Bridge Reamer
Angle Reamer
Sprue Bush Reamers
Extra Length Reamers
Chucking Reamers
Diemaker Based Reamers
Drill Blanks and Sets
Square Tool Bits
Counterbores
Round Bits
Rotary Burrs
Hole Saws

By Fabrication:

Coated
Non-Coated

By Configuration:

Hand Based
Machine Based

By End Use Industry:

Metal Fabrication
Automotive and Transportation
Automotive
Railways
Aerospace
Marine
Heavy Machinery
Construction
Furniture & Carpentry
Oil & Gas
DIY
Other Manufacturing

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

Nandini Singh Sawlani   

Future Market Insights Inc.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.