Close Lucintel Chat
Didn't Find What You're Looking for?
Call us at +1972 636 5056 or write at helpdesk@Lucintel.com
Ask an Expert Provide Custom Requirements Download Sample Report Search Available Reports
  • helpdesk@Lucintel.com
  • |
  • Call Lucintel +1 972 636 5056
  • |
  • Login
  • |
  • Register
  • |
  • Search
  • |
'
...

The Impact of COVID-19 is included in High Speed Steel Market Report. Buy it today to get an advantage.

Request the impact of COVID-19 on your product or industry


High Speed Steel Trends and Forecast

The future of the global high speed steel market looks promising with opportunities in the automotive, manufacturing, aerospace, mechanical engineering, and construction markets. The global high speed steel market is expected to reach an estimated $3.1 billion by 2030 with a CAGR of 6.3% from 2024 to 2030. The major drivers for this market are increasing demand for this steel in manufacturing and construction industries and rise in infrastructure development projects worldwide.
• Lucintel forecasts that, within the type category, the molybdenum is expected to witness the highest growth over the forecast period due to its excellent wear resistance, high-temperature strength and hardness.
• Within the end use category, automotive is expected to witness the highest growth due to rising demand for high speed steel from this industry for production of automotive components.
• In terms of regions, North America is expected to witness highest growth over the forecast period due to substantial economic growth, increased government investments in high-speed steel, and presence of key players in the region.

Gain valuable insights for your business decisions with our comprehensive 150+ page report.
High Speed Steel Trends and Forecast

High Speed Steel by Segment

Emerging Trends in the High Speed Steel Market

The high-speed steel industry is currently undergoing a number of transformative trends that have significantly altered its landscape. These trends are driven by technological advancements and changing consumer preferences, all aimed at improving performance, sustainability, and cost-effectiveness.

• Advanced Alloy Compositions: The use of tungsten, molybdenum, and cobalt has increased in innovations involving alloying elements used to produce HSS. This allows for a higher level of hardness, increased wear resistance, and improved thermal stability, making tools last longer and become more efficient in high-speed operations.
• Powder Metallurgy: The adoption of powder metallurgical processes has been increasing, making it possible to produce ultra-fine-grained HSS with high density. This process offers exceptional mechanical properties, such as uniformity, leading to the production of cutting tools with better quality and a longer service lifespan.
• Eco-friendly Production: Attention has shifted towards sustainable development among firms producing HSS worldwide. Efforts include energy-saving activities such as emissions reduction and expanded recycling of HSS scrap metal, which helps reduce the ecological footprint associated with manufacturing these products and aligns with global sustainability principles.
• Advanced Coating Technologies: The performance of HSS tools is being enhanced through advanced coating technologies, such as physical vapor deposition (PVD) and chemical vapor deposition (CVD). These coatings offer improved resistance to heat, wear, and corrosion, thus prolonging the lifespan of tools and enhancing cutting efficiency.
• Digital Integration: The design and manufacturing of HSS are being revolutionized through digital integration, which includes artificial intelligence (AI) and machine learning. Precision control over production processes supported by these technologies optimizes material properties, ensuring consistent quality that enhances performance and reduces costs.

These are some significant changes taking place in the HSS industry, aimed at enhancing performance, reducing environmental impact, and increasing efficiency. A focus on advanced technology and ecological and economic approaches can determine new levels of high-speed steel use.
Emerging Trends in the High Speed Steel Market

Recent Developments in the High Speed Steel Market

High-speed steels have undergone significant advancements recently due to innovations in material science, specific requirements, and various manufacturing processes used in their fabrication. These developments involve composite modifications, progress in production techniques, and eco-friendly trends toward sustainability, all explicitly intended to enhance the capability, competency, and green footprint of HSS for diverse industrial uses.

• Enhanced Alloy Compositions: The hardness and wear resistance of new HSS grades have been improved through the employment of more complex alloy compositions, including higher contents of tungsten or molybdenum. These materials allow for higher tool speeds at increased temperatures, making tools last longer while improving cutting efficiency.
• Powder Metallurgy Innovations: Advances in powder metallurgical methods have created high-density high-speed steel with improved mechanical properties. This process results in a uniform microstructure and superior performance, making tools more reliable and efficient under heavy-duty loads.
• Eco-Friendly Production Methods: The shift toward sustainable methods of producing high-speed steel is becoming more popular. This encompasses energy-efficient manufacturing techniques, reduced emissions, and greater recycling of HSS scrap. The aim is to minimize the environmental impact caused by HSS manufacturing.
• Advanced Coating Technologies: PVD and CVD are some of the advanced coating methods that can be employed on HSS to enhance their performance characteristics. These coatings are developed to exhibit better resistance against heat, wear, and corrosion, resulting in prolonged tool life and improved cutting ability.
• Digital Manufacturing Techniques: The integration of digital technologies like artificial intelligence (AI) and machine learning allows for optimizing the design and production of HSS. These technologies ensure precise control over material properties and production processes, resulting in superior-quality, cost-effective HSS products.

These developments are driving the evolution of HSS toward increased efficiency, durability, and sustainability, thereby meeting the rising demands of various industries.

Strategic Growth Opportunities for High Speed Steel Market

The high-speed steel market is developing with several strategic growth opportunities emerging across key applications. These include evolving technology platforms and the increasing demand for high-performance tools in many industrial segments.

• Aerospace Industry: The aerospace industry represents the most important segment, where growth prospects for HSS are significant due to the need for high-performance cutting tools capable of withstanding extreme conditions. Innovations in HSS grades, along with coatings, improve the precision and toughness of aerospace manufacturing equipment, leading to an increase in demand in this industry.
• Automotive Manufacturing: The automotive industryÄX%$%Xs move toward the adoption of advanced materials and manufacturing approaches promotes opportunities for the use of HSS. The manufacture of complex components necessitates high-quality cutting tools, making this field one of the main drivers for manufacturers looking to grow their businesses by supplying such tools.
• Energy Sector: The extraction of oil, gas, or renewable energy requires strong HSS drills and tools to machine hard materials. Modernizations in high-speed steels (HSS) can meet these requirements by improving tool life and performance under severe operating conditions.
• Medical Device Production: The rapidly growing medical device sector offers an opportunity for HSS due to the need for precision cutting tools used in producing complex components. The production process that utilizes HSS with improved properties and coatings ensures that medical devices are enhanced for better quality, reliability, and performance.
• Tooling for Additive Manufacturing: The rapidly growing field of additive manufacturing (AM), also known as 3D printing, raises demand for HSS machining that can handle complex metal component construction. The development of advanced HSS grades has opened avenues for the adoption of this technology.

These growth opportunities highlight the expanding applications of HSS across various industries, driven by advancements in technology and increasing demand for high-performance tools.

High Speed Steel Market Driver and Challenges

The high-speed steel (HSS) industry is influenced by various drivers and challenges, which include technological innovations, economic factors, and regulatory considerations. Understanding these factors is crucial for navigating the market and capitalizing on opportunities.

The factors responsible for driving the high-speed steel market include:
• Technological Advancements: Advances in alloy composition and manufacturing processes are driving improvements in higher-performance forms of HSS, including improvements in tool life-cycle efficiency, thus increasing demand from multiple industries.
• Growing Industrial Applications: Demand for reliable tools has been increasing across several industries, including the automotive, aerospace, and energy sectors, driving the growth of the HSS market. These sectors require durable, high-performance instruments, creating demand for new varieties of high-speed steels.
• Focus on Sustainability: Sustainable manufacturing practices, such as sustainable energy use and recycling, are gaining popularity. As a result, the utility of HSS products is becoming more attractive to environmentally conscious customers, in line with eco-friendly production methods.
• Rising Investment in R&D: Continuous research and development (R&D) investments in HSS technology are leading to new grades and applications. This investment ensures strong competitive positioning to meet changing industrial requirements.
• Demand for Precision Tools: The increasing complexity of industrial processes and components necessitates the use of high-precision tools. Consequently, high-speed steels have undergone significant advancements to cater to the surge in demand from precision manufacturing sectors such as tooling and molding.

Challenges in the high-speed steel market include:
• High Production Costs: Producing high-quality HSS is costly due to raw material costs and the advanced manufacturing techniques used. These costs can affect both pricing decisions and competitiveness in the market.
• Supply Chain Disruptions: Global supply chain issues, including raw material shortages and transportation delays, can affect the availability and cost of HSS. These disruptions can lead to production delays and increased costs.
• Environmental Regulations: Environmental laws with stringent rules can be challenging for producers of these materials. Adherence to these laws requires capital investment in cleaner technologies, which leads to higher operating costs, especially due to tougher discharge limits imposed by some facilities.

Overall, the drivers acting on the HSS industry, along with its challenges, continue to shape it. Technological breakthroughs and market requirements are calling for innovation and progress.

List of High Speed Steel Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies high speed steel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the high speed steel companies profiled in this report include-
• ArcelorMittal
• Amada
• Sandvik
• NIPPON KOSHUHA STEEL
• RUKO
• Kyocera
• Walter
• Kennametal
• Proterial
• OSG

High Speed Steel by Segment

The study includes a forecast for the global high speed steel by type, production method, grade, end use, and region.

High Speed Steel Market by Type [Analysis by Value from 2018 to 2030]:


• Tungsten High Speed Steel
• Molybdenum High Speed Steel
• Cobalt High Speed Steel
• Others

High Speed Steel Market by Production Method [Analysis by Value from 2018 to 2030]:


• Conventional High Speed Steel
• Powder Metallurgy (PM) High Speed Steel
• Spray Forming (SF) High Speed Steel

High Speed Steel Market by Grade [Analysis by Value from 2018 to 2030]:


• M Grade
• T Grade
• Advance Grade

High Speed Steel Market by End Use [Analysis by Value from 2018 to 2030]:


• Automotive
• Manufacturing
• Aerospace
• Mechanical Engineering
• Construction
• Others

High Speed Steel Market by Region [Analysis by Value from 2018 to 2030]:


• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the High Speed Steel Market

Manufacturers use high-speed steel (HSS) because it does not lose hardness even at very high temperatures. Advanced features in performance and flexibility have been developed globally. The United States, China, Germany, India, and Japan are at the forefront of innovation, with their unique contributions shaping the future of HSS. These developments aim to improve productivity, toolsÄX%$%X lifespan, and overall performance under extreme environments. Below is a summary of the latest information from each country.

• United States: The U.S. has made great strides in improving alloy compositions for better HSS wear resistance and toughness. Researchers and manufacturers are concentrating on making advanced carbides more prevalent in heat treatment processes. Furthermore, there has been increased focus on environmentally friendly production techniques, such as recycling HSS scrap and reducing energy consumption during manufacture.
• China: By investing significantly in new technologies and processes, China is advancing in high-quality HSS production. Notable advancements include the improvement of HSS using modern powder metallurgical techniques and the application of vanadium-rich alloys to the greatest extent possible. Such innovations will increase cutting efficiency while prolonging tool lifespan. Chinese companies are also extending research on coatings for HSS to enhance its temperature stability and abrasive wear resistance.
• Germany: German work on HSS focuses on microstructural refinements for superior mechanical properties. The use of sophisticated simulation tools and highly accurate manufacturing methods has led to improved cutting performance and longer tool life. Additionally, prominent German companies employ digital technologies to improve quality control measures and optimize their production processes.
• India: Cost-effective HSS manufacturing coupled with high-quality standards remains IndiaÄX%$%Xs main focus. Recent developments include the introduction of enhanced machining oils that reduce import dependency and scaling up local manufacturing capacities. The country has boosted its competitiveness by creating unique grades of HSS targeting the automotive and aerospace industries.
• Japan: Japan remains a leader in HSS innovation, focusing on enhancing stability and rigidity. Japanese researchers are working on new alloying elements and heat treatment techniques to improve tool life and performance. There is also a strong push for adopting artificial intelligence (AI) and machine learning in design and manufacturing processes to optimize HSS properties and performance.
Lucintel Analytics Dashboard

Features of the Global High Speed Steel Market

Market Size Estimates: High speed steel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: High speed steel market size by various segments, such as by type, production method, grade, end use, and region in terms of value ($B).
Regional Analysis: High speed steel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, production methods, grades, end uses, and regions for the high speed steel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the high speed steel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
Lucintel Consulting Services

FAQ

Q1. What is the high speed steel market size?
Answer: The global high speed steel market is expected to reach an estimated $3.1 billion by 2030.
Q2. What is the growth forecast for high speed steel market?
Answer: The global high speed steel market is expected to grow with a CAGR of 6.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the high speed steel market?
Answer: The major drivers for this market are increasing demand for this steel in manufacturing and construction industries and rise in infrastructure development projects worldwide.
Q4. What are the major segments for high speed steel market?
Answer: The future of the high speed steel market looks promising with opportunities in the automotive, manufacturing, aerospace, mechanical engineering, and construction markets.
Q5. Who are the key high speed steel market companies?
Answer: Some of the key high speed steel companies are as follows:
• ArcelorMittal
• Amada
• Sandvik
• NIPPON KOSHUHA STEEL
• RUKO
• Kyocera
• Walter
• Kennametal
• Proterial
• OSG
Q6. Which high speed steel market segment will be the largest in future?
Answer: Lucintel forecasts that molybdenum is expected to witness the highest growth over the forecast period due to its excellent wear resistance, high-temperature strength and hardness.
Q7. In high speed steel market, which region is expected to be the largest in next 5 years?
Answer: North America is expected to witness highest growth over the forecast period due to substantial economic growth, increased government investments in high-speed steel, and presence of key players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the high speed steel market by type (tungsten high speed steel, molybdenum high speed steel, cobalt high speed steel, and others), production method (conventional high speed steel, powder metallurgy (PM) high speed steel, and spray forming (SF) high speed steel), grade (M grade, T grade, and advance grade), end use (automotive, manufacturing, aerospace, mechanical engineering, construction, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to High Speed Steel Market, High Speed Steel Market Size, High Speed Steel Market Growth, High Speed Steel Market Analysis, High Speed Steel Market Report, High Speed Steel Market Share, High Speed Steel Market Trends, High Speed Steel Market Forecast, High Speed Steel Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.

                                                            Table of Contents

            1. Executive Summary

            2. Global High Speed Steel Market : Market Dynamics
                        2.1: Introduction, Background, and Classifications
                        2.2: Supply Chain
                        2.3: Industry Drivers and Challenges

            3. Market Trends and Forecast Analysis from 2018 to 2030
                        3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
                        3.2. Global High Speed Steel Market Trends (2018-2023) and Forecast (2024-2030)
                        3.3: Global High Speed Steel Market by Type
                                    3.3.1: Tungsten High Speed Steel
                                    3.3.2: Molybdenum High Speed Steel
                                    3.3.3: Cobalt High Speed Steel
                                    3.3.4: Others
                        3.4: Global High Speed Steel Market by Production Method
                                    3.4.1: Conventional High Speed Steel
                                    3.4.2: Powder Metallurgy (PM) High Speed Steel
                                    3.4.3: Spray Forming (SF) High Speed Steel
                        3.5: Global High Speed Steel Market by Grade
                                    3.5.1: M Grade
                                    3.5.2: T Grade
                                    3.5.3: Advance Grade
                                    3.6: Global High Speed Steel Market by End Use
                                    3.6.1: Automotive
                                    3.6.2: Manufacturing
                                    3.6.3: Aerospace
                                    3.6.4: Mechanical Engineering
                                    3.6.5: Construction
                                    3.6.6: Others

            4. Market Trends and Forecast Analysis by Region from 2018 to 2030
                        4.1: Global High Speed Steel Market by Region
                        4.2: North American High Speed Steel Market
                                    4.2.1: North American Market by Type: Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, and Others
                                    4.2.2: North American Market by End Use: Automotive, Manufacturing, Aerospace, Mechanical Engineering, Construction, and Others
                        4.3: European High Speed Steel Market
                                    4.3.1: European Market by Type: Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, and Others
                                    4.3.2: European Market by End Use: Automotive, Manufacturing, Aerospace, Mechanical Engineering, Construction, and Others
                        4.4: APAC High Speed Steel Market
                                    4.4.1: APAC Market by Type: Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, and Others
                                    4.4.2: APAC Market by End Use: Automotive, Manufacturing, Aerospace, Mechanical Engineering, Construction, and Others
                        4.5: ROW High Speed Steel Market
                                    4.5.1: ROW Market by Type: Tungsten High Speed Steel, Molybdenum High Speed Steel, Cobalt High Speed Steel, and Others
                                    4.5.2: ROW Market by End Use: Automotive, Manufacturing, Aerospace, Mechanical Engineering, Construction, and Others

            5. Competitor Analysis
                        5.1: Product Portfolio Analysis
                        5.2: Operational Integration
                        5.3: Porter’s Five Forces Analysis

            6. Growth Opportunities and Strategic Analysis
                        6.1: Growth Opportunity Analysis
                                    6.1.1: Growth Opportunities for the Global High Speed Steel Market by Type
                                    6.1.2: Growth Opportunities for the Global High Speed Steel Market by Production Method
                                    6.1.3: Growth Opportunities for the Global High Speed Steel Market by Grade
                                    6.1.4: Growth Opportunities for the Global High Speed Steel Market by End Use
                                    6.1.5: Growth Opportunities for the Global High Speed Steel Market by Region
                        6.2: Emerging Trends in the Global High Speed Steel Market
                        6.3: Strategic Analysis
                                    6.3.1: New Product Development
                                    6.3.2: Capacity Expansion of the Global High Speed Steel Market
                                    6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global High Speed Steel Market
                                    6.3.4: Certification and Licensing

            7. Company Profiles of Leading Players
                        7.1: ArcelorMittal
                        7.2: Amada
                        7.3: Sandvik
                        7.4: NIPPON KOSHUHA STEEL
                        7.5: RUKO
                        7.6: Kyocera
                        7.7: Walter
                        7.8: Kennametal
                        7.9: Proterial
                        7.10: OSG
.

Buy full report or by chapter as follows

Price by License Type:
[-] Hide Chapter Details
[Chapter Number] [Chapter Name] [Chapter Number Of Pages] [Chapter Price]
Title/Chapter Name Pages Price
Full Report: High Speed Steel Market Report: Trends, Forecast and Competitive Analysis to 2030 Full Report $ 4,850
150 - page report
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

Please sign in below to get report brochure - High Speed Steel Market Report.

At Lucintel, we respect your privacy and maintain the confidentiality of information / data provided by you
(Please enter your corporate email. * These fields are mandatory )

Follow us on