The Global Market for HSS Metal Cutting Tools is Forecast to Reach US$9.9 Billion by 2024

Technology Developments and Expanding Application Areas Drive the Global High Speed Steel Metal Cutting Tools Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global High Speed Steel (HSS) Metal Cutting Tools market. The global market for HSS Metal Cutting Tools is forecast to reach US$9.9 billion by 2024, driven by stable automotive and aircraft production, niche opportunities emerging from expanding application areas, promising prospects from heavy equipment/machinery manufacturing industry, and technology developments & product enhancements.

High speed steel (HSS), representing one of the established materials for manufacture of high-performance metal cutting tools, continues to attract the cutting tools manufacturers with its top-class attributes of high wear and tear resistance, superior hardness and toughness, best-in-class fracture and fatigue resistance, and high-grade adhesive/abrasive wear toughness. Made using a combination of high-performance specialty steel and toughness and hardness enhancing alloying metals such as vanadium, tungsten, molybdenum and chromium, HSS is widely used in a broad range of cutting tools including drill bits, reamers, taps, gear cutters, milling machines, saw blades and tool bits and also in hot- and cold -work tooling, wear parts, and other machine tools. Market for HSS Cutting Tools has been growing steadily over the years supported by steady demand from automobiles, electronic and electrical appliances, industrial machinery/equipment, aerospace and defense equipment, and construction equipment sectors. The widespread adoption of HSS metal cutting tools is also supported by benefits like reduced defects in the manufactured products, reduced production costs, and shorter lead times.

Advancements in material science, and designing tools for manufacturing HSS cutting tools is resulting in the availability of a broad range of precision engineered HSS tool bits to meet diversified application requirements. Improvements in product features, such as, high tensile strength, anti-corrosive properties, dimensional accuracy, ability to produce excellent finish, are additionally encouraging adoption in the engineering end-use sector. Falling production costs of basic HSS metal cutting tools, as a result of technology and market maturity, is also expected to benefit the market in the coming years. However, the market is characterized by swifter technological obsolescence that quickly swipes off competitive advantages of companies. Far from being revolutionary, the nature of technology innovation in this market is evolutionary, helping the market and its participants register just incremental growth. In sync with changing technological needs, the HSS market will continue to realign itself to maintain relevancy in the marketplace.

As stated by the new market research report on High Speed Steel (HSS) Metal Cutting Tools, Asia-Pacific represents the largest market worldwide. Asian countries such as China, Taiwan, South Korea, and India are expected to remain some of the most promising regional markets for machine tools, both in terms of consumption as well as production. China, in particular, which has long been a major consumer of machine tools, has also become the leading HSS machine tool producing nation in the world. Asia-Pacific is also the fastest growing region exhibiting a CAGR of 6.5% over the analysis period.

Key players in the market include Addison & Co. Ltd., Aloris Tool Technology Co. Inc., BIG Kaiser Precision Tooling Inc., DeWALT, Greenfield Industries Inc., Guhring Inc., Kennametal Inc., LMT Onsrud LP, LMT USA Inc., Morse Cutting Tools, Nachi-Fujikoshi Corp., Nachi America Inc., Niagara Cutter LLC, OSG Corp., OSG Korea Corp., OSG USA Inc., Raymond Ltd., Sandvik Group, Sandvik Coromant Co., Shanghai Machine Tool Works Ltd., Somta Tools (Pty) Ltd., Sutton Tools, Tiangong International, Tivoly SA, Walter AG, and YG-1 Tool Co. Ltd., among others.

The research report titled “High Speed Steel (HSS) Metal Cutting Tools: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in US dollars for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, Taiwan, and Rest of Asia-Pacific), Middle East & Africa (South Africa, and Rest of Middle East & Africa) and Latin America (Brazil, and Rest of Latin America). The report also provides market analytics for the global market by product types – HSS Milling Tools, HSS Drilling Tools, HSS Tapping Tools, HSS Reaming & Counterboring Tools, HSS Gear Cutting Tools, and HSS Broaching Tools.

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