Global High Speed Steels Market Analysis, Market Size, Market Growth, Competitive Strategies, and Worldwide Demand by 2024

Market Definition

High speed steels are superior extraordinary steels offering high hardness at temperatures up to 500°C and high wear protection. These properties are obligingness alloying components, for example, tungsten, molybdenum, vanadium and chromium which can shape carbides.Growing interest for rapid steels in car, plastic, aviation and vitality sectorsare anticipated that would be real drivers of the market throughout the following seven years.

The global high speed steels market accounted for USD 2.20billion in 2016 and is projected to grow at a CAGR of 5.5% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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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 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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