Global High Speed Steel (HSS) Tools Market Size to Exceed USD 10.6 Billion by 2033, Surging at an Average 6% CAGR

According to a recent report published by Future Market Insights, the global high speed steel (HSS) tools market is forecast to increase at a 6% CAGR from 2023 to 2033. As of 2023, the market is likely to be valued at USD 5.9 billion and is ultimately likely to reach USD 10.6 billion by 2033.

Following an outbreak of sluggish growth in 2021, worldwide revenue rose by 5% in 2022. FMI forecasts a positive growth outlook for the market, with shipments accomplishing nearly 225,274,037 units in 2021. In regard to volume, the HSS tools market is expected to grow at a 5.5% CAGR during the evaluation period.

Companies have increased their ability to produce as the automotive and industrial sectors have experienced significant expansion in recent years. Traditional methods for multiple industrial uses make the procedure time consuming and dangerous for workers. This has prompted investments in novel solutions. Durability and ease of use are key factors driving the popularity of HSS tools among customers, making them suitable for a wide range of end-use applications.

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Key Takeaways:

From 2018 to 2022, the high-speed steel (HSS) tools market grew at a CAGR of 5.2%.

Based on product, high speed steel drills accounted for 41% of the global revenue in 2022.

Machine based high speed steel drills to account for 9 out of 10 sales.

Around 68% of all HSS tools are likely to be coated in terms of fabrication.

Over half of all HSS tools are expected to be deployed in the automotive and transportation sector.

The United States is expected to generate 87% of the global HSS tools demand.

2/5th of all HSS tools sales are expected to be across China, given its top position as an industrial machinery manufacturer.

Germany to register a CAGR of 5% with respect to HSS tools sales from 2023 to 2033.

India to be an opportunistic market, expected to account for 39% of total sales.

Competitive Landscape:

In the HSS Tool market, the vendor landscape has consolidated. There is an extended need for R&D, which is still a key approach among market players. Another common strategy for gaining an edge over rivals is the collaborative strategy.

Walter, an industry leader, the new MD340 and MD344 Supreme robust carbide cutting tools in January 2023. The MD340 Supreme (diameter 2-25 mm or 1/16-34") has been built for steel roughing, full slotting, and flexible milling. The MD344 Supreme four-edge cutter was created for 90° plunging or accelerating due to its special face geometry (dia. 6-20 mm).

ARCH Cutting Tools Corp. revealed its purchase of Custom Carbide Cutter, Inc. (CCCI), a Cincinnati-based firm that supplies high-quality cutting instruments to suppliers and producers, in January 2023. ARCH Cutting Equipment, which specializes in outstanding durability custom tooling, is going to benefit from its latest acquisition.

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.

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Key Segments Profiled:

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
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
Reamers
Drill Reamers
Socket Reamers
Ball Pin Reamers
Taper Shank Bridge Reamer
Angle Reamer
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
Asia Pacific
Middle East and Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

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 stands as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.