High Speed Steel Cutting Tools Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
High Speed Steel Cutting Tools Market Analysis
The size of the High-Speed Cutting Tools market is USD 6.81 billion in the current year and is anticipated to register a CAGR of over 3% during the forecast period
- The growth of the market is majorly driven by the increasing demand from several end-user industries, such as automotive, aerospace, and others, across the world. Tooling is an important part of the manufacturing process since machine tools are used to bore, mill, grind, tap, drill, etc., and determine the quality of the manufactured product. Following a few years of quiet moderation, the worldwide production of machine tools underwent explosive growth. Since cutting is an integrated part of the machine tools in the final operation, the growth of the machine tool market demands more tools. Generally, HSS cutting tools are fixed on CNC machine tools to develop complex products and shapes.
- China is the global leader in the machine tool market. Worldwide, the machine tool-cutting sector represents a major share in terms of production volume compared to forming technology.
- The demand for high-speed steel (HSS) is growing for manufacturing cutting tools due to its properties such as high working hardness, durability, high wear hardness, and good retention of hardness. The use of HSS has increased the cutting speed by four times compared to previously-used carbon steels. The need for efficient and reliable machining is increasing for manufacturers. Due to the above-mentioned properties, HSS cutting tools are making their way for mass production and high-temperature operations. The growing focus on customer satisfaction and product quality is also helping to boost the market for high-performance cutting tools.
- Adapting new coating technologies and adjusting their composition accordingly, HSS tools continue to gain ground, thereby retaining their position as vital materials in the machining and metal-cutting industries.
High Speed Steel Cutting Tools Market Trends
This section covers the major market trends shaping the High Speed Steel Cutting Tools Market according to our research experts:
Positive Outlook for the Automotive Industry
The major factor boosting the growth of HSS cutting tools is the increasing demand from the automotive industry. HSS cutting tools dominate the automotive industry and are used for milling, grinding, and broaching automotive car parts. HSS cutting tools provide an efficient and economical option to increase overall productivity, owing to their high precision, durability, and repeatability during manufacturing operations.
Despite some headwinds, the automotive industry is looking bright globally. U.S. light-vehicle retail sales peaked in 2021 at 14.9 million units. According to industry sources, global light vehicle production units have seen remarkable growth and continue to do so.
APAC is expected to register the highest growth rates in production volumes, followed by North America. This scenario is expected to create demand for cutting tools and other equipment associated with the manufacturing process.
Higher Demand for Steel from the APAC Region is Driving the Steel Cutting Tools Market
The World Steel Association forecasts steel demand to edge up 0.4% in 2022 to 1.84 billion mt and grow a further 2.2% in 2023 to 1.88 billion mt. In the developed nations of the world, steel demand is expected to increase by a lower 1.1% in 2022 and 2.4% in 2023, after rising 16.5% in 2021. Steelmakers around the world are increasing capacity through large capital investments to meet the high demand.
Steel demand in India is expected to rise from 100 MTPA in 2020 to 230 MTPA in 2030-31, according to industry experts. For example, In India, JSW Steel spent Rs. 280 billion (USD 3.7 billion) to increase its steelmaking capacity from 24.5 MTPA in March 2021 to 36.5 MTPA in March 2024. Tata Steel announced an investment of Rs. 80 billion (USD 1.1 billion) toward the completion of the Kalinganagar plant expansion, which will increase capacity to 8 MTPA from 3 MTPA, as well as the expansion of the mining operations and recycling business. SAIL, too, is nearing the end of an Rs. 700 billion (USD 9.3 billion) modernization and expansion program that will increase its capacity to 21.4 MTPA.
China has built up massive iron and steel production capacity and is now the world's largest steel producer, with annual crude steel production volume exceeding one billion metric tons for the past two years in a row. Although China consumes the majority of the steel produced, exports are also important for Chinese steelmakers.
Japan is also one of the world's largest steel producers, with domestic industries such as construction and automotive manufacturing consuming a large portion of the output. Steel remains indispensable in Japan. It is the world's second-largest steel exporter, despite relying on price-driving iron ore and coking coal imports.
High Speed Steel Cutting Tools Industry Overview
The high-speed steel-cutting tools market is fairly fragmented in nature, with the presence of large global players and small and medium-sized local players, with quite a few players who occupy the market share. Some of the major players in the market are BIG Kaiser Precision Tooling, Erasteel, Kennametal, Inc., OSG Korea Corporation, and Niagara Cutter, Inc.
It has also been found that many global companies have a footprint in major countries. Key players operating in the HSS tools market focus on strengthening their distribution footprint to keep pace with growing demand and gain coverage in lucrative locations.
High Speed Steel Cutting Tools Market Leaders
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BIG Kaiser Precision Tooling
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Erasteel
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Kennametal, Inc.
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OSG Korea Corporation
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Niagara Cutter, Inc.
*Disclaimer: Major Players sorted in no particular order
High Speed Steel Cutting Tools Market News
- January 2023: One of the leading players, Walter, has launched new MD340 & and MD344 Supreme solid carbide milling cutters. The MD340 Supreme (dia. 2-25 mm or 1/16-") is specifically designed for roughing, full slotting, and dynamic milling of steel materials. The MD344 Supreme four-edge cutter with its special face geometry (dia. 6-20 mm) is designed for 90° plunging or ramping.
- January 2023: ARCH Cutting Tools Corp. announced the acquisition of Custom Carbide Cutter, Inc. (CCCI), a company located in Cincinnati that provides high-quality cutting tools to manufacturers and distributors. The new acquisition will join ARCH Cutting Tools, in high-performance custom tooling.
High Speed Steel Cutting Tools Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Current Market Scenario
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Industry Value Chain Analysis
4.5 Global Manufacturing Sector (Overview, Trends, R&D, Key Statistics, etc.)
4.6 Key Government Regulations and Initiatives for Manufacturing Sector
4.7 Steel Industry Snapshot (Overview, Key Metrics, Developments, etc.)
4.8 Technology Snapshot
4.9 Spotlight on Powder Metallurgy
4.10 Insights on Tool Posts and Tool Holders
4.11 Impact of COVID - 19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Milling
5.1.2 Drilling
5.1.3 Tapping
5.1.4 Others
5.2 By End-user
5.2.1 Manufacturing and Automotive
5.2.2 Oil and Gas
5.2.3 Mining, and Quarrying
5.2.4 Agriculture, Fishing, and Forestry
5.2.5 Construction
5.2.6 Distributive Trade
5.2.7 Healthcare and Pharmaceutical
5.2.8 Other End Users
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 Japan
5.3.1.3 India
5.3.1.4 South Korea
5.3.1.5 Rest of APAC
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 United Kingdom
5.3.3.2 Germany
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Erasteel
6.1.2 Kennametal, Inc.
6.1.3 Nachi America, Inc.
6.1.4 OSG Korea Corporation
6.1.5 Niagara Cutter, Inc.
6.1.6 Addison & Co., Ltd
6.1.7 Sumitomo Electric Industries
6.1.8 Tiangong International
6.1.9 Walter AG
6.1.10 NACHI-FUJIKOSHI CORP
6.1.11 DeWALT
6.1.12 Somta Tools (Pty) Ltd
6.1.13 Morse Cutting Tools
6.1.14 Sandvik Group
6.1.15 Arch Cutting Tools*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. APPENDIX
8.1 GDP Distribution, by Activity-Key Countries
8.2 Insights on Capital Flows-Key Countries
8.3 Economic Statistics Manufacturing Sector, Contribution to Economy (Key Countries)
8.4 Global Manufacturing Industry Statistics
High Speed Steel Cutting Tools Industry Segmentation
High-speed tool steel comprises a set of tool steel alloys named for their capacity to cut materials faster than traditional high-carbon steels previously used in cutting tools. This is because of exceptional hardness, abrasion resistance, and resistance against softening at high temperatures, owing to the alloying metals and heat treatment used. The High-Speed Steel Cutting Tools Market is segmented by Type (Milling, Drilling, Tapping, and Other Tools), End-user (Manufacturing and Automotive, Oil and Gas, Mining, and Quarrying, Agriculture, Fishing, and Forestry, Construction, Distributive Trade, Healthcare and Pharmaceutical, and Other End Users) and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America). The report offers market size and forecasts for the High-Speed Steel Cutting Tools Market in value (USD Million) for all the above segments.
| By Type | |
| Milling | |
| Drilling | |
| Tapping | |
| Others |
| By End-user | |
| Manufacturing and Automotive | |
| Oil and Gas | |
| Mining, and Quarrying | |
| Agriculture, Fishing, and Forestry | |
| Construction | |
| Distributive Trade | |
| Healthcare and Pharmaceutical | |
| Other End Users |
| Geography | ||||||||
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High Speed Steel Cutting Tools Market Research FAQs
What is the current High Speed Steel Cutting Tools Market size?
The High Speed Steel Cutting Tools Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in High Speed Steel Cutting Tools Market?
BIG Kaiser Precision Tooling, Erasteel, Kennametal, Inc., OSG Korea Corporation and Niagara Cutter, Inc. are the major companies operating in the High Speed Steel Cutting Tools Market.
Which is the fastest growing region in High Speed Steel Cutting Tools Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High Speed Steel Cutting Tools Market?
In 2024, the Asia Pacific accounts for the largest market share in High Speed Steel Cutting Tools Market.
What years does this High Speed Steel Cutting Tools Market cover?
The report covers the High Speed Steel Cutting Tools Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the High Speed Steel Cutting Tools Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
High-Speed Steel Cutting Tools Industry Report
Statistics for the 2024 High-Speed Steel Cutting Tools market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. High-Speed Steel Cutting Tools analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
