High Speed Steels Market by End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others) - Global Forecasts to 2021

The high speed steels market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021. The growing demand for high speed steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the high speed steels market, globally.
The report “High Speed Steels Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region – Global Forecasts to 2021″.

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High speed steels are widely used in the automotive industry.

Among end-use industries, the automotive industry segment is projected to lead the high-speed steels market. In the automotive industry, high-speed steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. High-speed steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for high-speed steels in the automotive industry.

Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR. The growth of this segment can be attributed to the fact that metal cutting tools made from high speed steels ensure effective manufacturing of critical and complex components with ease and utmost accuracy.

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The region is a major consumer of high speed steels, which are used in varied end-use industries, such as automotive, plastic, and aerospace, among others. The demand for high speed steels is increasing in various countries, such as Japan, China, India, and South Korea, among others of the Asia-Pacific region. In order to meet this growing demand for high speed steels, top manufacturers of high speed steels from the U.S. and Europe are focusing on the Asia-Pacific region to expand their businesses.

Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key companies operating in the high speed steels market. These players, with a wide market reach and established distribution networks, are investing increasingly in research & development activities for the development of new grades of high speed steels. They also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.

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High Speed Steels Market |New Revenue Pockets

The tool steel market is projected to reach USD 2.77 billion by 2021, at a CAGR of 5.3% between 2016 and 2021. The growing demand for tool steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the tool steels market, globally.

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Based on product type, the metal cutting tools segment of the tool steel market is expected to grow at the highest CAGR during the forecast period, 2016 to 2021. Tool steels are used to manufacture various types of tools, which include drills, reamers, taps, form turning tools, gear hobbing and gear shaping cutters, side and face mills, end mills, slab milling and straddle milling cutters, slitting saws, form milling cutters, and broaches, among others. The advantages of tool steels are their high strength to withstand cutting forces and low cost of the tools manufactured from tool steels. Emerging economies, such as Brazil, India, China, and South Africa are witnessing increased investments in the high-performance and high-quality machines. Tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product. The demand for tool steel metal cutting tools would always continue from the manufacturing industries, thereby leading to the growth of the metal cutting tools segment of the tool steel market.

Based on end-use industry, the automotive industry segment is expected to lead the tool steel market during the forecast period. Tool steels have been effectively used in the automotive industry for a long period of time. Tools and components made from tool steels are used for metal cutting and metal forming processes. Molds made from tool steels are an integral part of the automotive industry. Tool steel based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Tool steels are also used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. Automobile production across the globe has been increasing continuously. Growing automation in the automotive industry and rising demand for vehicles in the Asia-Pacific region, owing to improving economic conditions in the region, have boosted the demand for tool steels in the automotive industry.

The tool steel market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Continuously increasing production in the manufacturing sector to cater to the domestic requirements for high-quality products and rising number of export activities in the Asia-Pacific region are the factors leading towards increased demand for tool steels in the region. Moreover, increasing population and growing number of various end-use industries in the Asia-Pacific region have also led to innovations and developments in the field of tool steels, thereby fueling the growth of the Asia-Pacific tool steel market.

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The tool steel market is highly fragmented and competitive with the presence of a large number of prominent players, such as Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany). These companies have adopted various strategies such as new product launches, expansions, joint ventures, and mergers & acquisitions to strengthen their position and increase their shares in the tool steel market.

New Product Launches and Expansions to Strengthen its Position in the High Speed Steels Market

The high speed steels market is projected to reach USD 2.77 Billion by 2021, at a CAGR of 5.3% between 2016 and 2021. The growing demand for high speed steels from various end-use industries has led to significant developments in the high speed steels market. High speed steels are largely used in the manufacturing of metal cutting tools and are used in various end-use industries, such as building & construction, automotive, aerospace, plastics, and electrical & electronics, among others as they are cost-effective and offer properties, such as high resistance to heat and wearability, among others.

Key players in the high speed steels are Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others. Some of these companies are involved in the production of high speed steels s grades, while others are engaged in the manufacturing of high speed steels products, such as broaches, dies, molds, and taps, among others.

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In the past few years, substantial investments have been made by the key companies, such as Erasteel  (France), Nachi-Fujikoshi Corporation (Japan), Kennametal Inc. (U.S.), Voestalpine AG (Austria), and ArcelorMittal S.A. (Luxembourg), among others for expansions, agreements, and new product launches in the high speed steels  market. Among these, Erasteel (France) and Nachi-Fujikoshi Corporation (Japan) have undertaken maximum developments to grow in the high speed steels market. Both these companies have been focusing on new product launches and are expanding their businesses to new geographies to strengthen their position in the high speed steels market.

Nachi-Fujikoshi Corporation (Japan) has been focusing on new product launches and expansions to strengthen its position in the high speed steels market. In October 2012, Nachi-Fujikoshi Corporation launched a new SG-ESR Drill for addition to its line of high-performance HSS SG Drill series. The new product ensures better cutting of chips while drilling. It also offers high efficiency. It provides improved productivity in comparison to carbon steels, alloy steels, structural steels, stainless steels, and titanium alloys. The launch of this product helped the company to meet the increasing demand for high-performance drills, worldwide. The company is also focusing on expansions. In October 2011, Nachi-Fujikoshi Corporation installed its production systems for high speed steels drill bits in the ASEAN nations. This expansion helped the company to strengthen its production capacity in Singapore and the Philippines to meet the increasing demand for standard drill bits from emerging economies.

In October 2011, Erasteel (France) opened a new gas-atomizing tower at its Söderfors plant in Sweden. This expansion strengthened the position of the company in powder metallurgy sector. The company uses the gas-atomizing process to develop new grades of stainless steels, nickel alloys, and cobalt alloys. These strategies are not only helping the companies to expand their market reaches to new geographies but  are also enabling them to increase their market shares in the high speed steels  market.

Related Reports:

High Speed Steels Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region – Global Forecasts to 2021

High Speed Steels Market worth 2.77 Billion USD by 2021

The report “High Speed Steels Market by Product Type (Metal Cutting Tools, Cold Working Tools, Others), End-Use Industry (Automotive Industry, Plastic Industry, Aerospace Industry, Energy Sector, Others), Region – Global Forecasts to 2021″, The high speed steels market is projected to grow from USD 2.13 Billion in 2016 to USD 2.77 Billion by 2021, at a CAGR of 5.3% from 2016 to 2021.

Browse 147 market data tables and 48 figures spread through 164 pages and in-depth TOC on “High Speed Steels Market by Product”
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The growing demand for high speed steels to manufacture various cutting tools, such as tool bits, drills, taps, gear cutters, saw blades, planers, jointer blades, milling cutters, router bits, punches, and dies, among others is driving the growth of the high speed steels market, globally.

Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.

Among product types, the metal cutting tools segment of the high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. This growth can be attributed to the rising demand for cutting tools made from high speed steels as tooling is an important part of the manufacturing process since machine tools are used to bore, grind, mill, tap, form, drill, cut, shape, cut & cast, and determine the quality of the manufactured product. The advantages of high speed steels are their high strength to withstand cutting forces and low costs of the tools manufactured from high speed steels. High speed steels are the most economical materials that can be used to manufacture any type of cutting tool. As such, high speed steels based cutting tools are widely used in various end-use industries including automotive, plastic, aerospace, chemical, medical, and oil & gas, among others.

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High speed steels are widely used in the automotive industry.

Among end-use industries, the automotive industry segment is projected to lead the high speed steels market from 2016 to 2021. In the automotive industry, high speed steels are used for manufacturing pumps, valves, injectors, turbochargers, inserts, pistons, valve needles, valve balls, and valve seats, among others. High speed steels based molds are used in the molding of plastics to form headlamps, tail lamps, and inner panels of automobiles. Growing automation in the automotive industry and rising demand for vehicles across the globe have boosted the demand for high speed steels in the automotive industry.

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https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=230635068

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021.

The Asia-Pacific high speed steels market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. The growth of the Asia-Pacific high speed steels market can be attributed to the high economic growth of the Asia-Pacific region as well as increased investments by various governments and leading market players in the Asia-Pacific region to carry out innovations in the field of high speed steels. Moreover, increasing income of the middle class population in the region is also driving the demand for different products, which is fueling the growth of numerous industries in the Asia-Pacific region. This, in turn, is leading towards continuous industrialization in the region, thereby fueling the growth of the Asia-Pacific high speed steels market.

Hudson Tool Steel Corporation (U.S.), Sandvik Materials Technology AB (Sweden), Erasteel (France), Nachi-Fujikoshi Corporation (Japan), Daido Steel Co., Ltd. (Japan), Friedr. Lohmann GmbH (Germany), Kennametal Inc. (U.S.), Voestalpine AG (Austria), ArcelorMittal S.A. (Luxembourg), and ThyssenKrupp AG (Germany), among others, are the key players operating in the high speed steels market.

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