High Speed Steel Market is Anticipated to Cross US$ 5.2 Billion at 6.7% CAGR by 2033: Fact.MR Analysis
The increasing demand for high speed steel in 3D printing or additive manufacturing applications is a key driver shaping the high speed steel market growth
Rockville, Nov. 23, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global High Speed Steel Market is projected to reach a US value of $5.2 Bn by the end of 2033, while rising at a CAGR of 6.7%.
High speed steel (HSS) is a type of tool steel prized for its exceptional hardness, wear resistance, and heat resistance, making it ideal for cutting tools and machining in high speed operations. Composed of alloying elements like tungsten and chromium, HSS maintains sharp edges even at high temperatures, ensuring effective cutting and longevity. Its superior wear resistance and toughness reduce the risk of chipping during operations. HSS is versatile, suitable for various machining processes, and can be easily sharpened, contributing to its cost-effectiveness over time.
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Key Segments of High Speed Steel Industry Research Report
|By Production Method
|By End User
The high speed steel market is primarily driven by the increasing demand from manufacturing industries for cutting tools with superior hardness, wear resistance, and heat resistance. The growth of industries such as automotive, aerospace, and energy, coupled with advancements in machining technologies, fuels the need for high speed steel in various applications.
High speed steel faces competition from emerging advanced materials and coatings that claim to offer enhanced performance characteristics, potentially challenging its market dominance. In extremely high-temperature applications, high speed steel may have limitations compared to some ceramic or carbide materials, affecting its suitability for specific cutting or machining processes.
- The US market is expected to witness a CAGR of 6.1% during the forecast period. North America has witnessed a market share of 23.9% in 2023. The US dominates the demand for the high speed steel market as it is a lucrative market for producers of HSS tools.
- Demand for high speed is growing faster in China as compared to other countries. The construction sector accounts for almost 2/3rds of all steel consumption in Asia nations. Moreover, continuous spending on infrastructure will lead to higher demand for HSS in China.
- The automotive industry holds approximately 1/4th of the total demand for high speed steel due to the rising demand for high-end industrial machinery and equipment from the automotive industry.
- Powder metallurgy is expected to gain traction as key players in the market are focusing on better production methods as compared to conventional HSS technology.
The growing demand for high-performance cutting tools in manufacturing industries, advancements in additive manufacturing and 3D printing technologies, and the rising need for heat-resistant and durable materials in machining applications are driving the industry – Says Fact.MR Expert
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|Value Projection (2033)
|USD 5.2 Billion
|Growth Rate (2023-2033)
|No. of pages
|No. of Tables
|No. of Figures
In today’s highly competitive business environment, emerging contenders are joining the fray, capitalizing on the potential of evolving technologies and employing a strategy focused on price differentiation. Recognized frontrunners in the market comprise Erasteel, Kennametal, Voestalpine AG, Graphite India Ltd., NACHI-FUJIKOSHI CORP., and Tiangong International Co. Ltd.
- Key companies are focusing on various strategies such as collaboration and long-term trade relations to establish good market share. Moreover, new entrants are entering the market by establishing the power of advancing technologies.
- Key players should customize their products to suit the specific needs of different industries. This involves tailoring high speed steel offerings to provide solutions that effectively address unique machining challenges in sectors like automotive, aerospace, and energy.
- Key companies succeed in the high speed steel market by regularly testing and improving their formulations and manufacturing processes. This ensures their products meet the high standards of modern machining applications.
- Employing strategic pricing models, including bundling options, volume discounts, and flexible pricing structures, allows companies to remain competitive in the market while providing value to customers.
Checkout More Related Studies Published by Fact.MR Research:
Advanced High Strength Steel (AHSS) Market: The global advanced high strength steel (AHSS) market is set to reach a valuation of US$ 20.3 billion in 2022 and expand rapidly at a CAGR of 7.9% to end up at US$ 44.2 billion by 2032.
Structural Steel Market: The global structural steel market is anticipated to expand at a CAGR of 4.8% from 2023 to 2033, reaching a valuation of US$ 166 billion by the end of 2033. Further, the valuation of the global structural steel market is US$ 103.8 billion in 2023.
Electrical Steel Market: The global electrical steel market size was valued at US$ 25.9 billion in 2022 and expected to grow at a CAGR of 8.5% to reach US$ 55.1 billion by the end of 2032.
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