Global high speed steels market is expected to Reach CAGR of 5.5% by 2024 In Chemical and Materials industry With Top Key Players

High speed steels are high-performance special steels offering high hardness at temperatures up to 500°C and high wear resistance. These properties are courtesy alloying elements such as tungsten, molybdenum, vanadium and chromium which are able to form carbides.Growing demand for high speed steels in automotive, plastic, aerospace and energy sectorsare expected to be major drivers of the market over the next seven years.

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Global High Speed Steels Market, By End-Use Industry (Automotive, Plastic, Aerospace, Energy, Others), By Product Type {Metal Cutting Tools (Drill Bits, Broaches & Reamers, Taps, End Mills), Cold Working Tools (Blanking & Fine Blanking Tools, Extrusion Tools, Drawing & Deep Drawing Tools, Others)},–Industry Trends and Forecast to 2024

Market Drivers and Restraints

• Increasing demand for high speed steels for manufacturing cutting tools
• Growing awareness about the advantages of high speed steel
• Demand of high speed steels in the shipbuilding and energy sectors

Market Restraint:

• Increasing use of alternatives such as carbide-based cutting tools in energy and automotive industries

Competitive Landscape

The global high speed steels market is fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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Market Segmentation

The high speed steels market is segmented on the basis of product type into metal cutting tools, cold working tools, and others. Metal cutting tools are further sub segmented into drill bits, broaches & reamers, taps and end mills. Cold working tools are further sub segmented into blanking & fine blanking tools, extrusion tools, drawing & deep drawing tools and others.

On the basis of geography, the high speed steels market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

On the basis of application, the market is segmented intocoatings, construction, adhesives, composites, wind energy, electrical & electronics and others.

On the basis of geography, the high speed steels market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

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Top Competitors of Market:

• Nachi-Fujikoshi Corporation,
• Daido Steel Co., Ltd.,
• Voestalpine AG,
• Sandvik Materials Technology AB,
• Kennametal Inc.,
• Hudson Tool Steel Corporation,
• Erasteel,
• Friedr. Lohmann GmbH,
• Arcelormittal S.A.,
• Thyssenkrupp AG,
• Tiangong International Co., Ltd.,
• Guhring Inc.,
• Heye Special Steel Co., Ltd.,
• Nippon Koshuha Steel Co., Ltd.,
• OSG Corporation,
• Carpenter,
• Graphite India Limited,
• Tivoly SA,
• Crucible Industries LLC,
• Dneprospetsstal,
• Jiangsu Fuda Special Steel Co., Ltd,
• Feida Group,
• West Yorkshire Steel Co. Ltd.,
• Big Kaiser Precision Tooling Inc.,
• Onsurdand.

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