The High-Speed Steel (HSS) Tools Market report, published by Future Market Insights, an organization with ESOMAR Certified Market Research and Consulting Firm, provides insights and analysis into the High Speed Steel (HSS) Tools market. It outlines the scope and content of the research, covering driving factors, market size, and forecast data for High Speed Steel (HSS) Tools. The report includes detailed segmentations in revenue and shipment, along with 10-year forecasts extending to 2033. Additionally, it discusses key players in the industry, their market shares, the competitive landscape, and regional insights
In 2022, the market for high-speed steel (HSS) tools was valued at US$5.6 billion. Between 2023 and 2033, the market’s value is projected to rise at a 6% compound annual growth rate (CAGR). By the end of the 2023 to 2033 period of assessment, the high-speed steel (HSS) tools market is projected to reach US$ 10.6 billion, according to Future Market Insights.
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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.
The unprecedented challenges triggered by the 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, the 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 the pandemic.
Manufacturers are focusing on research and development to launch 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 from 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 for 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 American 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.
Key Companies Profiled:
- 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
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High-Speed Steel (HSS) Tools Market by Category
By Tool Type:
- Drill Taps
- Drills
- Mills
- Countersinks
- Cutters
- 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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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