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High Speed Steel Has Portrayed Absolute Growth
4 months ago
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High Speed Steel Has Portrayed Absolute Growth

The high speed steel (HSS) market is defined as the sale of high-performance steel products utilised in a wide range of applications, such as cutting tools for machining, drilling, and forming processes. HSS is noted for its ability to retain hardness at high temperatures, making it ideal for use in high-speed cutting applications where standard steels would soon lose hardness and wear. HSS is utilised in the automobile sector to make cutting tools for machining engine components, gearbox parts and suspension systems. The growing need for high-performance, long-lasting cutting tools in industries such as aerospace, automotive, and defence is driving the HSS market. The market is likely to expand as manufacturers continue to find new applications for HSS and demand for high-performance products rises.

The market for high speed steel (HSS) is predicted to expand over the next decade, driven by rising demand for high-performance cutting tools in industries such as aerospace, automotive, and defence. Demand for HSS is likely to rise as technology progresses and manufacturing processes become more efficient, as businesses seek methods to boost productivity and competitiveness. Furthermore, the expansion of emerging economies such as China and India is likely to stimulate demand for HSS as their manufacturing industries expand. However, concerns like as raw material price instability and increased competition from alternative materials may have an influence on the growth of the HSS industry. Overall, the HSS market is predicted to expand in the next years, with the potential to reach a large value by 2025.

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Key findings of the High Speed Steel market study:

  • The report provides a present market outlook on High Speed Steel. Additionally, the High Speed Steel market share is anticipated to grow with a CAGR of 7% in the forecast period.

  • Regional breakdown of the High Speed Steel market based on predefined taxonomy.

  • Innovative manufacturing processes implemented by High Speed Steel vendors in detail.

  • Region-wise and country-wise fragmentation of the High Speed Steel market to grasp the revenue, and growth outlook in these areas.

  • Changing preferences among consumers across various regions and countries.

  • Factors (Positive and Negative) impacting the growth of the global High Speed Steel market.

  • High Speed Steel price, market share, and Trends forecast for assessment period 2021-2031

Key Market Segments Covered

·         By Production Method

  • Conventional HSS

    • Powder Metallurgy ( PM) HSS

    • Spray Forming (SF) HSS

·         By Grade

  • M Grade

    • T Grade

    • Advance Grade

·         By Application

  • Cutting Tools

    • Drills

    •  Taps

    • Milling Cutters

    • Tools Bits

    • Hobbing Cutters

    • Saw Blades

    • Router Bits

    • Metal Cutting

    • Milling

    • Others

·         By End-use Industry

  • Automobiles

    •  Manufacturing

    •  Aerospace

    • Mechanical Engineering

    • Construction

    • Others

·         Region

  • North America

    • Latin America

    • Europe

    • East Asia

    • South Asia & Oceania

    • Middle East & Africa

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What makes this Research different from others?

  • COVID- Impact analysis- The report includes details of the impact of the pandemic on the High Speed Steel market further including insights on the pre-COVID situation. Additionally, this report benefits in terms of post-COVID recovery prospects, changing consumer demands, and buying patterns valuable for High Speed Steel companies.

  • Industrial trend analysis- The research covers recent trends in the field of High Speed Steel which are augmented with the applicable technologies and shifts in industrial processes. The scope for digital and industrial technologies is discussed in order to help client firms to understand the benefits and risks included in light of market trends.

  • High Speed Steel Sustainability metrics- The rising concerns of environmentally friendly production and consumption are taken to next level in this research, as research is focused on emerging methods of ensuring sustainability. These insights include climate-friendly initiatives adopted by some players in the industry. Furthermore, details of manufacturers’ impact on carbon footprint are evaluated intend to make clients aware of their contribution to sustainable development goals.

Competitive Landscape

The High Speed Steel industry is dominated by some prominent players including

  • Erasteel

  • Kennametal

  • Voestalpine AG

  • Graphite India Ltd.

  • NACHI-FUJIKOSHI CORP.

  • Tiangong International Co. Ltd

  • ThyssenKrupp AG

  • Sandvik AB

  • Hitachi Metals Ltd.

  • DAIDO STEEL

The competition in the sector is driven by key parameters such as product price, targeted customer base, and strategic marketing. Major players in the market focused on the High Speed Steel market innovation by investing more in research and development. Furthermore, the industry players are focusing on the extensive usage of online distribution channels for enhanced cost-effectiveness. The sustainability in the supply chain is a decisive factor for High Speed Steel brands leading to an impact on the margin profits of firms.

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