The market for high-speed steel was estimated to be worth US$2.6 billion in 2022, and from 2023 to 2033, it is anticipated to increase at a 6.7% CAGR. According to estimates, the high-speed steel market will generate US$ 2.7 billion in sales in 2023 and US$ 5.2 billion by the end of 2033.
High-speed steels, sometimes known as HSS, are a class of steel alloys that are best known for their rapid cutting and machining capabilities. It is frequently utilised in drill bits and power-saw blades. Due to its ability to endure higher temperatures without losing its temper, high-speed steel outperforms earlier high-carbon steel tools in this regard.
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The latest edition of high speed steel market by Fact.MR finds that the consistent demand from the automobile and manufacturing industries to spur the sales of high speed steel. Application by cutting tools accounts for the major market share backed by the high demand from the exporters and importers. Significant application in aerospace, followed by construction industry to bolster the demand of high speed steel. Hence fostering the sales.
“Heightened investments by manufacturers in research and development for variations on tungsten and molybdenum among other elements is stimulating growth of high speed steel. The global high speed steel is anticipated to grow two fold by 2031-end,” says a Fact.MR analyst.
Key Takeaways
- M grade high steel to generate bulk revenue through 2021 and beyond
- Application in high speed steel cutting tools sustaining demand
- Powder metallurgy HSS and spray formed HSS expected to emerge as potential segment by 2031-end
- US to remain a lucrative market, owing to high demand from manufacturers of cutting tools
- South-East Asia to expand at nearly 6.3% CAGR
- Owing to the surge in production as well as consumption of high speed steel, China and India to be key market for high speed steel
- Europe to witness sluggish growth through 2021
Country-wise Insights
Why the Demand for High-Speed Steel is Growing Faster in China Compared to Other Countries?
The construction sector, which is Asia’s largest user of steel, is anticipated to grow significantly throughout the forecasted period. Nearly two thirds of all steel consumed in Asian countries are used for building, which is continuing to be good news for the market’s expansion for high-speed steel.
One of the main manufacturing sectors in the nation is the automotive sector. More than half of the autos in the Asia-Pacific area are made in China. Due to China’s status as a developing nation, the need for HSS will rise as infrastructure spending continues to rise.
Competitive Landscape
Erasteel, Kennametal, Voestalpine AG, Graphite India Ltd., Nachi-Fujikoshi Corp., Tiangong International Co. Ltd., ThyssenKrupp AG, Sandvik AB, Hitachi Metals Ltd., and Daido Steel among others are some of the prominent manufacturers, profiled by Fact.MR. According to the study, the market is partially fragmented however with product optimization is attracting new entrants in the market.
In September 2020, Voestalpine AG opened the world’s most advanced continuous caster at the site in Donawitz to produce high-grade steels for processing into special rails for railway infrastructure, premium wires for the automotive industry, and high quality seamless tubes for oil & gas exploration. The state-of-the-art facility represented an investment volume of around EUR 90 million and annual production of 1 million tons.
Also, in January 2021, Daido Steel Co. Ltd., has developed the Permalloy foil STARPAS ® with the world’s highest level of noise suppression effect against the magnetic noise from the kHz to MHz band.
Key Companies Profiled
- Erasteel
- Kennametal
- Voestalpine AG
- Graphite India Ltd.
- NACHI-FUJIKOSHI CORP.
- Tiangong International Co. Ltd
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More Valuable Insights on High speed steel Market
In its latest report, Fact.MR offers an exhaustive analysis on the global high speed steel market. The study divulges essential insights on the high speed steel market on the basis of production method (conventional HSS, powder metallurgy HSS, and spray forming HSS), grade (M grade, T grade, and advance grade), application (cutting tools, metal cutting, milling, and others), end-use industry (automobiles, manufacturing, aerospace, mechanical engineering, construction and others), and region (North America, Latin America, Europe, East Asia, South East Asia & Oceania, and MEA)
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