As per Future Market Insights’ analysis, the high speed steel (HSS) tools market is projected to be valued at ~US$ 5.9 Billion in 2021, expanding at a CAGR of 6% over the forecast period of 2023 to 2033
. Global industrial progress and rising investments in mechanical equipment are two major drivers of the need for HSS tools.
Due to rising demand from a variety of manufacturing and production industries, the HSS tools market is anticipated to continue on a healthy trend. Additionally, throughout the projection period, investments in machinery for the industrial sectors will ensure growth.
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The unprecedented challenges triggered by COVID-19 outbreak had a severe impact on the global economy. It has completely shut down supply chain networks and manufacturing activities.
Amid the crisis, HSS tools market recorded tepid growth in sales. However, it is expected to recover sharply through 2021 as economic activities resume post the containment of pandemic.
Manufacturers are focusing on research and development for launching advanced products with higher levels of durability and improved life cycles. These factors are expected to positively influence growth in demand for HSS tools during the assessment period.
Key Takeaways of the HSS Tools Market Study
- Drills are projected to account for over 30% of the HSS tools sold through 2031 owing to strong demand from the metal cutting industry.
- Coated fabrication accounts more than 67% of the market on the back of higher durability of end products.
- Germany holds the lead in the Europe market accounting for a valuation of US$ 249.2 Mn in 2021 owing to the presence of key manufacturing and processing facilities.
- The U.S. holds 86% of the overall North America market, supported by robust supply chains and access to updated technologies.
- India will account for a valuation of US$ 287.3 Mn in 2021, driving the South Asia and Pacific market to surpass North America by the end of 2031.
Who is Winning?
The HSS tools market is moderately fragmented, in which the leading players account for more than 50% of the market share. The penetration of small regional players makes this market more competitive.
These players have higher shares in the global market, and have longstanding relationships with a number of distributors and end users, giving them an upper hand among their peers.
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Some of the key players in the market are 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., KYOCERA Corporation, Gühring KG, Walter AG, RUKO GmbH, Tivoly SA, Alpen-Maykestag Gmbh, Izar Cutting Tools SaL, August Beck GmbH & Co. KG, Karnasch Tools, Krino Spa, Dürr AG, PT GmbH, Bohrcraft Werkzeuge GmbH & Co. KG, VÖLKEL Threading Solutions, PFERD GmbH & Co. KG, IMC International Metalworking Companies B.V., Allied Machine & Engineering Corp, Narex S.R.O. among others.
High Speed Steel (HSS) Tools Market by Category
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
- Worm Pattern Drills
- Central Drills
- Spade Drills
- Step Drills
- Sheet Drill
- Spot Drills
- Slot 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
- Annular Cutter
- Dovetail Cutter
- Woodruff Cutters
- Reamers
- Drill Reamers
- Socket Reamers
- Ball Pin Reamers
- Taper Shank Bridge Reamer
- Angle Reamer
- Sprue Bush Reamers
- Extra Length Reamers
- Chucking Reamers
- Diemaker Based Reamers
- 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
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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