Allied Market Research has recently published a report, titled, "High Speed Steels Market by Type (Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, Others), by Production Method (Conventional HSS, Powder Metallurgy (PM) HSS, Spray Forming (SF) HSS), by Grade (M Grade, T Grade, Advance Grade), by End User (Automotive, Manufacturing, Aerospace, Mechanical Engineering, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global high speed steels market generated $5.3 billion in 2022, and is anticipated to generate $9.4 billion by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.

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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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.

Key Takeaways:

  • 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.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/A13668

By End User: Automotive Sub-Segment to Grab Dominating Market Share by 2032

The automotive sub-segment led the global high-speed steels market in 2022, holding a significant share of 28.9% and is expected to dominate the market in 2032, with a major share of 32.6%. The increased use of high-speed steels cutting tools in automotive component production, especially with the growth of the global electric car industry, is anticipated to sustain the demand for cutting tools and drive the growth of this sub-segment.

By Type: Molybdenum High Speed Steel Sub-Segment to Lead the Market by 2032

The molybdenum high-speed steel sub-segment led the market in 2022, holding a substantial share of 38.2%. This dominance is expected to continue by 2032, holding a major share of 38.0%. The unique properties of molybdenum high-speed steel, such as high-temperature strength and wear resistance, are expected to drive the sustained growth of this sub-segment.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/high-speed-steels-market/purchase-options

Leading Players in the High-speed Steels Market:

  • Amada Co., Ltd
  • Sandvik AB
  • RUKO GmbH
  • Walter AG
  • ArcelorMittal
  • OSG Corporation
  • NIPPON KOSHUHA STEEL CO., LTD.
  • Kyocera
  • Kennametal
  • Proterial, Ltd.

The report provides a detailed analysis of the key players of the global high speed steels market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.