High Speed Steel Cutting Tools Market Size, Share & Industry Analysis, By Type (Metal Cutting Tools, Cold Working Tools, Others), By Application (Automobiles, Aerospace, Construction Equipment, Industrial Equipment, Heavy Electrical Machines)And Regional Forecast, 2024-2032

Tooling is one of the most eminent part of manufacturing process as it is used in grinding, boring, mills, taps, shaping casting, cutting and to set on the product quality. The rise in manufacturing industry is expected to stimulate the demand for in the near future. Additionally, quality of the product & increasing concerns for customer satisfaction are also contributing towards the market growth of overall high-speed steel (HSS) metal cutting tools. Factors like less product defects, enhanced machining accuracy, lower manufacturing costs, improved surface finish & short lead time is influencing & increasing the demand for HSS tools. These HSS tools are utilized to produce & manufacture the aircraft drill bits that will be used in fixtures and portable drilling.

Global high-speed steel metal cutting tools market is mainly driven by increasing manufacturing activities so as to balance the demand for a range of products like aircraft, automotive & other heavy equipment. These tools have been crucially improving the capability of cutting heavy metals. The high-speed steel (HSS) metal cutting tools market is majorly influenced by rise in the production and manufacturing activities in automobile, aerospace, infrastructural equipment, & industrial machinery. Few factors like rising demand for new aircrafts production, air travel & surging business of jet sector influencing the product demand in the aerospace sector. Furthermore, the consumer demand has also ensuing an upward trend as a result of advanced cabin design, improving operational efficiency and other facilities.

This market is highly fragmented owing to the presence of several large and small players in the industry. However, the growth can be impede by the availability of substitutes in the market. Also, High speed steel can simply be restored with conventional steel for the manufacturing process because of the low cost and easy accessibility. Moreover, increasing awareness about technological advancements & HSS benefits will augment the market growth in the near future. 

Key Market Driver -

• Increasing Demand for High Speed Steels for Manufacturing Cutting Tools. • Increasing requirement to develop superior quality products

Key Market Restraint -

• Increasing Use of Carbide-Based Cutting Tools in Various End-Use Industries.

Key Players Covered:

Some of the prominent players in the market are Addison & Co., Ltd., Inc., Bohler Uddeholm Corporation, BIG Kaiser Precision Tooling, Erasteel SAS, Kennametal, Inc., Nippon Koshuha Steel Group, Nachi America, Inc., OSG Korea Corporation, Niagara Cutter, Inc, Sandvik AB, Sumitomo Electric Industries, Dormer Tools, Inc., Ltd., Tiangong International, Walter AG, Tivoly, Inc., Greenfield Industries, Inc, LMT Tools USA L.P, Sutton Tools & others.

Regional Analysis:

North America region is expected to exhibit a substantial growth & emerge as strong region in over forecast period. Due to the increase in manufacturing industries & rise in automotive industry. With the growth of electric vehicles, the automotive industry has been reforming & witnessing the change. Increasing advancements & innovation are key factors that are driving the automotive & expected to trigger the demand for product in the industry in the coming years. HSS tools market in the North America region is highly influenced by solid development across aerospace industry due to the increasing defence budget in the U.S. Additionally, presence of some key players are such as Kennametal, Inc., LMT Tools USA L.P, Greenfield Industries, Inc. BIG Kaiser Precision Tooling is also boosting the market.

Europe region is anticipated to witness major growth in coming years due to increase in the construction activities & rise in industrialization. The growth in manufacturing hubs in the region my boost the usage of HSS Tools in the market. The construction equipment will require the utilization of HSS tool to increase the quality of the product. The government of this region has taken the initiative to redesign & rebuild the old construction building, therefore they are making the huge investments for this. Additionally, the automobile industry in this region has significant growth. For Instances, Germany being the automobile hub is the place where utilization of high-speed steel cutting tools huge. Therefore, the product demand in this region is growing significantly.

Furthermore, Asia pacific region is estimated to witness considerable growth owing to increase in the product demand from aerospace & automobile industry. Few factors such as rising passenger traffic which is impacted by the boom in middle class population of countries like China and India are mushrooming the aerospace industry growth in the region. The major consumption of high speed steels is in this region, as it is utilized in various other end-use industries, like plastic, automotive, plastic & aerospace. Steady prices of commodities, improved global GDP growth & growing passenger travelling specifically in Asia Pacific countries is expected to influence the HSS tools demands.

Middle East is projected to experience solid growth in coming years. Increase in industrialization & urbanization is a strong factor that ay boost the market in near future. Also, the key players are more focused on expanding their business in this region. However, Africa may witness a steady growth because of the lack of industries & non-availability of advance technology.

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Segmentation

Key Industry Developments

• In March 2021: BIG KAISER Precision Tooling Inc. joined Okuma America Corporation’s Partners in THINC network. Partners in THINC is a collaborative network of 40+ companies that service the metal cutting and manufacturing industries.


• In September 2021: Kennametal Inc. partnered with TITANS of CNC on its Aerospace Academy, an online education platform designed to teach programmers and machinists next-generation aerospace machining and manufacturing.