As per Future Market Insights’ analysis, the high speed steel (HSS) tools market demand is projected to be valued at ~US$ 5.5 Bn in 2021, expanding at a CAGR of ~5.9% over the forecast period of 2021-2031. Industrial advancements across the globe and increasing investments in mechanical equipment are key factors fuelling the demand for HSS tools.
Due to rising demand from a variety of manufacturing and production industries, the HSS tools market is anticipated to continue on a healthy trend. Additionally, throughout the projection period, investments in machinery for the industrial sectors will ensure growth.
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The COVID-19 outbreak’s exceptional difficulties had a significant negative effect on the world economy. Manufacturing and supply chain networks have been entirely shut down as a result.
The HSS tools market experienced modest sales growth throughout the crisis. However, it is anticipated to make a significant comeback through 2021 when economic activity picks back up after the pandemic has been contained.
Manufacturers are putting their efforts into research and development in order to release cutting-edge products with greater levels of durability and longer life spans. During the assessment period, these variables are anticipated to have a positive impact on the growth in demand for HSS tools.
Key Takeaways of the HSS Tools Market Study
- Drills are projected to account for over 30% of the HSS tools sold through 2031 owing to strong demand from the metal cutting industry.
- Coated fabrication accounts more than 67% of the market on the back of higher durability of end products.
- Germany holds the lead in the Europe market accounting for a valuation of US$ 249.2 Mn in 2021 owing to the presence of key manufacturing and processing facilities.
- The U.S. holds 86% of the overall North America market, supported by robust supply chains and access to updated technologies.
- India will account for a valuation of US$ 287.3 Mn in 2021, driving the South Asia and Pacific market to surpass North America by the end of 2031.
“From industrial equipment, heavy machinery, marine tools, to aerospace and national defense, the demand for HSS tools will increase across diverse industries. This growth will support by rapid improvements in manufacturing technologies and demand for improved quality of commodities,” says Future Market Insights analyst.
Who is Winning?
The HSS tools market is moderately fragmented, in which the leading players account for more than 50% of the market share. The penetration of small regional players makes this market more competitive.
These players have higher shares in the global market, and have longstanding relationships with a number of distributors and end users, giving them an upper hand among their peers.
Some of the key players in the market are Sandvik AB, Mitsubishi Materials Corporation, OSG Corporation, Kennametal Inc., YG-1 Co., Ltd., TTI Group, Stanley Black & Decker, Inc, Tiangong International Co. Ltd., Sumitomo Electric Hartmetall GmbH, TDC Cutting Tools Inc., CERATIZIT S.A., KYOCERA Corporation, Gühring KG, Walter AG, RUKO GmbH, Tivoly SA, Alpen-Maykestag Gmbh, Izar Cutting Tools SaL, August Beck GmbH & Co. KG, Karnasch Tools, Krino Spa, Dürr AG, PT GmbH, Bohrcraft Werkzeuge GmbH & Co. KG, VÖLKEL Threading Solutions, PFERD GmbH & Co. KG, IMC International Metalworking Companies B.V., Allied Machine & Engineering Corp, Narex S.R.O. among others.